Verizon Communications (NYSE:VZ) Shares Down 0.3% – Here’s Why

Verizon Communications Inc. (NYSE:VZ)’s share price dropped 0.3% on Tuesday . The stock traded as low as $37.83 and last traded at $38.01. Approximately 4,457,499 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 21,246,664 shares. The stock had previously closed at $38.12.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Sanford C. Bernstein started coverage on shares of Verizon Communications in a report on Tuesday, December 10th. They set a “market perform” rating and a $48.00 target price on the stock. Scotiabank lifted their price objective on Verizon Communications from $46.50 to $47.25 and gave the company a “sector perform” rating in a report on Friday, October 18th. Citigroup upped their price objective on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. UBS Group lifted their price objective on shares of Verizon Communications from $44.00 to $45.00 and gave the company a “neutral” rating in a research note on Friday, December 20th. Finally, Bank of America raised their price objective on Verizon Communications from $41.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday, September 26th. Ten analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $46.54.

Verizon Communications Price Performance

The company has a current ratio of 0.66, a quick ratio of 0.62 and a debt-to-equity ratio of 1.32. The business’s 50-day simple moving average is $41.23 and its two-hundred day simple moving average is $41.78. The firm has a market cap of $160.22 billion, a price-to-earnings ratio of 16.41, a P/E/G ratio of 3.05 and a beta of 0.46.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.01. The company had revenue of $33.30 billion during the quarter, compared to analysts’ expectations of $33.42 billion. Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. Verizon Communications’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.22 earnings per share. As a group, research analysts expect that Verizon Communications Inc. will post 4.61 EPS for the current fiscal year.

Verizon Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, January 10th will be issued a $0.6775 dividend. The ex-dividend date is Friday, January 10th. This represents a $2.71 dividend on an annualized basis and a yield of 7.12%. Verizon Communications’s payout ratio is currently 116.81%.

Hedge Funds Weigh In On Verizon Communications

Institutional investors and hedge funds have recently made changes to their positions in the stock. Fermata Advisors LLC boosted its stake in Verizon Communications by 4.5% in the third quarter. Fermata Advisors LLC now owns 5,626 shares of the cell phone carrier’s stock valued at $253,000 after acquiring an additional 243 shares during the last quarter. Austin Private Wealth LLC grew its holdings in Verizon Communications by 3.0% during the third quarter. Austin Private Wealth LLC now owns 8,450 shares of the cell phone carrier’s stock valued at $379,000 after purchasing an additional 243 shares during the period. Semmax Financial Advisors Inc. increased its position in Verizon Communications by 0.4% in the second quarter. Semmax Financial Advisors Inc. now owns 54,926 shares of the cell phone carrier’s stock worth $2,240,000 after buying an additional 246 shares during the last quarter. Cary Street Partners Asset Management LLC increased its position in Verizon Communications by 3.4% in the third quarter. Cary Street Partners Asset Management LLC now owns 7,628 shares of the cell phone carrier’s stock worth $343,000 after buying an additional 249 shares during the last quarter. Finally, Wynn Capital LLC lifted its position in shares of Verizon Communications by 4.4% during the 3rd quarter. Wynn Capital LLC now owns 5,945 shares of the cell phone carrier’s stock valued at $267,000 after buying an additional 250 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).