Shares of Verizon Communications Inc. (NYSE:VZ – Get Free Report) passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $46.39 and traded as high as $46.61. Verizon Communications shares last traded at $46.59, with a volume of 15,026,844 shares changing hands.
Key Stories Impacting Verizon Communications
These are some of the VZ stories that stood out recently:
- Positive Sentiment: Verizon Business and Thames Freeport have launched a large private 5G network for ports, logistics and manufacturing sites. The project could support enterprise growth, though no financial contribution was disclosed. Verizon Business, Thames Freeport complete one of Europe’s largest Private 5G implementations
- Neutral Sentiment: Reports have revived speculation that SpaceX might pursue a large U.S. wireless operator, with Verizon mentioned as a possible target. This remains unconfirmed and may contribute to investor interest, but is not a reported deal. Verizon Communications (VZ) Lands Thames Freeport 5G Role As Takeover Talk Returns
- Negative Sentiment: The recent quarter’s revenue missed analysts’ expectations, with lower equipment sales cited in coverage, tempering the positive customer and guidance trends. Verizon Just Gained 11% in a Month: “Only One Year Into a Multi-Year Growth Story”
Wall Street Analyst Weigh In
Several research firms have recently issued reports on VZ. Daiwa Securities Group reduced their target price on Verizon Communications from $55.00 to $52.00 and set a “buy” rating for the company in a report on Tuesday, October 27th. Freedom Broker raised shares of Verizon Communications from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $53.00 to $55.00 in a research report on Wednesday, October 28th. Citigroup dropped their target price on shares of Verizon Communications from $55.00 to $53.00 and set a “buy” rating on the stock in a research note on Tuesday, October 27th. Scotiabank reduced their target price on shares of Verizon Communications from $51.50 to $50.00 and set a “sector outperform” rating for the company in a research report on Friday, October 9th. Finally, Barclays reduced their target price on shares of Verizon Communications from $46.00 to $44.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 27th. Thirteen equities research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $51.05.
Check Out Our Latest Research Report on VZ
Verizon Communications Price Performance
The stock has a market capitalization of $193.10 billion, a PE ratio of 11.89, a PEG ratio of 1.88 and a beta of 0.28. The company has a current ratio of 0.63, a quick ratio of 0.58 and a debt-to-equity ratio of 1.33. The business has a fifty day moving average price of $46.39 and a 200-day moving average price of $47.00.
Verizon Communications (NYSE:VZ – Get Free Report) last released its earnings results on Monday, October 26th. The cell phone carrier reported $1.31 EPS for the quarter, beating the consensus estimate of $1.27 by $0.04. The company had revenue of $34.31 billion for the quarter, compared to analyst estimates of $34.77 billion. Verizon Communications had a net margin of 11.78% and a return on equity of 19.75%. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.21 EPS. Research analysts expect that Verizon Communications Inc. will post 5.07 EPS for the current fiscal year.
Verizon Communications Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, November 2nd. Investors of record on Friday, October 9th were paid a $0.7075 dividend. The ex-dividend date of this dividend was Friday, October 9th. This represents a $2.83 annualized dividend and a dividend yield of 6.1%. Verizon Communications’s dividend payout ratio (DPR) is presently 72.19%.
Insiders Place Their Bets
In other news, CEO Kyle Malady sold 1,100 shares of Verizon Communications stock in a transaction that occurred on Tuesday, October 27th. The stock was sold at an average price of $43.00, for a total value of $47,300.00. Following the sale, the chief executive officer directly owned 98,866 shares in the company, valued at approximately $4,251,238. This trade represents a 1.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 11,000 shares of company stock valued at $516,373. Company insiders own 0.03% of the company’s stock.
Institutional Investors Weigh In On Verizon Communications
A number of hedge funds and other institutional investors have recently bought and sold shares of VZ. Bank of America Corp DE raised its position in shares of Verizon Communications by 15.4% in the 1st quarter. Bank of America Corp DE now owns 62,101,021 shares of the cell phone carrier’s stock worth $3,117,471,000 after purchasing an additional 8,289,877 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Verizon Communications by 14.1% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 41,173,226 shares of the cell phone carrier’s stock worth $1,743,274,000 after purchasing an additional 5,075,794 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Verizon Communications by 20.8% during the first quarter. Bank of New York Mellon Corp now owns 38,164,982 shares of the cell phone carrier’s stock valued at $1,915,882,000 after purchasing an additional 6,580,820 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Verizon Communications by 6.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 32,734,998 shares of the cell phone carrier’s stock worth $1,643,339,000 after buying an additional 1,972,634 shares in the last quarter. Finally, Deutsche Bank AG raised its position in Verizon Communications by 6.7% in the 2nd quarter. Deutsche Bank AG now owns 20,882,074 shares of the cell phone carrier’s stock worth $884,147,000 after buying an additional 1,305,471 shares during the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.
About Verizon Communications
Verizon Communications Inc. is a telecommunications company that provides wireless and wireline communications services in the United States. Its offerings include mobile voice and data plans, smartphones and other connected devices, broadband internet, and related services for consumers, businesses, and government customers. The company operates a nationwide wireless network and provides home internet through fiber-optic service, including Fios, and fixed wireless access. For business and public-sector customers, Verizon offers connectivity, networking, security, and Internet of Things services.
Featured Articles
- Five stocks we like better than Verizon Communications
- Keeping AI Cool: AAON Rides the AI Heatwave to Record Growth
- AST SpaceMobile Has a New Rocket Plan, But Its Cash-Burn Problem Isn’t Going Away
- Powering Up the Moon: Redwire’s $40 Million NASA Award
- Can Constellation Energy’s Contracts Power a Stock Rebound?
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.
