Verizon Communications (NYSE:VZ) Trading 0.9% Higher on Analyst Upgrade

Shares of Verizon Communications Inc. (NYSE:VZ) were up 0.9% during trading on Tuesday after Citigroup raised their price target on the stock from $47.00 to $49.00. Citigroup currently has a buy rating on the stock. Verizon Communications traded as high as $44.68 and last traded at $44.67. Approximately 2,505,571 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 18,838,941 shares. The stock had previously closed at $44.26.

VZ has been the topic of a number of other reports. JPMorgan Chase & Co. reduced their target price on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. Royal Bank of Canada lifted their target price on Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a research report on Monday. Raymond James increased their price target on Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday. The Goldman Sachs Group started coverage on Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective for the company. Finally, TD Cowen increased their target price on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Verizon Communications currently has an average rating of “Moderate Buy” and a consensus price target of $46.16.

Hedge Funds Weigh In On Verizon Communications

A number of institutional investors have recently bought and sold shares of the business. Alliance Wealth Advisors LLC raised its position in shares of Verizon Communications by 1.4% during the 2nd quarter. Alliance Wealth Advisors LLC now owns 17,760 shares of the cell phone carrier’s stock worth $732,000 after buying an additional 241 shares in the last quarter. Semmax Financial Advisors Inc. lifted its position in Verizon Communications by 0.4% in the second quarter. Semmax Financial Advisors Inc. now owns 54,926 shares of the cell phone carrier’s stock worth $2,240,000 after purchasing an additional 246 shares during the period. Sawgrass Asset Management LLC boosted its stake in Verizon Communications by 1.2% during the 2nd quarter. Sawgrass Asset Management LLC now owns 21,568 shares of the cell phone carrier’s stock valued at $889,000 after purchasing an additional 250 shares in the last quarter. Fermata Advisors LLC increased its position in shares of Verizon Communications by 5.0% during the 2nd quarter. Fermata Advisors LLC now owns 5,383 shares of the cell phone carrier’s stock valued at $222,000 after purchasing an additional 254 shares during the period. Finally, BKM Wealth Management LLC increased its position in shares of Verizon Communications by 7.4% during the 1st quarter. BKM Wealth Management LLC now owns 3,715 shares of the cell phone carrier’s stock valued at $156,000 after purchasing an additional 257 shares during the period. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Stock Down 0.2 %

The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63. The company has a market cap of $187.53 billion, a P/E ratio of 16.62, a P/E/G ratio of 4.03 and a beta of 0.42. The stock has a 50 day moving average price of $41.59 and a 200 day moving average price of $40.86.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, meeting the consensus estimate of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The company had revenue of $32.80 billion during the quarter, compared to analyst estimates of $33.05 billion. During the same quarter last year, the firm posted $1.21 EPS. The business’s revenue for the quarter was up .6% on a year-over-year basis. Research analysts expect that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be given a dividend of $0.678 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.09%. The ex-dividend date of this dividend is Thursday, October 10th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio is 99.25%.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).