Verizon Communications (NYSE:VZ) Downgraded by KeyCorp

KeyCorp cut shares of Verizon Communications (NYSE:VZ) from an overweight rating to a sector weight rating in a research note issued to investors on Thursday morning, MarketBeat Ratings reports.

Other analysts have also recently issued research reports about the company. Raymond James upped 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, September 24th. UBS Group increased their target price on shares of Verizon Communications from $43.00 to $44.00 and gave the stock a “neutral” rating in a report on Wednesday. Bank of America upped their price target on shares of Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, September 26th. The Goldman Sachs Group started coverage on shares of Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 target price on the stock. Finally, Royal Bank of Canada increased their price target on Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Monday, September 23rd. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Verizon Communications has a consensus rating of “Moderate Buy” and a consensus target price of $46.37.

Verizon Communications Price Performance

Shares of VZ opened at $41.38 on Thursday. The firm has a fifty day simple moving average of $43.11 and a two-hundred day simple moving average of $41.29. The firm has a market cap of $174.18 billion, a PE ratio of 15.44, a P/E/G ratio of 4.02 and a beta of 0.42. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. Verizon Communications has a 1-year low of $33.34 and a 1-year high of $45.36.

Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.01. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The business had revenue of $33.30 billion for the quarter, compared to analysts’ expectations of $33.42 billion. During the same period last year, the firm posted $1.22 earnings per share. The business’s revenue for the quarter was up .9% on a year-over-year basis. On average, equities analysts anticipate that Verizon Communications will post 4.58 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently announced 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 annualized dividend and a dividend yield of 6.55%. This is a boost 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 currently 101.12%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in VZ. Gateway Investment Advisers LLC increased its position in shares of Verizon Communications by 15.4% during the 2nd quarter. Gateway Investment Advisers LLC now owns 283,160 shares of the cell phone carrier’s stock valued at $11,678,000 after purchasing an additional 37,732 shares during the last quarter. Cyndeo Wealth Partners LLC increased its position in Verizon Communications by 9.7% during the third quarter. Cyndeo Wealth Partners LLC now owns 202,521 shares of the cell phone carrier’s stock valued at $9,095,000 after acquiring an additional 17,855 shares during the last quarter. Bleakley Financial Group LLC raised its stake in shares of Verizon Communications by 3.0% in the third quarter. Bleakley Financial Group LLC now owns 102,245 shares of the cell phone carrier’s stock valued at $4,592,000 after acquiring an additional 2,953 shares during the period. Meyer Handelman Co. lifted its holdings in shares of Verizon Communications by 5.9% in the 2nd quarter. Meyer Handelman Co. now owns 973,547 shares of the cell phone carrier’s stock worth $40,149,000 after acquiring an additional 53,929 shares during the last quarter. Finally, Strategic Wealth Partners Ltd. boosted its stake in shares of Verizon Communications by 164.4% during the 3rd quarter. Strategic Wealth Partners Ltd. now owns 94,339 shares of the cell phone carrier’s stock worth $4,237,000 after purchasing an additional 58,657 shares during the period. Hedge funds and other institutional investors own 62.06% of the company’s stock.

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).