Verizon Communications Inc. (NYSE:VZ) fell 1.2% on Monday . The company traded as low as $51.02 and last traded at $51.25, with a volume of 7,252,939 shares trading hands. The stock had previously closed at $51.88.
A number of research firms have commented on VZ. Macquarie reaffirmed a “neutral” rating and set a $55.00 target price on shares of Verizon Communications in a report on Wednesday, July 6th. RBC Capital Markets reaffirmed a “buy” rating on shares of Verizon Communications in a report on Monday, July 25th. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating on shares of Verizon Communications in a report on Friday, July 8th. Morgan Stanley downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating in a report on Tuesday, July 26th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $52.00 target price on shares of Verizon Communications in a report on Friday, July 15th. Twenty-three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $54.50.
The stock’s 50 day moving average price is $52.91 and its 200-day moving average price is $52.85. The stock has a market capitalization of $208.71 billion, a PE ratio of 14.46 and a beta of 0.26.
Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, beating the consensus estimate of $0.92 by $0.02. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The company earned $30.53 billion during the quarter, compared to analysts’ expectations of $30.95 billion. During the same quarter in the previous year, the company posted $1.04 EPS. The business’s revenue for the quarter was down 5.3% compared to the same quarter last year. Equities analysts forecast that Verizon Communications Inc. will post $3.89 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be given a $0.0125 dividend. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date of this dividend is Wednesday, October 5th. Verizon Communications’s dividend payout ratio is currently 63.84%.
In related news, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $54.81, for a total value of $36,832.32. Following the completion of the sale, the executive vice president now owns 11,198 shares in the company, valued at approximately $613,762.38. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.10% of the stock is currently owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the company. Kistler Tiffany Companies LLC boosted its position in Verizon Communications by 0.5% in the first quarter. Kistler Tiffany Companies LLC now owns 19,176 shares of the cell phone carrier’s stock worth $1,037,000 after buying an additional 88 shares during the period. Foundry Partners LLC boosted its position in Verizon Communications by 6.2% in the first quarter. Foundry Partners LLC now owns 255,439 shares of the cell phone carrier’s stock worth $13,814,000 after buying an additional 14,999 shares during the period. Thompson Rubinstein Investment Management Inc. OR boosted its position in Verizon Communications by 39.8% in the first quarter. Thompson Rubinstein Investment Management Inc. OR now owns 24,607 shares of the cell phone carrier’s stock worth $1,331,000 after buying an additional 7,010 shares during the period. Chevy Chase Trust Holdings Inc. boosted its position in Verizon Communications by 7.1% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 4,011,999 shares of the cell phone carrier’s stock worth $216,969,000 after buying an additional 265,971 shares during the period. Finally, Fulton Bank N.A. boosted its position in Verizon Communications by 15.9% in the first quarter. Fulton Bank N.A. now owns 145,712 shares of the cell phone carrier’s stock worth $7,880,000 after buying an additional 19,964 shares during the period. Hedge funds and other institutional investors own 63.49% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
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