Verizon Communications (NYSE:VZ) Price Target Raised to $44.00

Verizon Communications (NYSE:VZ) had its price target hoisted by UBS Group from $43.00 to $44.00 in a research report report published on Wednesday, Benzinga reports. UBS Group currently has a neutral rating on the cell phone carrier’s stock.

Other analysts have also issued research reports about the stock. JPMorgan Chase & Co. decreased their target price on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. KeyCorp dropped their price objective 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. TD Cowen raised their target price on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. 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 for the company. Finally, Tigress Financial lifted their price target on shares of Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $46.37.

Verizon Communications Stock Performance

NYSE VZ opened at $41.38 on Wednesday. The business has a 50 day moving average price of $43.11 and a 200 day moving average price of $41.29. 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 $174.18 billion, a P/E ratio of 15.44, a PEG ratio of 4.02 and a beta of 0.42. Verizon Communications has a 1-year low of $33.34 and a 1-year high of $45.36.

Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.01. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The firm had revenue of $33.30 billion during the quarter, compared to the consensus estimate of $33.42 billion. During the same period last year, the firm posted $1.22 EPS. The firm’s revenue for the quarter was up .9% on a year-over-year basis. Sell-side analysts expect that Verizon Communications will post 4.58 EPS for the current fiscal 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 given a $0.678 dividend. 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 6.55%. The ex-dividend date is Thursday, October 10th. Verizon Communications’s dividend payout ratio is presently 101.12%.

Institutional Investors Weigh In On Verizon Communications

Hedge funds have recently bought and sold shares of the business. Koesten Hirschmann & Crabtree INC. bought a new stake in shares of Verizon Communications in the 1st quarter worth about $25,000. Accordant Advisory Group Inc raised its stake in Verizon Communications by 137.6% during the third quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock valued at $35,000 after buying an additional 450 shares in the last quarter. Mizuho Securities Co. Ltd. bought a new position in Verizon Communications during the 2nd quarter worth approximately $32,000. MFA Wealth Advisors LLC acquired a new position in shares of Verizon Communications in the 2nd quarter worth approximately $33,000. Finally, Pittenger & Anderson Inc. raised its position in shares of Verizon Communications by 50.4% during the 1st quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock valued at $37,000 after acquiring an additional 296 shares in 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).