Verizon Communications (NYSE:VZ) Stock Price Down 0.6%

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

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on VZ shares. JPMorgan Chase & Co. lowered their price target on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. Tigress Financial increased their price objective on Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a report on Friday, May 17th. The Goldman Sachs Group initiated coverage on Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 target price for the company. StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a research note on Saturday, May 4th. Finally, TD Cowen boosted their target price on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $45.78.

Verizon Communications Trading Down 0.0 %

The business’s 50-day moving average is $40.78 and its two-hundred day moving average is $40.46. The stock has a market capitalization of $174.60 billion, a PE ratio of 15.46, a price-to-earnings-growth ratio of 3.72 and a beta of 0.41. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63.

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

Verizon Communications Announces Dividend

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

Institutional Trading of Verizon Communications

A number of hedge funds have recently modified their holdings of the company. Norges Bank bought a new stake in Verizon Communications during the fourth quarter worth $1,882,164,000. Capital World Investors grew its stake in Verizon Communications by 127.6% in the 4th 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 in the last quarter. Capital Research Global Investors grew its holdings in shares of Verizon Communications by 92.9% during the fourth quarter. Capital Research Global Investors now owns 22,599,173 shares of the cell phone carrier’s stock worth $851,989,000 after purchasing an additional 10,882,873 shares in the last quarter. Swedbank AB bought a new position in shares of Verizon Communications during the first quarter valued at about $250,312,000. Finally, Third Point LLC bought a new position in shares of Verizon Communications during the fourth quarter valued at approximately $173,325,000. 62.06% of the stock is currently 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).