Verizon Communications (NYSE:VZ) Shares Up 1.3%

Verizon Communications Inc. (NYSE:VZ)’s share price rose 1.3% during trading on Monday . The company traded as high as $41.89 and last traded at $41.78. Approximately 20,009,799 shares were traded during mid-day trading, an increase of 9% from the average daily volume of 18,351,652 shares. The stock had previously closed at $41.25.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on VZ shares. TD Cowen lifted their target price on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. The Goldman Sachs Group began coverage on shares of Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 price target for the company. Tigress Financial boosted their price objective on shares of Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a report on Friday, May 17th. JPMorgan Chase & Co. reduced their target price on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research note on Tuesday, July 23rd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $42.00 price target on shares of Verizon Communications in a research note on Tuesday, July 23rd. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.78.

Verizon Communications Price Performance

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 stock has a fifty day simple moving average of $40.86 and a 200-day simple moving average of $40.48. The company has a market capitalization of $175.87 billion, a price-to-earnings ratio of 15.59, a P/E/G ratio of 3.81 and a beta of 0.41.

Verizon Communications (NYSE:VZ) last posted its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) 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 net margin of 8.38% and a return on equity of 20.10%. The business’s revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.21 EPS. On average, equities research analysts anticipate that Verizon Communications Inc. will post 4.57 EPS for the current year.

Verizon Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were paid a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a dividend yield of 6.37%. The ex-dividend date of this dividend was Wednesday, July 10th. Verizon Communications’s payout ratio is currently 99.25%.

Institutional Trading of Verizon Communications

Institutional investors have recently bought and sold shares of the business. Koesten Hirschmann & Crabtree INC. purchased a new stake in Verizon Communications during the 1st quarter worth approximately $25,000. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of Verizon Communications in the fourth quarter worth approximately $29,000. Mizuho Securities Co. Ltd. purchased a new stake in shares of Verizon Communications during the second quarter worth approximately $32,000. MFA Wealth Advisors LLC acquired a new position in Verizon Communications in the 2nd quarter valued at $33,000. Finally, Pittenger & Anderson Inc. lifted its holdings in Verizon Communications by 50.4% in the 1st quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock valued at $37,000 after purchasing an additional 296 shares in the last quarter. 62.06% of the stock is owned by institutional investors and hedge funds.

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).