Verizon Communications (NYSE:VZ) Stock Price Up 0.1% Following Analyst Upgrade

Verizon Communications Inc. (NYSE:VZ) shares rose 0.1% during trading on Friday after Bank of America raised their price target on the stock from $41.00 to $45.00. Bank of America currently has a neutral rating on the stock. Verizon Communications traded as high as $44.74 and last traded at $44.68. Approximately 2,297,792 shares changed hands during trading, a decline of 88% from the average daily volume of 18,818,615 shares. The stock had previously closed at $44.62.

Several other research analysts have also issued reports on VZ. TD Cowen increased their price target 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. Citigroup upped their price objective on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday. Raymond James upped their price objective on shares of Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 price objective on the stock. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $46.09.

Institutional Trading of Verizon Communications

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Verizon Communications by 0.3% in the first quarter. Vanguard Group Inc. now owns 351,267,175 shares of the cell phone carrier’s stock valued at $14,739,171,000 after buying an additional 1,216,963 shares during the period. Legal & General Group Plc lifted its holdings in Verizon Communications by 3.0% in the second quarter. Legal & General Group Plc now owns 38,357,031 shares of the cell phone carrier’s stock valued at $1,581,848,000 after buying an additional 1,106,887 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Verizon Communications by 1.5% in the second quarter. Dimensional Fund Advisors LP now owns 35,561,841 shares of the cell phone carrier’s stock valued at $1,466,446,000 after buying an additional 535,322 shares during the period. Capital Research Global Investors lifted its holdings in Verizon Communications by 92.9% in the fourth quarter. Capital Research Global Investors now owns 22,599,173 shares of the cell phone carrier’s stock valued at $851,989,000 after buying an additional 10,882,873 shares during the period. Finally, Capital World Investors lifted its holdings in Verizon Communications by 127.6% in the fourth quarter. Capital World Investors now owns 21,801,067 shares of the cell phone carrier’s stock valued at $821,900,000 after buying an additional 12,220,777 shares during the period. 62.06% of the stock is owned by institutional investors.

Verizon Communications Price Performance

The company’s fifty day moving average is $41.76 and its two-hundred day moving average is $40.95. The firm has a market capitalization of $188.95 billion, a price-to-earnings ratio of 16.75, a price-to-earnings-growth 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 announced its quarterly earnings data 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 net margin of 8.38% and a return on equity of 20.10%. The business had revenue of $32.80 billion for the quarter, compared to analyst estimates of $33.05 billion. During the same period in the prior year, the business posted $1.21 earnings per share. Verizon Communications’s revenue was up .6% compared to the same quarter last year. Equities research analysts anticipate that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

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

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).