Verizon Communications (NYSE:VZ) Shares Down 1%

Verizon Communications Inc. (NYSE:VZ)’s stock price fell 1% during mid-day trading on Tuesday . The stock traded as low as $41.23 and last traded at $41.33. 2,750,914 shares were traded during mid-day trading, a decline of 85% from the average session volume of 18,789,855 shares. The stock had previously closed at $41.74.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on VZ. Tigress Financial lifted their target price on Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, May 17th. StockNews.com raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Saturday, May 4th. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a research report on Monday. They issued a “buy” rating and a $50.00 price objective on the stock. Oppenheimer restated an “outperform” rating and set a $48.00 target price on shares of Verizon Communications in a research report on Tuesday, April 23rd. Finally, Royal Bank of Canada increased their price target on Verizon Communications from $36.00 to $40.00 and gave the stock a “sector perform” rating in a report on Tuesday, April 2nd. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $45.14.

Verizon Communications Price Performance

The firm has a market capitalization of $173.04 billion, a P/E ratio of 15.34, a P/E/G ratio of 3.73 and a beta of 0.41. The stock’s fifty day simple moving average is $40.16 and its 200 day simple moving average is $40.11. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.71 and a quick ratio of 0.67.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Monday, April 22nd. The cell phone carrier reported $1.15 EPS for the quarter, topping the consensus estimate of $1.12 by $0.03. Verizon Communications had a net margin of 8.44% and a return on equity of 20.41%. The firm had revenue of $33 billion during the quarter, compared to analyst estimates of $33.23 billion. During the same quarter in the previous year, the business posted $1.20 EPS. Verizon Communications’s revenue was up .3% on a year-over-year basis. On average, equities research analysts predict that Verizon Communications Inc. will post 4.59 EPS for the current year.

Verizon Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Wednesday, July 10th will be given a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a yield of 6.47%. The ex-dividend date of this dividend is Wednesday, July 10th. Verizon Communications’s dividend payout ratio is currently 99.25%.

Institutional Investors Weigh In On Verizon Communications

Several institutional investors have recently added to or reduced their stakes in the business. LFA Lugano Financial Advisors SA increased its stake in Verizon Communications by 627.8% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 655 shares of the cell phone carrier’s stock valued at $25,000 after purchasing an additional 565 shares in the last quarter. Criterion Capital Advisors LLC acquired a new position in shares of Verizon Communications in the 4th quarter valued at $25,000. Koesten Hirschmann & Crabtree INC. purchased a new position in Verizon Communications in the 1st quarter worth $25,000. Vermillion & White Wealth Management Group LLC acquired a new stake in Verizon Communications during the 4th quarter worth about $29,000. Finally, Morton Brown Family Wealth LLC grew its stake in Verizon Communications by 130.1% during the 4th quarter. Morton Brown Family Wealth LLC now owns 863 shares of the cell phone carrier’s stock valued at $33,000 after purchasing an additional 488 shares during the last quarter. Institutional investors and hedge funds 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).