Verizon Communications (NYSE:VZ) Stock Price Down 0.8% – What’s Next?

Verizon Communications Inc. (NYSE:VZ) dropped 0.8% during trading on Wednesday . The company traded as low as $38.47 and last traded at $38.61. Approximately 6,338,393 shares traded hands during trading, a decline of 69% from the average daily volume of 20,348,098 shares. The stock had previously closed at $38.92.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on VZ shares. Royal Bank of Canada increased their price objective on shares of Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Monday, September 23rd. Citigroup raised their price target on Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Scotiabank upped their price objective on Verizon Communications from $46.50 to $47.25 and gave the stock a “sector perform” rating in a research note on Friday, October 18th. KeyCorp lowered shares of Verizon Communications from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 24th. Finally, StockNews.com cut shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Monday, December 16th. Ten analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Verizon Communications has an average rating of “Hold” and a consensus target price of $46.54.

Verizon Communications Price Performance

The stock’s 50-day simple moving average is $41.29 and its two-hundred day simple moving average is $41.79. The firm has a market cap of $159.04 billion, a P/E ratio of 16.28, a PEG ratio of 3.05 and a beta of 0.46. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.66 and a quick ratio of 0.62.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01. Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. The company had revenue of $33.30 billion for the quarter, compared to analyst estimates of $33.42 billion. During the same period in the prior year, the company posted $1.22 EPS. The firm’s revenue for the quarter was up .9% on a year-over-year basis. Equities research analysts forecast that Verizon Communications Inc. will post 4.61 earnings per share for the current fiscal year.

Verizon Communications Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 10th will be paid a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 7.17%. The ex-dividend date of this dividend is Friday, January 10th. Verizon Communications’s dividend payout ratio is currently 116.81%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Capital Performance Advisors LLP bought a new position in shares of Verizon Communications during the third quarter valued at approximately $31,000. Legend Financial Advisors Inc. lifted its holdings in Verizon Communications by 69.6% during the fourth quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock worth $31,000 after buying an additional 320 shares during the period. Accordant Advisory Group Inc boosted its position in Verizon Communications by 137.6% during the 3rd quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock valued at $35,000 after acquiring an additional 450 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of Verizon Communications in the 3rd quarter valued at $44,000. Finally, McClarren Financial Advisors Inc. raised its position in shares of Verizon Communications by 762.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 1,061 shares of the cell phone carrier’s stock worth $48,000 after acquiring an additional 938 shares in the last quarter. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

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).