Verizon Communications (NYSE:VZ) Trading Down 0.5% – Here’s Why

Verizon Communications Inc. (NYSE:VZ)’s share price was down 0.5% on Monday . The stock traded as low as $41.25 and last traded at $42.82. Approximately 13,469,588 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 19,717,979 shares. The stock had previously closed at $43.03.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on VZ. UBS Group boosted their price target on Verizon Communications from $44.00 to $45.00 and gave the company a “neutral” rating in a research note on Friday, December 20th. Argus raised shares of Verizon Communications to a “strong-buy” rating in a report on Monday, January 27th. DZ Bank raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research note on Wednesday, January 29th. Oppenheimer raised their target price on shares of Verizon Communications from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, April 1st. Finally, Scotiabank upped their price target on shares of Verizon Communications from $47.50 to $48.00 and gave the stock a “sector perform” rating in a report on Monday, March 3rd. Ten equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $46.82.

Verizon Communications Trading Down 1.1 %

The firm has a market cap of $179.13 billion, a price-to-earnings ratio of 10.28, a P/E/G ratio of 4.45 and a beta of 0.41. The firm’s 50-day moving average is $42.72 and its 200-day moving average is $42.08. The company has a current ratio of 0.63, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Verizon Communications had a net margin of 12.99% and a return on equity of 19.80%. During the same quarter last year, the firm earned $1.08 EPS. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 10th will be issued a $0.6775 dividend. This represents a $2.71 annualized dividend and a dividend yield of 6.37%. The ex-dividend date of this dividend is Thursday, April 10th. Verizon Communications’s dividend payout ratio is presently 65.46%.

Insider Buying and Selling at Verizon Communications

In related news, CEO Kyle Malady sold 11,085 shares of Verizon Communications stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $40.88, for a total value of $453,154.80. Following the completion of the sale, the chief executive officer now owns 14,590 shares of the company’s stock, valued at approximately $596,439.20. This trade represents a 43.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Vandana Venkatesh sold 10,000 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $43.79, for a total transaction of $437,900.00. Following the transaction, the executive vice president now owns 14,459 shares of the company’s stock, valued at $633,159.61. This represents a 40.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,085 shares of company stock worth $2,020,895 in the last quarter. 0.02% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Verizon Communications

A number of hedge funds and other institutional investors have recently bought and sold shares of VZ. Mainstream Capital Management LLC purchased a new position in shares of Verizon Communications in the fourth quarter valued at $28,000. Legend Financial Advisors Inc. boosted its stake in Verizon Communications by 69.6% in the 4th quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock worth $31,000 after purchasing an additional 320 shares during the period. Mattson Financial Services LLC grew its holdings in Verizon Communications by 114.6% during the 4th quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier’s stock valued at $31,000 after buying an additional 415 shares in the last quarter. Graney & King LLC purchased a new position in Verizon Communications during the fourth quarter valued at approximately $32,000. Finally, Capital A Wealth Management LLC purchased a new position in shares of Verizon Communications during the 4th quarter valued at $32,000. 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).