Verizon Communications (NYSE:VZ) Shares Up 0.4% Following Dividend Announcement

Verizon Communications Inc. (NYSE:VZGet Free Report) shares were up 0.4% during mid-day trading on Thursday following a dividend announcement from the company. The stock traded as high as $41.72 and last traded at $41.52. Approximately 2,768,814 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 19,033,982 shares. The stock had previously closed at $41.35.

The newly announced dividend which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be paid a $0.665 dividend. The ex-dividend date is Wednesday, July 10th. This represents a $2.66 dividend on an annualized basis and a yield of 6.44%. Verizon Communications’s dividend payout ratio (DPR) is presently 99.25%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Tigress Financial boosted their price objective on Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, May 17th. StockNews.com upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research report on Saturday, May 4th. Wells Fargo & Company reduced their price target on Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 23rd. Oppenheimer reissued an “outperform” rating and set a $48.00 price objective on shares of Verizon Communications in a report on Tuesday, April 23rd. Finally, Royal Bank of Canada increased their price target on shares of Verizon Communications from $36.00 to $40.00 and gave the stock a “sector perform” rating in a report on Tuesday, April 2nd. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Verizon Communications presently has an average rating of “Moderate Buy” and a consensus price target of $44.77.

Read Our Latest Research Report on VZ

Verizon Communications Price Performance

The company has a current ratio of 0.71, a quick ratio of 0.67 and a debt-to-equity ratio of 1.42. The company has a market cap of $173.95 billion, a PE ratio of 15.42, a P/E/G ratio of 3.01 and a beta of 0.42. The firm has a 50 day moving average of $40.29 and a two-hundred day moving average of $39.73.

Verizon Communications (NYSE:VZGet Free Report) last released its quarterly earnings data on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.03. The business had revenue of $33 billion during the quarter, compared to analyst estimates of $33.23 billion. Verizon Communications had a net margin of 8.44% and a return on equity of 20.41%. Verizon Communications’s revenue was up .3% compared to the same quarter last year. During the same period last year, the business earned $1.20 EPS. Research analysts predict that Verizon Communications Inc. will post 4.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Verizon Communications

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Verizon Communications by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 351,625,025 shares of the cell phone carrier’s stock worth $11,396,167,000 after purchasing an additional 930,367 shares in the last quarter. Norges Bank bought a new position in Verizon Communications in the 4th quarter worth $1,882,164,000. Northern Trust Corp lifted its position in shares of Verizon Communications by 4.7% in the third quarter. Northern Trust Corp now owns 44,621,839 shares of the cell phone carrier’s stock valued at $1,446,194,000 after acquiring an additional 2,015,139 shares in the last quarter. FMR LLC boosted its stake in shares of Verizon Communications by 17.0% in the third quarter. FMR LLC now owns 28,400,326 shares of the cell phone carrier’s stock worth $920,455,000 after acquiring an additional 4,134,150 shares during the period. Finally, Capital Research Global Investors grew its position in shares of Verizon Communications by 92.9% during the fourth quarter. Capital Research Global Investors now owns 22,599,173 shares of the cell phone carrier’s stock worth $851,989,000 after purchasing an additional 10,882,873 shares in the last quarter. Institutional investors own 62.06% of the company’s stock.

About Verizon Communications

(Get Free Report)

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).

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