Verizon Communications (NYSE:VZ) Trading Down 0.2%

Verizon Communications Inc. (NYSE:VZ)’s share price dropped 0.2% during mid-day trading on Tuesday . The company traded as low as $40.35 and last traded at $40.43. Approximately 1,771,940 shares were traded during trading, a decline of 91% from the average daily volume of 18,712,119 shares. The stock had previously closed at $40.53.

Analysts Set New Price Targets

A number of research firms have commented on VZ. 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. Oppenheimer restated an “outperform” rating and set a $48.00 price target on shares of Verizon Communications in a report on Tuesday, April 23rd. 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 report on Friday, May 17th. TD Cowen boosted their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Finally, StockNews.com raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research report on Saturday, May 4th. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $45.78.

Verizon Communications Stock Performance

The firm has a market cap of $171.57 billion, a price-to-earnings ratio of 15.09, a price-to-earnings-growth ratio of 3.72 and a beta of 0.41. The stock’s 50 day moving average is $40.68 and its 200 day moving average is $40.50. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29.

Verizon Communications (NYSE:VZ) last issued its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, meeting the consensus estimate of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The company had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. During the same period in the previous year, the company earned $1.21 EPS. The business’s revenue for the quarter was up .6% compared to the same quarter last year. Analysts anticipate that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were issued a dividend of $0.665 per share. The ex-dividend date of this dividend was Wednesday, July 10th. This represents a $2.66 annualized dividend and a dividend yield of 6.53%. Verizon Communications’s dividend payout ratio is currently 99.25%.

Hedge Funds Weigh In On Verizon Communications

Institutional investors have recently modified their holdings of the business. Criterion Capital Advisors LLC bought a new position in shares of Verizon Communications in the fourth quarter valued at approximately $25,000. Koesten Hirschmann & Crabtree INC. bought a new stake in shares of Verizon Communications in the 1st quarter worth approximately $25,000. Vermillion & White Wealth Management Group LLC purchased a new stake in Verizon Communications during the 4th quarter valued at $29,000. Mizuho Securities Co. Ltd. bought a new position in shares of Verizon Communications during the 2nd quarter valued at $32,000. Finally, MFA Wealth Advisors LLC purchased a new stake in Verizon Communications in the second quarter worth about $33,000. 62.06% of the stock is owned by institutional investors.

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).