Verizon Communications (NYSE:VZ) Stock Price Up 1.1% – Here’s Why

Verizon Communications Inc. (NYSE:VZ) shares traded up 1.1% during mid-day trading on Friday . The company traded as high as $41.61 and last traded at $41.22. 32,025,501 shares changed hands during mid-day trading, an increase of 42% from the average session volume of 22,578,686 shares. The stock had previously closed at $40.76.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Scotiabank boosted their target price on shares of Verizon Communications from $50.50 to $51.00 and gave the company a “sector perform” rating in a report on Thursday, October 30th. BNP Paribas cut shares of Verizon Communications from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 21st. The Goldman Sachs Group started coverage on shares of Verizon Communications in a research note on Tuesday, September 2nd. They set a “buy” rating and a $49.00 price objective on the stock. Royal Bank Of Canada decreased their target price on shares of Verizon Communications from $46.00 to $44.00 and set a “sector perform” rating for the company in a research note on Thursday, October 30th. Finally, JPMorgan Chase & Co. lowered 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 investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and thirteen have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $47.41.

Verizon Communications Stock Up 1.1%

The company has a market capitalization of $173.80 billion, a PE ratio of 8.81, a P/E/G ratio of 3.03 and a beta of 0.35. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.74. The company’s 50-day moving average is $41.33 and its 200 day moving average is $42.56.

Verizon Communications (NYSE:VZ) last issued its earnings results on Wednesday, October 29th. The cell phone carrier reported $1.21 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $33.82 billion for the quarter, compared to the consensus estimate of $34.19 billion. During the same quarter in the prior year, the firm posted $1.19 earnings per share. The business’s revenue was up 1.5% on a year-over-year basis. As a group, analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Friday, October 10th were paid a dividend of $0.69 per share. The ex-dividend date was Friday, October 10th. This represents a $2.76 annualized dividend and a yield of 6.7%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.68. Verizon Communications’s dividend payout ratio (DPR) is 58.97%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of VZ. CIBC Bancorp USA Inc. purchased a new stake in shares of Verizon Communications during the third quarter valued at $45,767,000. Achmea Investment Management B.V. raised its position in Verizon Communications by 2.8% in the 3rd quarter. Achmea Investment Management B.V. now owns 951,983 shares of the cell phone carrier’s stock worth $41,839,000 after buying an additional 26,377 shares during the last quarter. Oarsman Capital Inc. lifted its stake in Verizon Communications by 2.6% during the 3rd quarter. Oarsman Capital Inc. now owns 14,937 shares of the cell phone carrier’s stock valued at $656,000 after acquiring an additional 378 shares during the period. Ariadne Wealth Management LP boosted its holdings in shares of Verizon Communications by 114.1% during the 3rd quarter. Ariadne Wealth Management LP now owns 12,236 shares of the cell phone carrier’s stock valued at $503,000 after acquiring an additional 6,521 shares during the last quarter. Finally, WBI Investments LLC grew its stake in shares of Verizon Communications by 6.9% in the third quarter. WBI Investments LLC now owns 82,859 shares of the cell phone carrier’s stock worth $3,642,000 after acquiring an additional 5,365 shares during the period. Hedge funds and other institutional investors own 62.06% of the company’s stock.

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).