Verizon Communications (NYSE:VZ) Cut to “Hold” at BNP Paribas

BNP Paribas cut shares of Verizon Communications (NYSE:VZ) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday morning,Zacks.com reports.

A number of other equities research analysts have also issued reports on the stock. Bank of America boosted their price target on shares of Verizon Communications from $45.00 to $49.00 and gave the company a “neutral” rating in a report on Tuesday, July 22nd. Weiss Ratings reissued a “buy (b-)” rating on shares of Verizon Communications in a research note on Wednesday, October 8th. Morgan Stanley raised their target price on Verizon Communications from $47.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 22nd. Royal Bank Of Canada upped their price target on Verizon Communications from $45.00 to $46.00 and gave the company a “sector perform” rating in a research report on Tuesday, July 22nd. Finally, The Goldman Sachs Group began coverage on Verizon Communications in a research report on Tuesday, September 2nd. They set a “buy” rating and a $49.00 price objective for the company. Three analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $47.41.

Verizon Communications Trading Down 3.4%

NYSE:VZ opened at $38.44 on Tuesday. The stock has a fifty day simple moving average of $42.94 and a 200 day simple moving average of $42.99. The firm has a market capitalization of $162.05 billion, a price-to-earnings ratio of 8.96, a price-to-earnings-growth ratio of 3.00 and a beta of 0.37. Verizon Communications has a 1-year low of $37.58 and a 1-year high of $47.35. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.03. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The firm had revenue of $34.50 billion for the quarter, compared to the consensus estimate of $33.47 billion. During the same quarter in the previous year, the company earned $1.15 EPS. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. Sell-side analysts forecast that Verizon Communications will post 4.69 earnings per share for the current year.

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be given a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 7.2%. The ex-dividend date of this dividend is Friday, October 10th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.68. Verizon Communications’s payout ratio is currently 64.34%.

Institutional Investors Weigh In On Verizon Communications

Several large investors have recently made changes to their positions in the company. Capital Investment Advisors LLC increased its holdings in Verizon Communications by 5.0% in the third quarter. Capital Investment Advisors LLC now owns 715,516 shares of the cell phone carrier’s stock worth $31,447,000 after buying an additional 34,328 shares during the last quarter. Webster Bank N. A. grew its position in Verizon Communications by 2.9% in the third quarter. Webster Bank N. A. now owns 42,401 shares of the cell phone carrier’s stock worth $1,864,000 after acquiring an additional 1,182 shares in the last quarter. Next Level Private LLC increased its stake in shares of Verizon Communications by 2.6% during the 3rd quarter. Next Level Private LLC now owns 16,224 shares of the cell phone carrier’s stock worth $672,000 after purchasing an additional 410 shares during the last quarter. Harrell Investment Partners LLC raised its holdings in shares of Verizon Communications by 4.5% during the 3rd quarter. Harrell Investment Partners LLC now owns 92,396 shares of the cell phone carrier’s stock valued at $4,061,000 after purchasing an additional 3,981 shares in the last quarter. Finally, Wingate Wealth Advisors Inc. raised its holdings in shares of Verizon Communications by 149.0% during the 3rd quarter. Wingate Wealth Advisors Inc. now owns 11,665 shares of the cell phone carrier’s stock valued at $513,000 after purchasing an additional 6,980 shares in the last quarter. Institutional investors own 62.06% of the company’s stock.

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).