Vetr cut shares of Verizon Communications Inc. (NYSE:VZ) from a strong-buy rating to a buy rating in a research note issued to investors on Monday. Vetr currently has $57.60 target price on the cell phone carrier’s stock.
A number of other brokerages have also issued reports on VZ. Macquarie reaffirmed a neutral rating and set a $55.00 target price on shares of Verizon Communications in a research report on Wednesday, July 6th. RBC Capital Markets reiterated a buy rating on shares of Verizon Communications in a research note on Monday, July 25th. Oppenheimer Holdings Inc. reiterated an outperform rating on shares of Verizon Communications in a research note on Friday, July 8th. Morgan Stanley downgraded shares of Verizon Communications from an overweight rating to an equal weight rating in a research note on Tuesday, July 26th. Finally, Deutsche Bank AG reiterated a hold rating and set a $52.00 price target on shares of Verizon Communications in a research note on Friday, July 15th. Twenty-four analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company has an average rating of Hold and an average target price of $54.44.
Verizon Communications (NYSE:VZ) opened at 50.27 on Monday. The firm has a market cap of $204.92 billion, a PE ratio of 14.20 and a beta of 0.30. The firm’s 50-day moving average is $52.26 and its 200 day moving average is $52.78. Verizon Communications has a 1-year low of $43.55 and a 1-year high of $56.95.
Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share (EPS) for the quarter, topping the Zacks’ 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 business had revenue of $30.53 billion for the quarter, compared to analyst estimates of $30.95 billion. During the same quarter in the previous year, the firm posted $1.04 earnings per share. Verizon Communications’s revenue was down 5.3% compared to the same quarter last year. On average, equities analysts forecast that Verizon Communications will post $3.89 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be given a dividend of $0.0125 per share. This represents a $0.05 dividend on an annualized basis and a yield of 0.10%. The ex-dividend date is Wednesday, October 5th. Verizon Communications’s dividend payout ratio (DPR) is currently 63.84%.
In other news, EVP Craig L. Silliman sold 672 shares of the stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $52.76, for a total value of $35,454.72. Following the completion of the sale, the executive vice president now owns 10,526 shares of the company’s stock, valued at approximately $555,351.76. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.10% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. Brookstone Capital Management increased its stake in Verizon Communications by 252.0% in the first quarter. Brookstone Capital Management now owns 76,224 shares of the cell phone carrier’s stock valued at $4,121,000 after buying an additional 54,569 shares during the last quarter. Quotient Investors LLC boosted its stake in Verizon Communications by 4.5% in the first quarter. Quotient Investors LLC now owns 90,877 shares of the cell phone carrier’s stock worth $4,915,000 after buying an additional 3,884 shares during the period. Spirit of America Management Corp NY boosted its stake in Verizon Communications by 14.4% in the first quarter. Spirit of America Management Corp NY now owns 23,390 shares of the cell phone carrier’s stock worth $1,265,000 after buying an additional 2,950 shares during the period. TNB Financial boosted its stake in Verizon Communications by 24.3% in the first quarter. TNB Financial now owns 79,246 shares of the cell phone carrier’s stock worth $4,286,000 after buying an additional 15,473 shares during the period. Finally, Koshinski Asset Management Inc. boosted its stake in Verizon Communications by 27.5% in the first quarter. Koshinski Asset Management Inc. now owns 38,504 shares of the cell phone carrier’s stock worth $2,114,000 after buying an additional 8,314 shares during the period. 63.47% of the stock is owned by institutional investors.
About Verizon Communications
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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