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

Verizon Communications Inc. (NYSE:VZ)’s stock price shot up 1.1% during trading on Friday . The company traded as high as $41.61 and last traded at $41.22. 32,025,501 shares traded hands during mid-day trading, an increase of 42% from the average session volume of 22,578,686 shares. The stock had previously closed at $40.76.

Analyst Ratings Changes

A number of equities research analysts have weighed in on VZ shares. Scotiabank boosted their target price on shares of Verizon Communications from $50.50 to $51.00 and gave the company a “sector perform” rating in a research note on Thursday, October 30th. BNP Paribas Exane lowered Verizon Communications from an “outperform” rating to a “neutral” rating and set a $44.00 price objective for the company. in a report on Tuesday, October 21st. Wall Street Zen cut Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, September 26th. JPMorgan Chase & Co. dropped their target price on Verizon Communications from $49.00 to $47.00 and set a “neutral” rating on the stock in a research report on Thursday, October 30th. Finally, The Goldman Sachs Group initiated coverage on Verizon Communications in a research note on Tuesday, September 2nd. They set a “buy” rating and a $49.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and thirteen have assigned a Hold rating to the company. Based on data from MarketBeat.com, Verizon Communications presently has an average rating of “Hold” and an average target price of $47.41.

Verizon Communications Trading Up 1.1%

The company has a market capitalization of $173.80 billion, a P/E ratio of 8.81, a PEG ratio of 3.03 and a beta of 0.35. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.74. The stock has a fifty day moving average of $41.33 and a 200 day moving average of $42.56.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Wednesday, October 29th. The cell phone carrier reported $1.21 earnings per share (EPS) for the quarter, beating 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 business had revenue of $33.82 billion during the quarter, compared to analyst estimates of $34.19 billion. During the same quarter in the previous year, the company posted $1.19 earnings per share. Verizon Communications’s revenue for the quarter was up 1.5% on a year-over-year basis. As a group, equities research analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Friday, October 10th were issued a $0.69 dividend. The ex-dividend date of this dividend was Friday, October 10th. This represents a $2.76 annualized dividend and a yield of 6.7%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.68. Verizon Communications’s payout ratio is currently 58.97%.

Hedge Funds Weigh In On Verizon Communications

Large investors have recently added to or reduced their stakes in the company. Bulwark Capital Corp purchased a new stake in Verizon Communications in the 2nd quarter worth $25,000. Advantage Trust Co boosted its stake in shares of Verizon Communications by 549.5% in the second quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier’s stock worth $26,000 after acquiring an additional 500 shares during the period. TruNorth Capital Management LLC grew its position in shares of Verizon Communications by 95.3% during the third quarter. TruNorth Capital Management LLC now owns 625 shares of the cell phone carrier’s stock worth $27,000 after purchasing an additional 305 shares in the last quarter. 1 North Wealth Services LLC bought a new stake in Verizon Communications during the 1st quarter valued at approximately $29,000. Finally, Foster Dykema Cabot & Partners LLC bought a new stake in Verizon Communications during the 3rd quarter valued at approximately $29,000. Hedge funds and other 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).