Verizon Communications (NYSE:VZ) Given New $49.00 Price Target at Citigroup

Verizon Communications (NYSE:VZ) had its price objective upped by Citigroup from $47.00 to $49.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Citigroup currently has a buy rating on the cell phone carrier’s stock.

Other equities analysts also recently issued research reports about the company. Raymond James increased their price target on Verizon Communications from $44.00 to $48.00 and gave the stock an outperform rating in a research report on Tuesday, September 24th. Royal Bank of Canada raised their target price on shares of Verizon Communications from $42.00 to $46.00 and gave the company a sector perform rating in a research report on Monday, September 23rd. KeyCorp lowered their price target on shares of Verizon Communications from $46.00 to $44.00 and set an overweight rating for the company in a research report on Friday, September 6th. TD Cowen increased their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the company a buy rating in a research note on Tuesday, July 23rd. Finally, Scotiabank boosted their price objective on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a sector perform rating in a research note on Wednesday, July 10th. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Verizon Communications currently has a consensus rating of Moderate Buy and an average target price of $46.09.

Verizon Communications Trading Up 0.6 %

NYSE VZ opened at $44.89 on Wednesday. The stock has a market cap of $188.95 billion, a PE ratio of 16.75, a PEG ratio of 4.03 and a beta of 0.42. Verizon Communications has a 12 month low of $30.14 and a 12 month high of $45.05. The company’s 50-day moving average price is $41.76 and its 200-day moving average price is $40.95. 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 issued its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, hitting analysts’ consensus estimates of $1.15. The business had revenue of $32.80 billion for the quarter, compared to analyst estimates of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The company’s quarterly revenue was up .6% compared to the same quarter last year. During the same period last year, the company posted $1.21 earnings per share. Equities research analysts forecast that Verizon Communications will post 4.58 earnings per share for the current year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a dividend of $0.678 per share. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.04%. Verizon Communications’s dividend payout ratio is presently 101.12%.

Institutional Trading of Verizon Communications

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Koesten Hirschmann & Crabtree INC. acquired a new stake in Verizon Communications during the 1st quarter valued at approximately $25,000. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of Verizon Communications in the fourth quarter worth $29,000. Mizuho Securities Co. Ltd. purchased a new position in shares of Verizon Communications during the second quarter worth $32,000. MFA Wealth Advisors LLC acquired a new position in Verizon Communications during the second quarter valued at $33,000. Finally, Vima LLC acquired a new position in Verizon Communications during the fourth quarter valued at $36,000. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Company Profile

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).