Verizon Communications (NYSE:VZ) Stock Price Up 0.5% – Here’s Why

Verizon Communications Inc. (NYSE:VZ) traded up 0.5% during trading on Thursday . The stock traded as high as $42.24 and last traded at $42.21. 3,551,874 shares traded hands during trading, a decline of 84% from the average session volume of 22,527,803 shares. The stock had previously closed at $42.01.

Analyst Ratings Changes

VZ has been the topic of a number of research reports. Argus raised shares of Verizon Communications to a “strong-buy” rating in a report on Monday, January 27th. Royal Bank of Canada dropped their price target on shares of Verizon Communications from $46.00 to $42.00 in a research note on Friday, January 24th. Scotiabank upped their price objective on Verizon Communications from $47.00 to $47.50 and gave the stock a “sector perform” rating in a research note on Monday, January 27th. Wolfe Research upped their price target on Verizon Communications from $50.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, January 24th. Finally, Sanford C. Bernstein initiated coverage on shares of Verizon Communications in a report on Tuesday, December 10th. They set a “market perform” rating and a $48.00 price target on the stock. Ten research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $46.08.

Verizon Communications Stock Up 0.6 %

The company has a market capitalization of $178.00 billion, a PE ratio of 10.20, a P/E/G ratio of 4.31 and a beta of 0.45. The business has a 50-day moving average of $39.89 and a 200 day moving average of $41.58. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.63 and a quick ratio of 0.59.

Verizon Communications (NYSE:VZ) last posted its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Verizon Communications had a net margin of 12.99% and a return on equity of 19.80%. During the same period in the prior year, the company earned $1.08 EPS. Equities research analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, January 10th were issued a $0.6775 dividend. The ex-dividend date was Friday, January 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.41%. Verizon Communications’s dividend payout ratio (DPR) is presently 65.46%.

Insider Activity at Verizon Communications

In related news, CEO Kyle Malady sold 20,000 shares of the firm’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $40.54, for a total value of $810,800.00. Following the completion of the sale, the chief executive officer now directly owns 45,675 shares in the company, valued at $1,851,664.50. This trade represents a 30.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders sold 39,085 shares of company stock valued at $1,582,995. Insiders own 0.02% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Verizon Communications in the fourth quarter worth approximately $2,300,846,000. Raymond James Financial Inc. bought a new position in Verizon Communications in the 4th quarter valued at $1,083,337,000. Alyeska Investment Group L.P. grew its position in Verizon Communications by 3,601.6% in the 4th quarter. Alyeska Investment Group L.P. now owns 8,937,180 shares of the cell phone carrier’s stock valued at $357,398,000 after acquiring an additional 8,695,736 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Verizon Communications by 7.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 108,694,230 shares of the cell phone carrier’s stock worth $4,346,682,000 after purchasing an additional 7,421,148 shares during the period. Finally, Capital Research Global Investors lifted its position in shares of Verizon Communications by 52.7% during the fourth quarter. Capital Research Global Investors now owns 19,828,378 shares of the cell phone carrier’s stock worth $792,937,000 after purchasing an additional 6,846,514 shares during 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).