Verizon Communications (NYSE:VZ) Price Target Increased to $45.00 by Analysts at Bank of America

Verizon Communications (NYSE:VZ) had its target price hoisted by Bank of America from $41.00 to $45.00 in a research note released on Thursday morning, Benzinga reports. Bank of America currently has a neutral rating on the cell phone carrier’s stock.

VZ has been the topic of several other reports. Raymond James increased their price objective on Verizon Communications from $44.00 to $48.00 and gave the company an outperform rating in a research report on Tuesday, September 24th. The Goldman Sachs Group started coverage on Verizon Communications in a research report on Monday, July 1st. They set a buy rating and a $50.00 price objective on the stock. KeyCorp reduced their price objective on Verizon Communications from $46.00 to $44.00 and set an overweight rating on the stock in a research report on Friday, September 6th. TD Cowen increased their price objective on Verizon Communications from $48.00 to $51.00 and gave the company a buy rating in a research report on Tuesday, July 23rd. Finally, Royal Bank of Canada increased their price objective on Verizon Communications from $42.00 to $46.00 and gave the company a sector perform rating in a research report on Monday, September 23rd. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Verizon Communications presently has a consensus rating of Moderate Buy and an average target price of $46.09.

Verizon Communications Stock Performance

NYSE:VZ opened at $44.89 on Thursday. The business’s 50-day moving average price is $41.76 and its two-hundred day moving average price is $40.95. Verizon Communications has a twelve month low of $30.14 and a twelve month high of $45.05. The stock has a market cap of $188.95 billion, a P/E ratio of 16.75, a PEG ratio of 4.03 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.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, meeting the consensus estimate of $1.15. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The firm had revenue of $32.80 billion for the quarter, compared to analysts’ expectations of $33.05 billion. During the same quarter last year, the firm posted $1.21 EPS. The company’s revenue was up .6% compared to the same quarter last year. As a group, equities analysts predict that Verizon Communications will post 4.58 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be given a $0.678 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.04%. The ex-dividend date of this dividend is Thursday, October 10th. Verizon Communications’s dividend payout ratio (DPR) is currently 101.12%.

Institutional Investors Weigh In On Verizon Communications

A number of large investors have recently made changes to their positions in the business. Koesten Hirschmann & Crabtree INC. purchased a new position in shares of Verizon Communications in the 1st quarter valued at approximately $25,000. Vermillion & White Wealth Management Group LLC purchased a new position in shares of Verizon Communications in the 4th quarter valued at approximately $29,000. Mizuho Securities Co. Ltd. purchased a new position in shares of Verizon Communications in the 2nd quarter valued at approximately $32,000. MFA Wealth Advisors LLC purchased a new position in shares of Verizon Communications in the 2nd quarter valued at approximately $33,000. Finally, Vima LLC purchased a new position in shares of Verizon Communications in the 4th quarter valued at approximately $36,000. 62.06% of the stock is currently 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).