Royal Bank of Canada Reiterates “Sector Perform” Rating for Verizon Communications (NYSE:VZ)

Royal Bank of Canada restated their sector perform rating on shares of Verizon Communications (NYSE:VZ) in a research note released on Monday morning, Benzinga reports. Royal Bank of Canada currently has a $42.00 price target on the cell phone carrier’s stock.

Other equities analysts have also issued research reports about the company. The Goldman Sachs Group initiated coverage on Verizon Communications in a research note on Monday, July 1st. They issued a buy rating and a $50.00 price target on the stock. JPMorgan Chase & Co. dropped their price objective on Verizon Communications from $46.00 to $45.00 and set a neutral rating on the stock in a research note on Tuesday, July 23rd. Scotiabank upped their price target on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a sector perform rating in a report on Wednesday, July 10th. TD Cowen raised their price objective on Verizon Communications from $48.00 to $51.00 and gave the company a buy rating in a research note on Tuesday, July 23rd. Finally, Tigress Financial lifted their price objective on Verizon Communications from $50.00 to $52.00 and gave the company a buy rating in a research report on Friday, May 17th. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Verizon Communications presently has a consensus rating of Moderate Buy and an average price target of $45.66.

Verizon Communications Trading Up 0.2 %

Shares of VZ stock opened at $43.75 on Monday. The company has a market cap of $184.17 billion, a PE ratio of 16.32, a price-to-earnings-growth ratio of 3.75 and a beta of 0.42. The business’s 50 day moving average is $41.05 and its two-hundred day moving average is $40.58. Verizon Communications has a 12 month low of $30.14 and a 12 month high of $43.82. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The business had revenue of $32.80 billion during the quarter, compared to analyst estimates of $33.05 billion. During the same quarter last year, the business posted $1.21 earnings per share. Verizon Communications’s revenue for the quarter was up .6% compared to the same quarter last year. Equities analysts predict that Verizon Communications will post 4.57 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a dividend of $0.678 per share. The ex-dividend date of this dividend is Thursday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a yield of 6.20%. Verizon Communications’s payout ratio is presently 99.25%.

Institutional Investors Weigh In On Verizon Communications

Several large investors have recently added to or reduced their stakes in the business. Taylor Hoffman Wealth Management increased its holdings in Verizon Communications by 32.9% during the 4th quarter. Taylor Hoffman Wealth Management now owns 9,353 shares of the cell phone carrier’s stock valued at $353,000 after acquiring an additional 2,314 shares in the last quarter. Leo Wealth LLC acquired a new position in Verizon Communications in the fourth quarter worth $3,346,000. Gateway Investment Advisers LLC boosted its holdings in Verizon Communications by 15.4% in the second quarter. Gateway Investment Advisers LLC now owns 283,160 shares of the cell phone carrier’s stock worth $11,678,000 after purchasing an additional 37,732 shares during the period. Windle Wealth LLC increased its stake in shares of Verizon Communications by 0.8% during the fourth quarter. Windle Wealth LLC now owns 164,242 shares of the cell phone carrier’s stock valued at $6,192,000 after acquiring an additional 1,270 shares during the period. Finally, Mosley Wealth Management acquired a new position in shares of Verizon Communications in the fourth quarter worth about $433,000. 62.06% of the stock is owned by hedge funds and other institutional investors.

About Verizon Communications

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).