Verizon Communications (NYSE:VZ) Shares Up 0.5%

Verizon Communications Inc. (NYSE:VZ) shares traded up 0.5% on Monday . The company traded as high as $44.94 and last traded at $44.67. 4,756,631 shares traded hands during trading, a decline of 74% from the average session volume of 18,615,221 shares. The stock had previously closed at $44.43.

Wall Street Analysts Forecast Growth

VZ has been the subject of a number of recent analyst reports. KeyCorp cut their price target on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a research note on Friday, September 6th. Royal Bank of Canada reiterated a “sector perform” rating and set a $42.00 price target on shares of Verizon Communications in a report on Monday, September 9th. The Goldman Sachs Group assumed coverage on Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective on the stock. Scotiabank lifted their target price on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research note on Wednesday, July 10th. Finally, TD Cowen increased their price target on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.66.

Verizon Communications Trading Down 0.4 %

The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. The company has a market capitalization of $184.74 billion, a price-to-earnings ratio of 16.50, a P/E/G ratio of 3.99 and a beta of 0.42. The business’s 50-day moving average price is $41.29 and its two-hundred day moving average price is $40.71.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, meeting the consensus estimate of $1.15. The firm had revenue of $32.80 billion during 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 company’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.21 EPS. Research analysts predict that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a dividend of $0.678 per share. This represents a $2.71 dividend on an annualized basis and a yield of 6.18%. This is an increase 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%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in VZ. University of Texas Texas AM Investment Management Co. grew its position in Verizon Communications by 101.3% in the second quarter. University of Texas Texas AM Investment Management Co. now owns 126,253 shares of the cell phone carrier’s stock valued at $5,207,000 after acquiring an additional 63,539 shares during the last quarter. Verity & Verity LLC grew its holdings in shares of Verizon Communications by 1.2% during the 2nd quarter. Verity & Verity LLC now owns 267,777 shares of the cell phone carrier’s stock valued at $11,043,000 after purchasing an additional 3,069 shares during the last quarter. Heritage Wealth Management Inc. bought a new stake in shares of Verizon Communications during the 2nd quarter valued at approximately $893,000. Sanctuary Advisors LLC bought a new position in Verizon Communications in the 2nd quarter valued at approximately $33,532,000. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in Verizon Communications in the second quarter valued at approximately $178,000. 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).