Verizon Communications (NYSE:VZ) Stock Price Up 1.5% – Here’s What Happened

Verizon Communications Inc. (NYSE:VZ) shares rose 1.5% during mid-day trading on Monday . The stock traded as high as $42.58 and last traded at $42.28. Approximately 3,876,979 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 18,530,281 shares. The stock had previously closed at $41.65.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Citigroup increased their price objective on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. KeyCorp lowered Verizon Communications from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. Scotiabank increased their price target on Verizon Communications from $46.50 to $47.25 and gave the stock a “sector perform” rating in a report on Friday, October 18th. TD Cowen increased their price target on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Finally, Raymond James raised their price target on shares of Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Nine research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Verizon Communications presently has an average rating of “Moderate Buy” and an average target price of $46.37.

Verizon Communications Stock Up 1.7 %

The company has a market capitalization of $178.32 billion, a P/E ratio of 18.22, a PEG ratio of 3.03 and a beta of 0.43. The company has a quick ratio of 0.62, a current ratio of 0.66 and a debt-to-equity ratio of 1.32. The company has a 50 day simple moving average of $43.03 and a two-hundred day simple moving average of $41.45.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01. Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. The firm had revenue of $33.30 billion for the quarter, compared to analysts’ expectations of $33.42 billion. During the same period in the prior year, the business posted $1.22 earnings per share. The business’s revenue for the quarter was up .9% on a year-over-year basis. As a group, equities analysts predict that Verizon Communications Inc. will post 4.61 EPS for the current year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were paid a dividend of $0.678 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a dividend yield of 6.40%. The ex-dividend date was Thursday, October 10th. Verizon Communications’s payout ratio is presently 116.81%.

Institutional Trading of Verizon Communications

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VZ. Swedbank AB purchased a new stake in shares of Verizon Communications during the first quarter worth approximately $250,312,000. Charles Schwab Investment Management Inc. boosted its holdings in Verizon Communications by 6.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 101,273,082 shares of the cell phone carrier’s stock valued at $4,548,163,000 after purchasing an additional 5,936,009 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in Verizon Communications by 4,520.3% in the 3rd quarter. International Assets Investment Management LLC now owns 4,815,534 shares of the cell phone carrier’s stock valued at $216,266,000 after purchasing an additional 4,711,309 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Verizon Communications during the 3rd quarter worth approximately $177,799,000. Finally, DekaBank Deutsche Girozentrale lifted its holdings in Verizon Communications by 112.6% in the first quarter. DekaBank Deutsche Girozentrale now owns 6,574,910 shares of the cell phone carrier’s stock valued at $273,507,000 after acquiring an additional 3,481,936 shares during the last quarter. 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).