Verizon Communications (NYSE:VZ) Shares Down 1.3%

Verizon Communications Inc. (NYSE:VZ)’s stock price fell 1.3% on Tuesday . The stock traded as low as $44.27 and last traded at $44.42. 3,343,959 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 18,642,096 shares. The stock had previously closed at $45.00.

Analysts Set New Price Targets

Several research analysts have commented on VZ shares. KeyCorp lowered their target price on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a research note on Friday, September 6th. Royal Bank of Canada reissued a “sector perform” rating and issued a $42.00 price objective on shares of Verizon Communications in a research note on Monday, September 9th. The Goldman Sachs Group began coverage on Verizon Communications in a report on Monday, July 1st. They set a “buy” rating and a $50.00 price target on the stock. JPMorgan Chase & Co. reduced their price objective on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research note on Tuesday, July 23rd. Finally, TD Cowen upped their price objective 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. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $45.66.

Verizon Communications Stock Down 2.0 %

The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63. The stock’s 50 day moving average price is $41.24 and its 200-day moving average price is $40.68. The company has a market cap of $185.54 billion, a PE ratio of 16.41, a PEG ratio of 3.99 and a beta of 0.42.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The business had revenue of $32.80 billion during the quarter, compared to analyst estimates of $33.05 billion. During the same period in the prior year, the business posted $1.21 earnings per share. The company’s revenue was up .6% on a year-over-year basis. On average, analysts predict that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a dividend of $0.678 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.15%. The ex-dividend date is Thursday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio is 101.12%.

Institutional Investors Weigh In On Verizon Communications

Several hedge funds have recently made changes to their positions in the company. Leo Wealth LLC bought a new position in shares of Verizon Communications in the fourth quarter worth approximately $3,346,000. Gateway Investment Advisers LLC lifted its holdings in shares of Verizon Communications by 15.4% during the second quarter. Gateway Investment Advisers LLC now owns 283,160 shares of the cell phone carrier’s stock valued at $11,678,000 after purchasing an additional 37,732 shares in the last quarter. Mosley Wealth Management bought a new position in shares of Verizon Communications during the fourth quarter valued at $433,000. Harbor Investment Advisory LLC lifted its stake in Verizon Communications by 4.4% during the 1st quarter. Harbor Investment Advisory LLC now owns 22,894 shares of the cell phone carrier’s stock valued at $961,000 after acquiring an additional 969 shares during the period. Finally, Tower Research Capital LLC TRC lifted its position in Verizon Communications by 196.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 647,218 shares of the cell phone carrier’s stock valued at $24,400,000 after purchasing an additional 428,776 shares during the period. 62.06% of the stock is currently owned by institutional investors.

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).