Verizon Communications (NYSE:VZ) Shares Down 0.1%

Verizon Communications Inc. (NYSE:VZ)’s share price fell 0.1% during mid-day trading on Thursday . The company traded as low as $40.28 and last traded at $40.46. 3,274,875 shares traded hands during trading, a decline of 83% from the average session volume of 18,804,760 shares. The stock had previously closed at $40.52.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on VZ. Oppenheimer reissued an “outperform” rating and set a $48.00 target price on shares of Verizon Communications in a research note on Tuesday, April 23rd. Scotiabank boosted their price target on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research report on Wednesday, July 10th. Tigress Financial boosted their price target on shares of Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. JPMorgan Chase & Co. dropped their target price on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. Finally, The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Verizon Communications currently has an average rating of “Moderate Buy” and a consensus target price of $45.68.

Verizon Communications Trading Up 0.3 %

The company has a market cap of $172.46 billion, a price-to-earnings ratio of 15.29, a PEG 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. The business’s 50 day moving average price is $40.65 and its 200-day moving average price is $40.49.

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

Verizon Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were issued a $0.665 dividend. This represents a $2.66 annualized dividend and a dividend yield of 6.49%. The ex-dividend date of this dividend was Wednesday, July 10th. Verizon Communications’s payout ratio is 99.25%.

Institutional Investors Weigh In On Verizon Communications

A number of hedge funds have recently added to or reduced their stakes in the stock. Hamel Associates Inc. grew its holdings in Verizon Communications by 15.1% during the 2nd quarter. Hamel Associates Inc. now owns 53,475 shares of the cell phone carrier’s stock worth $2,205,000 after acquiring an additional 7,020 shares during the last quarter. Kornitzer Capital Management Inc. KS lifted its position in Verizon Communications by 0.4% during the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 927,112 shares of the cell phone carrier’s stock valued at $38,234,000 after purchasing an additional 4,070 shares during the period. Nottingham Advisors Inc. acquired a new position in Verizon Communications during the 2nd quarter valued at about $271,000. First Dallas Securities Inc. lifted its position in Verizon Communications by 3.3% during the 2nd quarter. First Dallas Securities Inc. now owns 31,471 shares of the cell phone carrier’s stock valued at $1,298,000 after purchasing an additional 1,007 shares during the period. Finally, Chase Investment Counsel Corp acquired a new position in Verizon Communications during the 2nd quarter valued at about $479,000. 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).