Verizon Communications (NYSE:VZ) Trading 0.4% Higher After Analyst Upgrade

Verizon Communications Inc. (NYSE:VZ) shares rose 0.4% during mid-day trading on Thursday after Bank of America raised their price target on the stock from $41.00 to $45.00. Bank of America currently has a neutral rating on the stock. Verizon Communications traded as high as $44.80 and last traded at $44.71. Approximately 2,752,919 shares traded hands during trading, a decline of 85% from the average daily volume of 18,837,400 shares. The stock had previously closed at $44.55.

Other analysts also recently issued research reports about the company. The Goldman Sachs Group initiated coverage on Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 price target for the company. TD Cowen increased their target price on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. KeyCorp decreased their target price on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a research note on Friday, September 6th. Royal Bank of Canada increased their target price on Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a research note on Monday, September 23rd. Finally, Citigroup increased their target price on Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $46.09.

Institutional Investors Weigh In On Verizon Communications

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Koesten Hirschmann & Crabtree INC. acquired a new stake in shares of Verizon Communications in the 1st quarter valued at about $25,000. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Verizon Communications during the fourth quarter worth approximately $29,000. Mizuho Securities Co. Ltd. bought a new stake in shares of Verizon Communications during the second quarter worth approximately $32,000. MFA Wealth Advisors LLC bought a new stake in shares of Verizon Communications during the second quarter worth approximately $33,000. Finally, Vima LLC bought a new stake in shares of Verizon Communications during the fourth quarter worth approximately $36,000. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Trading Up 0.6 %

The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The company has a market cap of $188.95 billion, a P/E ratio of 16.75, a PEG ratio of 4.03 and a beta of 0.42. The business has a fifty day moving average price of $41.70 and a 200-day moving average price of $40.91.

Verizon Communications (NYSE:VZ) last released its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting the consensus estimate of $1.15. The firm had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The company’s quarterly revenue was up .6% on a year-over-year basis. During the same period in the prior year, the company earned $1.21 earnings per share. On average, analysts forecast that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a $0.678 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 6.04%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Thursday, October 10th. Verizon Communications’s dividend payout ratio is presently 101.12%.

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).