Verizon Communications (NYSE:VZ) Shares Down 0.8%

Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.8% on Thursday . The company traded as low as $43.46 and last traded at $43.47. 3,451,731 shares traded hands during trading, a decline of 81% from the average session volume of 18,605,953 shares. The stock had previously closed at $43.80.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $42.00 target price on shares of Verizon Communications in a report on Monday. KeyCorp reduced their target price on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a report on Friday, September 6th. Scotiabank upped their target price on 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 upped their target price on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. cut their price target 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. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Verizon Communications has a consensus rating of “Moderate Buy” and a consensus target price of $45.66.

Verizon Communications Price Performance

The firm has a market capitalization of $183.86 billion, a P/E ratio of 16.27, a PEG ratio of 3.75 and a beta of 0.42. 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 firm has a 50-day moving average of $41.05 and a 200-day moving average of $40.58.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.15. The business had revenue of $32.80 billion for 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 firm’s quarterly revenue was up .6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.21 EPS. As a group, analysts predict that Verizon Communications Inc. will post 4.57 EPS for the current year.

Verizon Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a dividend of $0.678 per share. This represents a $2.71 annualized dividend and a dividend yield of 6.21%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. Verizon Communications’s dividend payout ratio is presently 101.12%.

Hedge Funds Weigh In On Verizon Communications

Several hedge funds and other institutional investors have recently modified their holdings of the company. Koesten Hirschmann & Crabtree INC. bought a new position in Verizon Communications in the 1st quarter worth $25,000. Vermillion & White Wealth Management Group LLC bought a new position in Verizon Communications in the 4th quarter worth $29,000. Mizuho Securities Co. Ltd. bought a new position in Verizon Communications in the 2nd quarter worth $32,000. MFA Wealth Advisors LLC bought a new position in Verizon Communications in the 2nd quarter worth $33,000. Finally, Pittenger & Anderson Inc. increased its stake in Verizon Communications by 50.4% in the 1st quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock worth $37,000 after buying an additional 296 shares in the last quarter. 62.06% of the stock is owned by 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).