Verizon Communications (NYSE:VZ) Trading Up 0.2% Following Analyst Upgrade

Verizon Communications Inc. (NYSE:VZ) shares traded up 0.2% during mid-day trading on Friday after Scotiabank raised their price target on the stock from $46.50 to $47.25. Scotiabank currently has a sector perform rating on the stock. Verizon Communications traded as high as $43.96 and last traded at $43.94. 2,389,998 shares were traded during trading, a decline of 87% from the average session volume of 18,363,631 shares. The stock had previously closed at $43.85.

Other analysts have also recently issued research reports about the stock. Citigroup upped their price objective 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. Bank of America lifted their price objective on Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, September 26th. KeyCorp dropped their target price on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a report on Friday, September 6th. Tigress Financial lifted their price target on Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Finally, The Goldman Sachs Group started coverage on shares of Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 price target on the stock. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.31.

Institutional Investors Weigh In On Verizon Communications

Institutional investors have recently modified their holdings of the company. Koesten Hirschmann & Crabtree INC. purchased a new stake in Verizon Communications during the first quarter worth about $25,000. Mizuho Securities Co. Ltd. purchased a new position in Verizon Communications in the 2nd quarter valued at approximately $32,000. MFA Wealth Advisors LLC acquired a new position in shares of Verizon Communications in the second quarter worth $33,000. Pittenger & Anderson Inc. increased its position in shares of Verizon Communications by 50.4% during the first quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock worth $37,000 after acquiring an additional 296 shares during the period. Finally, Financial Synergies Wealth Advisors Inc. raised its stake in shares of Verizon Communications by 2,159.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 994 shares of the cell phone carrier’s stock valued at $42,000 after acquiring an additional 950 shares in the last quarter. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Stock Performance

The stock has a market capitalization of $185.17 billion, a PE ratio of 16.41, a price-to-earnings-growth ratio of 4.02 and a beta of 0.42. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The stock has a fifty day moving average of $42.94 and a 200-day moving average of $41.29.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, hitting analysts’ consensus estimates of $1.15. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The business had revenue of $32.80 billion during the quarter, compared to the consensus estimate of $33.05 billion. During the same period in the previous year, the company posted $1.21 earnings per share. The business’s revenue for the quarter was up .6% on a year-over-year basis. Equities analysts anticipate that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a $0.678 dividend. This represents a $2.71 annualized dividend and a yield of 6.17%. The ex-dividend date of this dividend is Thursday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio is 101.12%.

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).