Wells Fargo & Company upgraded shares of Verizon Communications (NYSE:VZ) from a market perform rating to an outperform rating in a research report report published on Monday, November 20th, MarketBeat reports. Wells Fargo & Company currently has $50.00 price target on the cell phone carrier’s stock.
Several other brokerages have also weighed in on VZ. Robert W. Baird reaffirmed a hold rating and set a $49.00 price objective on shares of Verizon Communications in a research report on Wednesday, October 4th. Macquarie reissued a hold rating and issued a $52.00 price target on shares of Verizon Communications in a research report on Sunday, October 22nd. KeyCorp reaffirmed a hold rating on shares of Verizon Communications in a research report on Saturday, October 21st. Bank of America set a $52.00 target price on shares of Verizon Communications and gave the stock a buy rating in a research report on Friday, October 20th. Finally, SunTrust Banks restated a hold rating and issued a $50.00 target price on shares of Verizon Communications in a research note on Friday, October 20th. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of Hold and an average target price of $51.25.
Shares of Verizon Communications (NYSE VZ) traded down $0.26 on Monday, hitting $50.42. 11,984,979 shares of the company’s stock traded hands, compared to its average volume of 15,631,771. The company has a debt-to-equity ratio of 4.05, a quick ratio of 1.02 and a current ratio of 1.07. The firm has a market capitalization of $206,380.00, a PE ratio of 13.58, a price-to-earnings-growth ratio of 4.78 and a beta of 0.57. Verizon Communications has a one year low of $42.80 and a one year high of $54.83.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 EPS for the quarter, hitting the consensus estimate of $0.98. The business had revenue of $31.70 billion during the quarter, compared to analysts’ expectations of $31.45 billion. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period last year, the company posted $1.01 earnings per share. sell-side analysts forecast that Verizon Communications will post 3.77 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 4.68%. Verizon Communications’s payout ratio is presently 60.51%.
In other news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $48.62, for a total value of $29,658.20. Following the completion of the sale, the executive vice president now owns 5,989 shares of the company’s stock, valued at approximately $291,185.18. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In the last three months, insiders sold 1,830 shares of company stock valued at $88,609. 0.13% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Vantage Financial Partners Ltd. Inc. acquired a new stake in shares of Verizon Communications during the 2nd quarter worth $623,000. Shine Investment Advisory Services Inc. grew its holdings in shares of Verizon Communications by 190.9% during the 3rd quarter. Shine Investment Advisory Services Inc. now owns 2,705 shares of the cell phone carrier’s stock worth $134,000 after purchasing an additional 1,775 shares in the last quarter. Franklin Parlapiano Turner & Welch LLC acquired a new stake in shares of Verizon Communications during the 1st quarter worth $136,000. American Beacon Advisors Inc. acquired a new stake in shares of Verizon Communications during the 1st quarter worth $140,000. Finally, Legacy Advisors LLC acquired a new stake in Verizon Communications in the third quarter valued at about $132,000. Institutional investors and hedge funds own 63.37% of the company’s stock.
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About Verizon Communications
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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