Vetr upgraded shares of Verizon Communications Inc. (NYSE:VZ) from a hold rating to a buy rating in a research note published on Tuesday, May 23rd. Vetr currently has $47.62 price objective on the cell phone carrier’s stock.
VZ has been the subject of a number of other reports. Citigroup Inc. restated a buy rating on shares of Verizon Communications in a research report on Tuesday, January 24th. Drexel Hamilton reiterated a buy rating and issued a $54.00 price objective on shares of Verizon Communications in a research report on Tuesday, January 24th. Moffett Nathanson upgraded Verizon Communications from a neutral rating to a buy rating and raised their price target for the stock from $53.00 to $54.00 in a research report on Tuesday, February 21st. Bank of America Corporation restated a buy rating and set a $59.00 price target on shares of Verizon Communications in a research report on Friday, April 28th. Finally, TheStreet cut Verizon Communications from a b- rating to a c rating in a research note on Thursday, April 27th. One equities research analyst has rated the stock with a sell rating, twenty-six have given a hold rating and five have given a buy rating to the company. Verizon Communications currently has an average rating of Hold and an average price target of $53.54.
Verizon Communications (NYSE VZ) traded down 1.35% during midday trading on Tuesday, hitting $45.94. The stock had a trading volume of 16,755,819 shares. The firm has a market cap of $187.41 billion, a price-to-earnings ratio of 15.36 and a beta of 0.56. Verizon Communications has a 52 week low of $44.46 and a 52 week high of $56.95. The firm has a 50 day moving average of $46.06 and a 200 day moving average of $49.14. Verizon Communications also saw unusually large options trading on Monday. Stock traders acquired 920 put options on the company. This is an increase of approximately 100% compared to the average daily volume of 460 put options.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, April 20th. The cell phone carrier reported $0.95 earnings per share for the quarter, missing analysts’ consensus estimates of $0.98 by $0.03. Verizon Communications had a return on equity of 66.99% and a net margin of 9.92%. The business had revenue of $29.81 billion during the quarter, compared to analyst estimates of $30.41 billion. During the same period in the previous year, the company posted $1.06 EPS. The business’s revenue for the quarter was down 7.3% compared to the same quarter last year. Equities research analysts predict that Verizon Communications will post $3.75 EPS for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Monday, July 10th will be issued a dividend of $0.5775 per share. This represents a $2.31 annualized dividend and a yield of 5.03%. The ex-dividend date is Thursday, July 6th. Verizon Communications’s dividend payout ratio is currently 77.00%.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction that occurred on Monday, March 27th. The shares were sold at an average price of $49.66, for a total value of $30,292.60. Following the transaction, the executive vice president now owns 10,259 shares of the company’s stock, valued at $509,461.94. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Marni M. Walden sold 16,362 shares of the business’s stock in a transaction on Monday, May 1st. The stock was sold at an average price of $46.08, for a total transaction of $753,960.96. Following the completion of the sale, the executive vice president now directly owns 11,797 shares in the company, valued at approximately $543,605.76. The disclosure for this sale can be found here. Insiders have sold a total of 18,192 shares of company stock valued at $840,801 over the last three months. 0.13% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the company. Guidant Wealth Advisors bought a new position in Verizon Communications during the third quarter worth approximately $107,000. Westside Investment Management Inc. boosted its position in Verizon Communications by 2.2% in the first quarter. Westside Investment Management Inc. now owns 2,210 shares of the cell phone carrier’s stock worth $108,000 after buying an additional 48 shares during the period. Sunbelt Securities Inc. acquired a new position in shares of Verizon Communications during the fourth quarter worth about $115,000. Atwood & Palmer Inc. raised its position in shares of Verizon Communications by 299.9% in the first quarter. Atwood & Palmer Inc. now owns 2,667 shares of the cell phone carrier’s stock worth $130,000 after buying an additional 2,000 shares during the period. Finally, Franklin Parlapiano Turner & Welch LLC acquired a new position in shares of Verizon Communications during the first quarter worth about $136,000. Hedge funds and other institutional investors own 62.53% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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