Guggenheim began coverage on shares of Verizon Communications (NYSE:VZ) in a research note published on Tuesday, Marketbeat.com reports. The firm issued a buy rating and a $58.00 price objective on the cell phone carrier’s stock.
VZ has been the topic of several other reports. Bank of America increased their target price on shares of Verizon Communications from $55.00 to $58.00 and gave the stock a buy rating in a research report on Wednesday, January 24th. HSBC downgraded shares of Verizon Communications from a buy rating to a hold rating and lowered their target price for the stock from $54.83 to $42.80 in a research report on Thursday, December 14th. They noted that the move was a valuation call. Vetr raised shares of Verizon Communications from a hold rating to a buy rating and set a $54.80 target price on the stock in a research report on Monday, February 5th. Howard Weil raised shares of Verizon Communications from a sector perform rating to a sector outperform rating in a research report on Monday, January 22nd. Finally, Nomura increased their target price on shares of Verizon Communications from $61.00 to $63.00 and gave the stock a buy rating in a research report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $53.69.
Shares of Verizon Communications (NYSE VZ) opened at $48.65 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 2.54. The stock has a market capitalization of $198,470.00, a price-to-earnings ratio of 14.97, a P/E/G ratio of 1.99 and a beta of 0.67. Verizon Communications has a 1-year low of $42.80 and a 1-year high of $54.77.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 1st. Investors of record on Tuesday, April 10th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 4.85%. The ex-dividend date is Monday, April 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 72.62%.
In related news, SVP Anthony T. Skiadas sold 6,967 shares of Verizon Communications stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $49.80, for a total transaction of $346,956.60. Following the sale, the senior vice president now directly owns 16,059 shares of the company’s stock, valued at $799,738.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.13% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Regal Wealth Group Inc. lifted its stake in Verizon Communications by 0.7% during the second quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock worth $164,000 after purchasing an additional 24 shares during the period. Glassman Wealth Services lifted its stake in Verizon Communications by 0.4% during the second quarter. Glassman Wealth Services now owns 7,719 shares of the cell phone carrier’s stock worth $345,000 after purchasing an additional 31 shares during the period. Camden National Bank lifted its stake in Verizon Communications by 0.7% during the second quarter. Camden National Bank now owns 4,972 shares of the cell phone carrier’s stock worth $222,000 after purchasing an additional 37 shares during the period. DF Dent & Co. Inc. lifted its stake in Verizon Communications by 0.6% during the second quarter. DF Dent & Co. Inc. now owns 8,506 shares of the cell phone carrier’s stock worth $380,000 after purchasing an additional 50 shares during the period. Finally, Aureus Asset Management LLC lifted its stake in Verizon Communications by 0.6% during the second quarter. Aureus Asset Management LLC now owns 11,190 shares of the cell phone carrier’s stock worth $500,000 after purchasing an additional 70 shares during the period. 64.37% of the stock is currently owned by institutional investors and hedge funds.
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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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