Sanford C. Bernstein Initiates Coverage on Verizon Communications (NYSE:VZ)

Research analysts at Sanford C. Bernstein assumed coverage on shares of Verizon Communications (NYSE:VZ) in a report issued on Tuesday,Briefing.com Automated Import reports. The brokerage set a “market perform” rating and a $48.00 price target on the cell phone carrier’s stock. Sanford C. Bernstein’s price objective would suggest a potential upside of 13.29% from the stock’s current price.

Several other research firms also recently weighed in on VZ. Tigress Financial boosted their target price on Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Scotiabank upped their target price on shares of Verizon Communications from $46.50 to $47.25 and gave the company a “sector perform” rating in a report on Friday, October 18th. StockNews.com raised Verizon Communications from a “buy” rating to a “strong-buy” rating in a report on Sunday. Bank of America upped their price objective on Verizon Communications from $41.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday, September 26th. Finally, Royal Bank of Canada increased their price objective on Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Monday, September 23rd. Ten equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Verizon Communications presently has an average rating of “Moderate Buy” and a consensus target price of $46.46.

Verizon Communications Stock Performance

NYSE:VZ opened at $42.37 on Tuesday. The stock has a market capitalization of $178.36 billion, a P/E ratio of 18.26, a PEG ratio of 3.08 and a beta of 0.44. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.62 and a current ratio of 0.66. Verizon Communications has a fifty-two week low of $36.46 and a fifty-two week high of $45.36. The company has a 50 day moving average price of $42.70 and a 200 day moving average price of $41.83.

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

Hedge Funds Weigh In On Verizon Communications

A number of institutional investors have recently modified their holdings of the company. Capital Performance Advisors LLP purchased a new position in Verizon Communications during the third quarter worth about $31,000. Mizuho Securities Co. Ltd. purchased a new position in shares of Verizon Communications during the 2nd quarter worth about $32,000. MFA Wealth Advisors LLC acquired a new stake in shares of Verizon Communications in the second quarter worth approximately $33,000. Accordant Advisory Group Inc grew its holdings in Verizon Communications by 137.6% in the third quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock valued at $35,000 after purchasing an additional 450 shares during the period. Finally, MidAtlantic Capital Management Inc. acquired a new position in Verizon Communications during the third quarter worth approximately $44,000. Institutional investors and hedge funds own 62.06% of the company’s stock.

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).