Verizon Communications (NYSE:VZ) Trading Up 1% – Time to Buy?

Verizon Communications Inc. (NYSE:VZ)’s stock price rose 1% during mid-day trading on Wednesday . The company traded as high as $40.03 and last traded at $39.99. Approximately 13,545,795 shares changed hands during trading, a decline of 26% from the average daily volume of 18,413,277 shares. The stock had previously closed at $39.60.

Analyst Ratings Changes

Several analysts recently weighed in on VZ shares. Sanford C. Bernstein started coverage on Verizon Communications in a report on Tuesday, December 10th. They set a “market perform” rating and a $48.00 price target for the company. StockNews.com downgraded Verizon Communications from a “strong-buy” rating to a “buy” rating in a research note on Monday, December 16th. Scotiabank increased their price objective on shares of Verizon Communications from $46.50 to $47.25 and gave the stock a “sector perform” rating in a research note on Friday, October 18th. Bank of America upped their price target on shares of Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. Finally, Citigroup raised their price objective on Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Ten analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $46.51.

Verizon Communications Price Performance

The company has a market capitalization of $168.34 billion, a P/E ratio of 17.24, a price-to-earnings-growth ratio of 3.05 and a beta of 0.44. The company has a quick ratio of 0.62, a current ratio of 0.66 and a debt-to-equity ratio of 1.32. The business’s 50-day moving average is $41.67 and its two-hundred day moving average is $41.86.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.18 by $0.01. Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. The business had revenue of $33.30 billion during the quarter, compared to analyst estimates of $33.42 billion. During the same period in the previous year, the business earned $1.22 EPS. Verizon Communications’s revenue was up .9% compared to the same quarter last year. As a group, analysts predict that Verizon Communications Inc. will post 4.61 earnings per share for the current year.

Verizon Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, January 10th will be given a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 6.78%. The ex-dividend date is Friday, January 10th. Verizon Communications’s payout ratio is presently 116.81%.

Hedge Funds Weigh In On Verizon Communications

Several hedge funds and other institutional investors have recently modified their holdings of the company. Capital Performance Advisors LLP purchased a new position in shares of Verizon Communications during the third quarter valued at about $31,000. Accordant Advisory Group Inc boosted its holdings in shares of Verizon Communications by 137.6% during the 3rd quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock valued at $35,000 after buying an additional 450 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in shares of Verizon Communications in the 3rd quarter worth about $44,000. McClarren Financial Advisors Inc. lifted its position in Verizon Communications by 762.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 1,061 shares of the cell phone carrier’s stock valued at $48,000 after acquiring an additional 938 shares during the period. Finally, Denver PWM LLC bought a new stake in Verizon Communications during the second quarter worth about $46,000. 62.06% of the stock is 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).