Verizon Communications Inc. (NYSE:VZ – Get Free Report) rose 0.2% during trading on Friday after Scotiabank raised their price target on the stock from $46.50 to $47.25. Scotiabank currently has a sector perform rating on the stock. Verizon Communications traded as high as $43.96 and last traded at $43.94. Approximately 2,389,998 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 18,363,631 shares. The stock had previously closed at $43.85.
A number of other brokerages have also recently issued reports on VZ. The Goldman Sachs Group began coverage on shares of Verizon Communications in a report on Monday, July 1st. They set a “buy” rating and a $50.00 price objective for the company. JPMorgan Chase & Co. dropped their price objective on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Bank of America boosted their target price on Verizon Communications from $41.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday, September 26th. KeyCorp lowered their price target on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a report on Friday, September 6th. Finally, TD Cowen lifted their price objective on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $46.31.
Read Our Latest Research Report on VZ
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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 company has a market capitalization of $185.25 billion, a P/E ratio of 16.44, a P/E/G ratio of 4.02 and a beta of 0.42. The company has a 50 day moving average price of $42.87 and a 200 day moving average price of $41.28.
Verizon Communications (NYSE:VZ – Get Free Report) last released its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, hitting analysts’ consensus estimates of $1.15. The firm had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The company’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.21 earnings per share. On average, equities analysts predict that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.
Verizon Communications Increases Dividend
The business also recently declared 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 a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a yield of 6.16%. The ex-dividend date is Thursday, October 10th. Verizon Communications’s dividend payout ratio is currently 101.12%.
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).
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