Verizon Communications (NYSE:VZ) Stock Price Down 0.2%

Verizon Communications Inc. (NYSE:VZ) dropped 0.2% during mid-day trading on Friday . The stock traded as low as $40.95 and last traded at $41.05. Approximately 7,591,354 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 18,755,277 shares. The stock had previously closed at $41.12.

Analysts Set New Price Targets

VZ has been the topic of several research reports. Tigress Financial boosted their price target on shares of Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Royal Bank of Canada upped their target price on shares of Verizon Communications from $36.00 to $40.00 and gave the stock a “sector perform” rating in a report on Tuesday, April 2nd. Oppenheimer reaffirmed an “outperform” rating and set a $48.00 target price on shares of Verizon Communications in a report on Tuesday, April 23rd. StockNews.com raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a report on Saturday, May 4th. Finally, Redburn Atlantic raised shares of Verizon Communications from a “sell” rating to a “neutral” rating and upped their target price for the stock from $33.00 to $39.00 in a report on Friday, March 22nd. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Verizon Communications has a consensus rating of “Moderate Buy” and an average price target of $45.14.

Verizon Communications Trading Up 0.2 %

The firm has a market cap of $173.46 billion, a PE ratio of 15.32, a PEG ratio of 3.74 and a beta of 0.41. The stock’s 50 day simple moving average is $40.23 and its 200 day simple moving average is $40.13. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.67 and a current ratio of 0.71.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.03. Verizon Communications had a net margin of 8.44% and a return on equity of 20.41%. The company had revenue of $33 billion during the quarter, compared to analysts’ expectations of $33.23 billion. During the same quarter in the prior year, the company earned $1.20 EPS. The firm’s revenue was up .3% on a year-over-year basis. On average, sell-side analysts forecast that Verizon Communications Inc. will post 4.59 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be given a dividend of $0.665 per share. The ex-dividend date is Wednesday, July 10th. This represents a $2.66 annualized dividend and a yield of 6.45%. Verizon Communications’s payout ratio is currently 99.25%.

Institutional Investors Weigh In On Verizon Communications

Several institutional investors have recently added to or reduced their stakes in the company. LFA Lugano Financial Advisors SA lifted its position in shares of Verizon Communications by 627.8% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 655 shares of the cell phone carrier’s stock worth $25,000 after purchasing an additional 565 shares during the period. Criterion Capital Advisors LLC purchased a new stake in shares of Verizon Communications in the 4th quarter worth about $25,000. Koesten Hirschmann & Crabtree INC. purchased a new stake in shares of Verizon Communications in the 1st quarter worth about $25,000. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of Verizon Communications in the 4th quarter worth about $29,000. Finally, Morton Brown Family Wealth LLC lifted its position in shares of Verizon Communications by 130.1% in the 4th quarter. Morton Brown Family Wealth LLC now owns 863 shares of the cell phone carrier’s stock worth $33,000 after purchasing an additional 488 shares during the period. Hedge funds and other institutional investors 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).