Verizon Communications (NYSE:VZ) Trading Down 1.4% – Here’s Why

by · The Cerbat Gem

Verizon Communications Inc. (NYSE:VZ – Get Free Report) was down 1.4% on Friday . The company traded as low as $39.81 and last traded at $39.8260. Approximately 52,482,257 shares were traded during trading, an increase of 130% from the average daily volume of 22,867,047 shares. The stock had previously closed at $40.41.

Analysts Set New Price Targets

VZ has been the topic of a number of recent research reports. BNP Paribas Exane downgraded Verizon Communications from an “outperform” rating to a “neutral” rating and set a $44.00 target price on the stock. in a research note on Tuesday, October 21st. The Goldman Sachs Group initiated coverage on Verizon Communications in a research report on Tuesday, September 2nd. They set a “buy” rating and a $49.00 price target for the company. Wall Street Zen lowered Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, September 26th. Weiss Ratings cut shares of Verizon Communications from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, October 24th. Finally, JPMorgan Chase & Co. cut their target price on shares of Verizon Communications from $49.00 to $47.00 and set a “neutral” rating for the company in a report on Thursday, October 30th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat, Verizon Communications presently has an average rating of “Moderate Buy” and a consensus price target of $47.31.

View Our Latest Report on Verizon Communications

Verizon Communications Stock Performance

The company has a current ratio of 0.74, a quick ratio of 0.69 and a debt-to-equity ratio of 1.19. The firm’s fifty day moving average is $40.38 and its 200 day moving average is $42.17. The company has a market cap of $167.92 billion, a PE ratio of 8.51, a price-to-earnings-growth ratio of 3.65 and a beta of 0.33.

Verizon Communications (NYSE:VZ – Get Free Report) last posted its quarterly earnings data on Wednesday, October 29th. The cell phone carrier reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.02. Verizon Communications had a net margin of 14.43% and a return on equity of 19.31%. The business had revenue of $33.82 billion for the quarter, compared to the consensus estimate of $34.19 billion. During the same period last year, the firm posted $1.19 earnings per share. The company’s revenue was up 1.5% compared to the same quarter last year. As a group, research analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Monday, January 12th will be issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 6.9%. The ex-dividend date is Monday, January 12th. Verizon Communications’s payout ratio is presently 58.97%.

Hedge Funds Weigh In On Verizon Communications

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bulwark Capital Corp purchased a new position in Verizon Communications in the 2nd quarter valued at $25,000. Advantage Trust Co raised its position in shares of Verizon Communications by 549.5% in the second quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier’s stock valued at $26,000 after buying an additional 500 shares during the last quarter. TruNorth Capital Management LLC lifted its stake in shares of Verizon Communications by 95.3% in the third quarter. TruNorth Capital Management LLC now owns 625 shares of the cell phone carrier’s stock worth $27,000 after buying an additional 305 shares in the last quarter. 1 North Wealth Services LLC purchased a new position in shares of Verizon Communications in the first quarter worth about $29,000. Finally, Foster Dykema Cabot & Partners LLC acquired a new position in Verizon Communications during the third quarter worth about $29,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

About Verizon Communications

(Get Free Report)

Verizon Communications Inc (NYSE: VZ) is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.

The company’s consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.

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