Verizon Communications (NYSE:VZ) Stock Price Up 1.1% – Here’s Why

Verizon Communications Inc. (NYSE:VZ) shot up 1.1% during mid-day trading on Thursday . The stock traded as high as $40.73 and last traded at $40.5550. 28,062,547 shares changed hands during trading, a decline of 13% from the average session volume of 32,316,121 shares. The stock had previously closed at $40.13.

Analyst Ratings Changes

Several equities research analysts recently issued reports on VZ shares. Weiss Ratings cut shares of Verizon Communications from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, October 24th. Morgan Stanley decreased their target price on Verizon Communications from $48.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Wednesday, December 10th. Wall Street Zen cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, September 26th. Scotiabank boosted their price objective on Verizon Communications from $50.50 to $51.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 30th. Finally, BNP Paribas lowered Verizon Communications from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 21st. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat.com, Verizon Communications currently has an average rating of “Moderate Buy” and an average target price of $47.47.

Verizon Communications Price Performance

The firm has a market cap of $171.00 billion, a PE ratio of 8.67, a P/E/G ratio of 3.49 and a beta of 0.34. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.69 and a current ratio of 0.74. The stock’s fifty day moving average price is $40.50 and its 200-day moving average price is $41.91.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Wednesday, October 29th. The cell phone carrier reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.02. Verizon Communications had a return on equity of 19.31% and a net margin of 14.43%.The firm had revenue of $33.82 billion during the quarter, compared to analysts’ expectations of $34.19 billion. During the same period in the previous year, the firm posted $1.19 earnings per share. Verizon Communications’s revenue was up 1.5% on a year-over-year basis. As a group, equities analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Monday, January 12th will be given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 6.8%. The ex-dividend date is Monday, January 12th. Verizon Communications’s dividend payout ratio (DPR) is currently 58.97%.

Institutional Trading of Verizon Communications

Several hedge funds and other institutional investors have recently bought and sold shares of VZ. Brighton Jones LLC grew its stake in Verizon Communications by 61.2% during the fourth quarter. Brighton Jones LLC now owns 43,986 shares of the cell phone carrier’s stock worth $1,759,000 after buying an additional 16,704 shares during the period. SCS Capital Management LLC acquired a new position in Verizon Communications in the first quarter worth about $444,000. SageView Advisory Group LLC increased its holdings in shares of Verizon Communications by 1.0% in the 1st quarter. SageView Advisory Group LLC now owns 36,315 shares of the cell phone carrier’s stock valued at $1,647,000 after acquiring an additional 361 shares during the last quarter. Security National Bank of Sioux City Iowa IA increased its stake in Verizon Communications by 3.3% during the first quarter. Security National Bank of Sioux City Iowa IA now owns 46,486 shares of the cell phone carrier’s stock valued at $2,109,000 after purchasing an additional 1,503 shares during the last quarter. Finally, Plato Investment Management Ltd raised its stake in Verizon Communications by 9.8% during the first quarter. Plato Investment Management Ltd now owns 121,473 shares of the cell phone carrier’s stock worth $5,570,000 after acquiring an additional 10,801 shares during the period. 62.06% of the stock is owned by hedge funds and other institutional investors.

About Verizon Communications

Verizon Communications Inc (NYSE: VZ) is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.

The company’s consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.