Verizon Communications (NYSE:VZ) Reaches New 1-Year Low at $40.37

Verizon Communications Inc. (NYSE:VZGet Rating)’s stock price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $40.37 and last traded at $40.39, with a volume of 213981 shares changing hands. The stock had previously closed at $40.59.

Analyst Ratings Changes

VZ has been the topic of a number of analyst reports. StockNews.com downgraded Verizon Communications from a “buy” rating to a “hold” rating in a report on Thursday. Royal Bank of Canada dropped their target price on Verizon Communications from $57.00 to $54.00 and set a “sector perform” rating on the stock in a research note on Wednesday, June 22nd. Cowen dropped their target price on Verizon Communications from $71.00 to $64.00 and set an “outperform” rating on the stock in a research note on Monday, July 25th. Wolfe Research dropped their target price on Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating on the stock in a research note on Thursday, June 2nd. Finally, Bank of America downgraded Verizon Communications from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $64.00 to $51.00 in a research note on Thursday, July 28th. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $55.61.

Verizon Communications Trading Up 1.1 %

The firm has a market cap of $167.69 billion, a price-to-earnings ratio of 8.00, a PEG ratio of 1.89 and a beta of 0.36. The company has a fifty day moving average price of $44.00 and a 200-day moving average price of $48.51. The company has a current ratio of 0.76, a quick ratio of 0.69 and a debt-to-equity ratio of 1.56.

Verizon Communications (NYSE:VZGet Rating) last released its quarterly earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). The business had revenue of $33.79 billion during the quarter, compared to analyst estimates of $33.77 billion. Verizon Communications had a return on equity of 26.95% and a net margin of 15.48%. The business’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.37 EPS. As a group, research analysts expect that Verizon Communications Inc. will post 5.19 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be issued a $0.6525 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $2.61 dividend on an annualized basis and a yield of 6.54%. Verizon Communications’s dividend payout ratio is presently 51.30%.

Insider Buying and Selling

In other Verizon Communications news, EVP Craig L. Silliman sold 1,558 shares of the business’s stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $51.42, for a total transaction of $80,112.36. Following the completion of the sale, the executive vice president now directly owns 33,403 shares in the company, valued at approximately $1,717,582.26. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Verizon Communications by 2.7% during the first quarter. Vanguard Group Inc. now owns 330,221,086 shares of the cell phone carrier’s stock worth $16,821,462,000 after purchasing an additional 8,570,818 shares in the last quarter. BlackRock Inc. raised its stake in shares of Verizon Communications by 4.8% in the first quarter. BlackRock Inc. now owns 304,700,845 shares of the cell phone carrier’s stock valued at $15,521,461,000 after acquiring an additional 13,959,954 shares in the last quarter. State Street Corp raised its stake in shares of Verizon Communications by 2.6% in the fourth quarter. State Street Corp now owns 170,483,451 shares of the cell phone carrier’s stock valued at $8,858,320,000 after acquiring an additional 4,312,242 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Verizon Communications by 5.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 59,782,122 shares of the cell phone carrier’s stock valued at $3,045,303,000 after acquiring an additional 2,934,928 shares in the last quarter. Finally, Capital World Investors raised its stake in shares of Verizon Communications by 7.7% in the first quarter. Capital World Investors now owns 49,879,143 shares of the cell phone carrier’s stock valued at $2,540,898,000 after acquiring an additional 3,568,252 shares in the last quarter. 62.83% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Company Profile

(Get Rating)

Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

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