Verizon Communications (NYSE:VZ) Shares Down 0.6%

Verizon Communications Inc. (NYSE:VZ)’s share price dropped 0.6% during trading on Thursday . The company traded as low as $41.19 and last traded at $41.24. Approximately 3,054,075 shares traded hands during trading, a decline of 83% from the average daily volume of 18,254,188 shares. The stock had previously closed at $41.49.

Analyst Ratings Changes

VZ has been the subject of several recent analyst reports. StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a report on Saturday, May 4th. JPMorgan Chase & Co. reduced their price target on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. The Goldman Sachs Group assumed coverage on Verizon Communications in a research report on Monday, July 1st. They issued a “buy” rating and a $50.00 target price on the stock. Tigress Financial increased their price target on Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a report on Friday, May 17th. Finally, Scotiabank upped their target price on shares of Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research note on Wednesday, July 10th. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $45.78.

Verizon Communications Trading Down 0.0 %

The firm’s 50-day moving average price is $40.78 and its 200 day moving average price is $40.46. The company has a market cap of $174.60 billion, a price-to-earnings ratio of 15.46, a P/E/G ratio of 3.72 and a beta of 0.41. 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 (NYSE:VZ) last posted its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting the consensus estimate of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The firm had revenue of $32.80 billion during the quarter, compared to the consensus estimate of $33.05 billion. During the same quarter last year, the company earned $1.21 earnings per share. The company’s revenue was up .6% on a year-over-year basis. As a group, equities analysts expect that Verizon Communications Inc. will post 4.58 EPS for the current year.

Verizon Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were given a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a yield of 6.41%. The ex-dividend date of this dividend was Wednesday, July 10th. Verizon Communications’s payout ratio is 99.25%.

Institutional Trading of Verizon Communications

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Taylor Hoffman Wealth Management lifted its holdings in Verizon Communications by 32.9% during the fourth quarter. Taylor Hoffman Wealth Management now owns 9,353 shares of the cell phone carrier’s stock valued at $353,000 after purchasing an additional 2,314 shares in the last quarter. Leo Wealth LLC bought a new position in Verizon Communications during the 4th quarter worth about $3,346,000. Gateway Investment Advisers LLC increased its holdings in shares of Verizon Communications by 15.4% in 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 acquiring an additional 37,732 shares during the period. Windle Wealth LLC lifted its holdings in shares of Verizon Communications by 0.8% during the 4th quarter. Windle Wealth LLC now owns 164,242 shares of the cell phone carrier’s stock valued at $6,192,000 after purchasing an additional 1,270 shares during the last quarter. Finally, Mosley Wealth Management acquired a new position in shares of Verizon Communications during the fourth quarter valued at about $433,000. 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).