Verizon Communications Inc. (NYSE:VZ – Get Free Report) shot up 1.4% during mid-day trading on Monday . The stock traded as high as $51.49 and last traded at $51.3160. 17,861,148 shares changed hands during trading, a decline of 35% from the average daily volume of 27,404,406 shares. The stock had previously closed at $50.61.
Wall Street Analyst Weigh In
VZ has been the topic of a number of analyst reports. TD Cowen lifted their price target on Verizon Communications from $54.00 to $56.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Morgan Stanley upped their price target on shares of Verizon Communications from $50.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Monday, July 27th. BNP Paribas Exane cut their price target on shares of Verizon Communications from $46.00 to $44.00 and set a “neutral” rating for the company in a report on Tuesday, July 14th. Weiss Ratings reissued a “buy (b)” rating on shares of Verizon Communications in a report on Wednesday, August 26th. Finally, Wells Fargo & Company lifted their price target on shares of Verizon Communications from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Monday, July 27th. Eight analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $50.97.
Read Our Latest Analysis on VZ
Verizon Communications Stock Up 0.3%
Verizon Communications (NYSE:VZ – Get Free Report) last released its quarterly earnings results on Friday, July 24th. The cell phone carrier reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.03. The company had revenue of $34.25 billion during the quarter, compared to the consensus estimate of $35.16 billion. Verizon Communications had a return on equity of 19.48% and a net margin of 11.64%.Verizon Communications’s revenue was down .7% compared to the same quarter last year. During the same quarter last year, the business posted $1.22 earnings per share. Verizon Communications has set its FY 2026 guidance at 4.990-5.040 EPS. Sell-side analysts expect that Verizon Communications Inc. will post 5.03 EPS for the current year.
Verizon Communications Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Friday, October 9th will be issued a $0.7075 dividend. This represents a $2.83 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date is Friday, October 9th. Verizon Communications’s dividend payout ratio is 73.70%.
Insider Activity
In other Verizon Communications news, CEO Kyle Malady sold 1,100 shares of the firm’s stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $49.98, for a total transaction of $54,978.00. Following the sale, the chief executive officer directly owned 106,566 shares of the company’s stock, valued at $5,326,168.68. This trade represents a 1.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 4,400 shares of company stock worth $219,142. 0.03% of the stock is owned by company insiders.
Hedge Funds Weigh In On Verizon Communications
Several institutional investors and hedge funds have recently modified their holdings of VZ. USS Investment Management Ltd grew its stake in shares of Verizon Communications by 4.6% in the first quarter. USS Investment Management Ltd now owns 713,156 shares of the cell phone carrier’s stock worth $35,790,000 after acquiring an additional 31,354 shares during the last quarter. Cornerstone Capital Inc. raised its stake in Verizon Communications by 8.6% during the 2nd quarter. Cornerstone Capital Inc. now owns 317,284 shares of the cell phone carrier’s stock valued at $13,434,000 after purchasing an additional 25,156 shares during the last quarter. Cibc World Market Inc. raised its stake in Verizon Communications by 15.3% during the 4th quarter. Cibc World Market Inc. now owns 2,382,975 shares of the cell phone carrier’s stock valued at $97,059,000 after purchasing an additional 316,854 shares during the last quarter. University of Texas Texas AM Investment Management Co. boosted its holdings in Verizon Communications by 127.0% in the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 184,170 shares of the cell phone carrier’s stock valued at $7,798,000 after purchasing an additional 103,046 shares during the period. Finally, Keudell Morrison Wealth Management bought a new stake in Verizon Communications in the 4th quarter valued at $2,171,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications Inc is a telecommunications company that provides wireless communications, broadband, and related technology services. Its offerings include mobile voice and data plans, 5G connectivity, fixed wireless access, fiber-optic internet through Verizon Fios, home services, and connected-device solutions.
Through Verizon Business, the company serves enterprises, government agencies, and other organizations with communications networks, managed connectivity, cybersecurity, cloud and edge-computing services, unified communications, and Internet of Things solutions.
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