Verizon Communications (NYSE:VZ) Shares Up 0% – Time to Buy?

Verizon Communications Inc. (NYSE:VZ) shares shot up 0% on Wednesday . The company traded as high as $44.06 and last traded at $44.02. 2,490,324 shares were traded during mid-day trading, a decline of 87% from the average session volume of 18,608,012 shares. The stock had previously closed at $44.01.

Wall Street Analyst Weigh In

A number of research firms have weighed in on VZ. Citigroup boosted their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. TD Cowen upped 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. Tigress Financial upped their target price on shares of Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a report on Monday, July 1st. They set a “buy” rating and a $50.00 target price on the stock. Finally, Scotiabank upped their target price 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. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Verizon Communications presently has a consensus rating of “Moderate Buy” and an average target price of $46.26.

Verizon Communications Stock Down 0.1 %

The firm has a market cap of $180.67 billion, a PE ratio of 16.09, a PEG ratio of 4.02 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 company’s 50-day simple moving average is $42.55 and its two-hundred day simple moving average is $41.21.

Verizon Communications (NYSE:VZ) last posted its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, hitting the consensus estimate of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The firm had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. During the same period last year, the company posted $1.21 EPS. The company’s quarterly revenue was up .6% compared to the same quarter last year. On average, analysts predict that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal 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. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a yield of 6.32%. The ex-dividend date of this dividend is Thursday, October 10th. Verizon Communications’s dividend payout ratio (DPR) is 99.63%.

Institutional Trading of Verizon Communications

Institutional investors and hedge funds have recently bought and sold shares of the company. Bontempo Ohly Capital Mgmt LLC grew its stake in shares of Verizon Communications by 4.4% in the fourth quarter. Bontempo Ohly Capital Mgmt LLC now owns 99,013 shares of the cell phone carrier’s stock worth $3,733,000 after acquiring an additional 4,167 shares during the period. Black Diamond Capital Management L.L.C. purchased a new position in shares of Verizon Communications in the fourth quarter worth approximately $5,090,000. Gotham Asset Management LLC boosted its holdings in shares of Verizon Communications by 35.0% in the fourth quarter. Gotham Asset Management LLC now owns 307,952 shares of the cell phone carrier’s stock worth $11,610,000 after buying an additional 79,775 shares during the last quarter. Garden State Investment Advisory Services LLC boosted its holdings in shares of Verizon Communications by 22.7% in the fourth quarter. Garden State Investment Advisory Services LLC now owns 23,011 shares of the cell phone carrier’s stock worth $867,000 after buying an additional 4,254 shares during the last quarter. Finally, Grayhawk Investment Strategies Inc. purchased a new position in shares of Verizon Communications in the fourth quarter worth approximately $658,000. 62.06% of the stock is currently owned by institutional investors.

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).