Verizon Communications Inc. (NYSE:VZ – Get Free Report) traded up 0.5% during mid-day trading on Wednesday after Royal Bank of Canada raised their price target on the stock from $36.00 to $40.00. Royal Bank of Canada currently has a sector perform rating on the stock. Verizon Communications traded as high as $42.84 and last traded at $42.76. 4,886,038 shares traded hands during trading, a decline of 76% from the average session volume of 19,968,365 shares. The stock had previously closed at $42.54.
A number of other analysts have also commented on the stock. Daiwa Capital Markets upgraded shares of Verizon Communications from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $36.00 to $47.00 in a research note on Wednesday, January 24th. Tigress Financial lifted their price target on shares of Verizon Communications from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. Raymond James lifted their price target on shares of Verizon Communications from $42.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 24th. Wells Fargo & Company boosted their target price on shares of Verizon Communications from $40.00 to $44.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 24th. Finally, Oppenheimer restated an “outperform” rating and set a $43.00 target price on shares of Verizon Communications in a research report on Tuesday, December 19th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $44.50.
Insider Buying and Selling at Verizon Communications
In other news, CEO Kyle Malady sold 15,000 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $40.33, for a total value of $604,950.00. Following the transaction, the chief executive officer now owns 59,201 shares of the company’s stock, valued at $2,387,576.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.03% of the company’s stock.
Institutional Investors Weigh In On Verizon Communications
Hedge funds have recently bought and sold shares of the business. Portland Investment Counsel Inc. increased its position in Verizon Communications by 173.7% during the third quarter. Portland Investment Counsel Inc. now owns 652,169 shares of the cell phone carrier’s stock valued at $21,137,000 after acquiring an additional 413,869 shares during the last quarter. Dynamic Advisor Solutions LLC grew its holdings in shares of Verizon Communications by 1.3% in the fourth quarter. Dynamic Advisor Solutions LLC now owns 127,632 shares of the cell phone carrier’s stock worth $5,131,000 after purchasing an additional 1,616 shares during the last quarter. 180 Wealth Advisors LLC grew its holdings in shares of Verizon Communications by 6.2% in the third quarter. 180 Wealth Advisors LLC now owns 51,757 shares of the cell phone carrier’s stock worth $1,677,000 after purchasing an additional 3,020 shares during the last quarter. Fidelity D & D Bancorp Inc. bought a new position in shares of Verizon Communications in the third quarter worth about $306,000. Finally, Regal Investment Advisors LLC grew its holdings in shares of Verizon Communications by 24.1% in the third quarter. Regal Investment Advisors LLC now owns 183,615 shares of the cell phone carrier’s stock worth $5,951,000 after purchasing an additional 35,675 shares during the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.
Verizon Communications Trading Up 0.7 %
The stock’s fifty day moving average price is $40.74 and its 200 day moving average price is $37.60. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.69 and a quick ratio of 0.65. The stock has a market capitalization of $180.11 billion, a P/E ratio of 15.49, a PEG ratio of 3.43 and a beta of 0.41.
Verizon Communications (NYSE:VZ – Get Free Report) last posted its quarterly earnings results on Tuesday, January 23rd. The cell phone carrier reported $1.08 EPS for the quarter, hitting analysts’ consensus estimates of $1.08. Verizon Communications had a net margin of 8.67% and a return on equity of 20.71%. The firm had revenue of $35.10 billion for the quarter, compared to analysts’ expectations of $34.60 billion. During the same period in the prior year, the business posted $1.19 earnings per share. The business’s revenue for the quarter was down .6% on a year-over-year basis. Research analysts forecast that Verizon Communications Inc. will post 4.61 earnings per share for the current year.
Verizon Communications Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be given a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a dividend yield of 6.21%. The ex-dividend date is Tuesday, April 9th. Verizon Communications’s payout ratio is 96.38%.
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).