Pacific Crest reissued their equal weight rating on shares of Verizon Communications Inc. (NYSE:VZ) in a research report released on Tuesday.
VZ has been the topic of several other research reports. Jefferies Group LLC reaffirmed a hold rating and issued a $53.00 price target on shares of Verizon Communications in a report on Friday, December 16th. Vetr cut shares of Verizon Communications from a buy rating to a hold rating and set a $52.38 price target on the stock. in a report on Monday, January 2nd. Citigroup Inc. reaffirmed a buy rating on shares of Verizon Communications in a report on Tuesday. Morgan Stanley reaffirmed an overweight rating and issued a $60.00 price target on shares of Verizon Communications in a report on Sunday, October 23rd. Finally, HSBC Holdings plc raised shares of Verizon Communications from a hold rating to a buy rating and set a $61.00 price target on the stock in a report on Thursday, January 19th. One investment analyst has rated the stock with a sell rating, twenty-six have given a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $53.82.
Verizon Communications (NYSE:VZ) traded down 0.6101% during midday trading on Tuesday, hitting $49.8142. The company had a trading volume of 17,721,814 shares. Verizon Communications has a 52 week low of $46.01 and a 52 week high of $56.95. The firm has a market capitalization of $203.07 billion, a P/E ratio of 14.5189 and a beta of 0.40. The firm’s 50 day moving average is $52.65 and its 200-day moving average is $51.80.
Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, January 24th. The cell phone carrier reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by $0.03. The company had revenue of $32.30 billion for the quarter, compared to analysts’ expectations of $32.12 billion. Verizon Communications had a return on equity of 78.75% and a net margin of 10.97%. The company’s revenue was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.89 EPS. On average, equities research analysts expect that Verizon Communications will post $3.89 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 1st. Shareholders of record on Tuesday, January 10th will be paid a dividend of $0.5775 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend is Friday, January 6th. This represents a $2.31 dividend on an annualized basis and a dividend yield of 4.61%. Verizon Communications’s dividend payout ratio (DPR) is currently 67.15%.
In other Verizon Communications news, EVP Craig L. Silliman sold 668 shares of the firm’s stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $49.29, for a total transaction of $32,925.72. Following the completion of the transaction, the executive vice president now owns 6,047 shares of the company’s stock, valued at $298,056.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.10% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. Guidant Wealth Advisors acquired a new position in shares of Verizon Communications during the third quarter worth $107,000. Solaris Asset Management LLC acquired a new position in shares of Verizon Communications during the third quarter worth $125,000. Lowe fs LLC increased its position in shares of Verizon Communications by 3.0% in the third quarter. Lowe fs LLC now owns 2,426 shares of the cell phone carrier’s stock worth $126,000 after buying an additional 70 shares in the last quarter. Ruggie Capital Group increased its position in shares of Verizon Communications by 0.3% in the third quarter. Ruggie Capital Group now owns 2,649 shares of the cell phone carrier’s stock worth $137,000 after buying an additional 9 shares in the last quarter. Finally, Daiwa SB Investments Ltd. increased its position in shares of Verizon Communications by 11,938.5% in the third quarter. Daiwa SB Investments Ltd. now owns 3,130 shares of the cell phone carrier’s stock worth $163,000 after buying an additional 3,104 shares in the last quarter. 63.47% of the stock is owned by institutional investors and hedge funds.
Verizon Communications Company Profile
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.