Verizon Communications (NYSE:VZ) Shares Up 0.9% After Better-Than-Expected Earnings

Verizon Communications Inc. (NYSE:VZ) shares were up 0.9% during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $42.30 and last traded at $41.88. Approximately 4,343,172 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 18,467,295 shares. The stock had previously closed at $41.50.

The cell phone carrier reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.01. The business had revenue of $33.30 billion during the quarter, compared to the consensus estimate of $33.42 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The company’s revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.22 earnings per share.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a $0.678 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. This represents a $2.71 annualized dividend and a dividend yield of 6.47%. Verizon Communications’s dividend payout ratio (DPR) is 101.12%.

Analyst Ratings Changes

A number of analysts have commented on the company. TD Cowen boosted their target price on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Scotiabank boosted their price objective on shares of Verizon Communications from $46.50 to $47.25 and gave the stock a “sector perform” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. lowered their price objective on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Raymond James lifted their target price on shares of Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Finally, KeyCorp lowered their price target on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a research report on Friday, September 6th. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $46.31.

Institutional Investors Weigh In On Verizon Communications

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. increased its holdings in shares of Verizon Communications by 960.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,909,282 shares of the cell phone carrier’s stock worth $85,746,000 after acquiring an additional 1,729,233 shares during the period. IFM Investors Pty Ltd increased its stake in Verizon Communications by 4.0% during the 3rd quarter. IFM Investors Pty Ltd now owns 903,480 shares of the cell phone carrier’s stock valued at $40,575,000 after buying an additional 34,695 shares during the period. Commonwealth Financial Services LLC raised its holdings in Verizon Communications by 6.1% during the third quarter. Commonwealth Financial Services LLC now owns 7,351 shares of the cell phone carrier’s stock worth $332,000 after purchasing an additional 424 shares in the last quarter. Greystone Financial Group LLC lifted its position in Verizon Communications by 2.5% in the third quarter. Greystone Financial Group LLC now owns 151,477 shares of the cell phone carrier’s stock worth $6,803,000 after purchasing an additional 3,684 shares during the period. Finally, Keene & Associates Inc. boosted its stake in Verizon Communications by 0.6% during the 3rd quarter. Keene & Associates Inc. now owns 83,993 shares of the cell phone carrier’s stock valued at $3,772,000 after purchasing an additional 495 shares in the last quarter. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Trading Up 0.9 %

The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. The firm has a 50-day moving average price of $43.01 and a 200-day moving average price of $41.28. The company has a market capitalization of $176.33 billion, a price-to-earnings ratio of 15.63, a PEG ratio of 4.02 and a beta of 0.42.

Verizon Communications Company Profile

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).