Verizon Communications (NYSE:VZ) Stock Price Up 0.1% on Analyst Upgrade

Shares of Verizon Communications Inc. (NYSE:VZ) were up 0.1% on Friday after Bank of America raised their price target on the stock from $41.00 to $45.00. Bank of America currently has a neutral rating on the stock. Verizon Communications traded as high as $44.74 and last traded at $44.68. Approximately 2,297,792 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 18,818,615 shares. The stock had previously closed at $44.62.

VZ has been the topic of several other reports. Citigroup boosted their target price on Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday. TD Cowen increased their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 target price on the stock. Royal Bank of Canada increased their price target on shares of Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a report on Monday. Finally, Scotiabank boosted their price objective on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a report on Wednesday, July 10th. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $46.09.

Hedge Funds Weigh In On Verizon Communications

A number of hedge funds have recently modified their holdings of the company. Koesten Hirschmann & Crabtree INC. purchased a new stake in shares of Verizon Communications during the first quarter worth about $25,000. Vermillion & White Wealth Management Group LLC bought a new position in Verizon Communications in the 4th quarter worth approximately $29,000. Mizuho Securities Co. Ltd. purchased a new stake in Verizon Communications during the 2nd quarter valued at approximately $32,000. MFA Wealth Advisors LLC bought a new stake in shares of Verizon Communications during the second quarter valued at approximately $33,000. Finally, Vima LLC purchased a new position in shares of Verizon Communications in the fourth quarter worth $36,000. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Trading Up 0.1 %

The stock has a market cap of $188.07 billion, a P/E ratio of 16.67, a price-to-earnings-growth ratio of 4.03 and a beta of 0.42. The stock’s 50-day moving average is $41.70 and its two-hundred day moving average is $40.91. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.15. The firm had revenue of $32.80 billion during the quarter, compared to analyst estimates of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The business’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter last year, the business posted $1.21 earnings per share. Equities research analysts anticipate that Verizon Communications Inc. will post 4.58 EPS for the current year.

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a dividend of $0.678 per share. This represents a $2.71 annualized dividend and a dividend yield of 6.07%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. Verizon Communications’s dividend payout ratio is 101.12%.

Verizon Communications Company Profile

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).