Verizon Communications (NYSE:VZ) Stock Price Up 0.4% – Time to Buy?

Verizon Communications Inc. (NYSE:VZ)’s share price shot up 0.4% on Monday . The stock traded as high as $41.78 and last traded at $41.53. 2,729,910 shares traded hands during trading, a decline of 85% from the average session volume of 18,531,637 shares. The stock had previously closed at $41.38.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on VZ shares. TD Cowen upped their target price on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Tigress Financial upped their price objective on Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. JPMorgan Chase & Co. dropped their target price on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. Citigroup increased their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Finally, Raymond James boosted their price objective on shares of Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Nine analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.37.

Verizon Communications Price Performance

The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. The business’s 50 day moving average price is $43.13 and its two-hundred day moving average price is $41.32. The stock has a market cap of $173.97 billion, a P/E ratio of 15.42, a price-to-earnings-growth ratio of 4.02 and a beta of 0.42.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.01. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The business had revenue of $33.30 billion for the quarter, compared to analysts’ expectations of $33.42 billion. During the same period in the previous year, the firm posted $1.22 EPS. The business’s revenue was up .9% on a year-over-year basis. As a group, sell-side analysts expect that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be issued a $0.678 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.56%. Verizon Communications’s dividend payout ratio is 101.12%.

Institutional Trading of Verizon Communications

Hedge funds and other institutional investors have recently modified their holdings of the business. Kovack Advisors Inc. raised its position in shares of Verizon Communications by 1.5% in the 1st quarter. Kovack Advisors Inc. now owns 58,509 shares of the cell phone carrier’s stock worth $2,455,000 after purchasing an additional 892 shares during the last quarter. Cornerstone Wealth Management LLC increased its position in shares of Verizon Communications by 5.5% during the first quarter. Cornerstone Wealth Management LLC now owns 31,650 shares of the cell phone carrier’s stock valued at $1,328,000 after acquiring an additional 1,642 shares in the last quarter. First Trust Direct Indexing L.P. lifted its position in Verizon Communications by 2.6% in the 1st quarter. First Trust Direct Indexing L.P. now owns 110,651 shares of the cell phone carrier’s stock valued at $4,643,000 after acquiring an additional 2,776 shares in the last quarter. Uncommon Cents Investing LLC increased its holdings in shares of Verizon Communications by 1.0% in the 1st quarter. Uncommon Cents Investing LLC now owns 42,606 shares of the cell phone carrier’s stock worth $1,788,000 after purchasing an additional 415 shares in the last quarter. Finally, Accel Wealth Management raised its stake in shares of Verizon Communications by 5.0% in the first quarter. Accel Wealth Management now owns 10,197 shares of the cell phone carrier’s stock worth $428,000 after purchasing an additional 485 shares during the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Company Profile

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).