Verizon Communications (NYSE:VZ) Price Target Raised to $52.50 at Scotiabank

Verizon Communications (NYSE:VZ) had its price target raised by stock analysts at Scotiabank from $51.50 to $52.50 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the cell phone carrier’s stock. Scotiabank’s price target indicates a potential upside of 11.46% from the stock’s previous close.

Several other brokerages have also commented on VZ. Wells Fargo & Company increased their price target on shares of Verizon Communications from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Monday. JPMorgan Chase & Co. boosted their price objective on shares of Verizon Communications from $49.00 to $52.00 and gave the stock a “neutral” rating in a research report on Thursday, April 30th. Freedom Capital upgraded shares of Verizon Communications to a “hold” rating in a report on Friday, June 12th. Erste Group Bank reaffirmed a “hold” rating on shares of Verizon Communications in a research report on Tuesday, May 5th. Finally, Morgan Stanley boosted their price target on shares of Verizon Communications from $49.00 to $50.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 28th. Nine research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $50.43.

Verizon Communications Stock Up 1.6%

Shares of NYSE:VZ traded up $0.72 on Monday, hitting $47.10. 4,133,172 shares of the company’s stock were exchanged, compared to its average volume of 29,003,684. Verizon Communications has a 1-year low of $38.39 and a 1-year high of $51.68. The company has a market capitalization of $196.67 billion, a PE ratio of 12.27, a P/E/G ratio of 1.13 and a beta of 0.26. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.57 and a current ratio of 0.60. The firm’s 50-day moving average is $45.39 and its 200 day moving average is $46.24.

Verizon Communications (NYSE:VZ) last issued its earnings results on Friday, July 24th. The cell phone carrier reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.03. The business had revenue of $34.25 billion for the quarter, compared to analyst estimates of $35.16 billion. Verizon Communications had a return on equity of 19.48% and a net margin of 11.64%.The business’s quarterly revenue was down .6% on a year-over-year basis. During the same quarter last year, the company earned $1.22 EPS. Verizon Communications has set its FY 2026 guidance at 4.990-5.040 EPS. Sell-side analysts predict that Verizon Communications will post 5 EPS for the current year.

Institutional Investors Weigh In On Verizon Communications

A number of institutional investors and hedge funds have recently made changes to their positions in the business. RKL Wealth Management LLC grew its holdings in shares of Verizon Communications by 4.3% during the first quarter. RKL Wealth Management LLC now owns 5,338 shares of the cell phone carrier’s stock worth $268,000 after buying an additional 218 shares during the last quarter. Strategic Investment Solutions Inc. IL raised its stake in Verizon Communications by 8.6% during the 4th quarter. Strategic Investment Solutions Inc. IL now owns 2,765 shares of the cell phone carrier’s stock valued at $113,000 after acquiring an additional 219 shares during the last quarter. Frazier Financial Advisors LLC lifted its position in Verizon Communications by 32.7% during the 1st quarter. Frazier Financial Advisors LLC now owns 888 shares of the cell phone carrier’s stock worth $45,000 after acquiring an additional 219 shares during the period. FAS Wealth Partners Inc. lifted its position in Verizon Communications by 1.2% during the 1st quarter. FAS Wealth Partners Inc. now owns 18,421 shares of the cell phone carrier’s stock worth $925,000 after acquiring an additional 223 shares during the period. Finally, Sumitomo Life Insurance Co. grew its stake in shares of Verizon Communications by 0.7% in the 4th quarter. Sumitomo Life Insurance Co. now owns 35,023 shares of the cell phone carrier’s stock valued at $1,426,000 after purchasing an additional 227 shares during the last quarter. 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.