Verizon Communications (NYSE:VZ) Stock Price Down 4.1% – Here’s What Happened

by · The Cerbat Gem

Verizon Communications Inc. (NYSE:VZ – Get Free Report)’s stock price traded down 4.1% during trading on Tuesday . The stock traded as low as $40.75 and last traded at $41.90. 17,904,598 shares traded hands during mid-day trading, a decline of 3% from the average session volume of 18,415,592 shares. The stock had previously closed at $43.70.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Tigress Financial boosted their target price on shares of Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. TD Cowen lifted their price target on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group began coverage on shares of Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective on the stock. Royal Bank of Canada increased their price target on Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a research note on Monday, September 23rd. Finally, KeyCorp dropped their price objective on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a report on Friday, September 6th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $46.31.

View Our Latest Analysis on VZ

Verizon Communications Trading Down 4.4 %

The firm has a fifty day moving average price of $43.00 and a 200 day moving average price of $41.28. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63. The company has a market cap of $175.86 billion, a price-to-earnings ratio of 15.63, a P/E/G ratio of 4.02 and a beta of 0.42.

Verizon Communications (NYSE:VZ – Get Free Report) last posted its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.15. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The business had revenue of $32.80 billion for the quarter, compared to analysts’ expectations of $33.05 billion. During the same quarter in the prior year, the business earned $1.21 EPS. The firm’s revenue for the quarter was up .6% on a year-over-year basis. As a group, equities analysts predict that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a dividend of $0.678 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $2.71 annualized dividend and a yield of 6.49%. Verizon Communications’s dividend payout ratio (DPR) is presently 101.12%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Koesten Hirschmann & Crabtree INC. bought a new position in shares of Verizon Communications in the first quarter worth $25,000. Mizuho Securities Co. Ltd. bought a new position in shares of Verizon Communications in the second quarter worth $32,000. MFA Wealth Advisors LLC acquired a new stake in shares of Verizon Communications during the second quarter valued at about $33,000. Accordant Advisory Group Inc boosted its stake in shares of Verizon Communications by 137.6% during the third quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock valued at $35,000 after purchasing an additional 450 shares in the last quarter. Finally, Pittenger & Anderson Inc. boosted its stake in shares of Verizon Communications by 50.4% during the first quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock valued at $37,000 after purchasing an additional 296 shares in the last quarter. Institutional investors own 62.06% of the company’s stock.

About Verizon Communications

(Get Free Report)

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).

See Also