Verizon Communications (NYSE:VZ) Trading Down 1.2% – Time to Sell?

Verizon Communications Inc. (NYSE:VZ) was down 1.2% during mid-day trading on Thursday . The company traded as low as $40.39 and last traded at $40.4060. Approximately 18,502,486 shares were traded during mid-day trading, a decline of 19% from the average daily volume of 22,753,932 shares. The stock had previously closed at $40.88.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on VZ. The Goldman Sachs Group initiated coverage on Verizon Communications in a report on Tuesday, September 2nd. They issued a “buy” rating and a $49.00 price target on the stock. Scotiabank increased their price objective on shares of Verizon Communications from $50.50 to $51.00 and gave the stock a “sector perform” rating in a report on Thursday, October 30th. Wall Street Zen lowered shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. Royal Bank Of Canada dropped their price target on shares of Verizon Communications from $46.00 to $44.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 30th. Finally, JPMorgan Chase & Co. reduced their price objective on Verizon Communications from $49.00 to $47.00 and set a “neutral” rating for the company in a research report on Thursday, October 30th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, Verizon Communications presently has a consensus rating of “Moderate Buy” and an average target price of $47.47.

Verizon Communications Trading Down 1.4%

The company has a current ratio of 0.74, a quick ratio of 0.69 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $167.92 billion, a price-to-earnings ratio of 8.51, a PEG ratio of 3.61 and a beta of 0.33. The firm has a 50-day moving average price of $40.38 and a 200-day moving average price of $42.15.

Verizon Communications (NYSE:VZ) last released its earnings results on Wednesday, October 29th. The cell phone carrier reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $34.19 billion. During the same period in the previous year, the company earned $1.19 earnings per share. Verizon Communications’s revenue was up 1.5% compared to the same quarter last year. As a group, sell-side analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Monday, January 12th will be paid a $0.69 dividend. The ex-dividend date of this dividend is Monday, January 12th. This represents a $2.76 dividend on an annualized basis and a yield of 6.9%. Verizon Communications’s dividend payout ratio (DPR) is currently 58.97%.

Hedge Funds Weigh In On Verizon Communications

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Verizon Communications by 0.3% during the third quarter. Vanguard Group Inc. now owns 373,904,749 shares of the cell phone carrier’s stock valued at $16,433,114,000 after buying an additional 1,117,733 shares during the period. State Street Corp lifted its position in shares of Verizon Communications by 3.5% in the third quarter. State Street Corp now owns 215,490,064 shares of the cell phone carrier’s stock worth $9,470,788,000 after purchasing an additional 7,276,809 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Verizon Communications by 1.1% during the second quarter. Geode Capital Management LLC now owns 100,326,792 shares of the cell phone carrier’s stock worth $4,322,700,000 after purchasing an additional 1,101,504 shares during the period. Norges Bank purchased a new position in Verizon Communications during the second quarter valued at approximately $2,504,150,000. Finally, Northern Trust Corp increased its stake in shares of Verizon Communications by 1.2% in the third quarter. Northern Trust Corp now owns 45,265,695 shares of the cell phone carrier’s stock worth $1,989,427,000 after acquiring an additional 557,576 shares during the last quarter. Institutional investors and hedge funds own 62.06% of the company’s stock.

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.