Verizon Communications (NYSE:VZ) PT Raised to $47.25 at Scotiabank

Verizon Communications (NYSE:VZ) had its target price lifted by equities research analysts at Scotiabank from $46.50 to $47.25 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “sector perform” rating on the cell phone carrier’s stock. Scotiabank’s target price would indicate a potential upside of 7.41% from the stock’s previous close.

A number of other research firms also recently weighed in on VZ. The Goldman Sachs Group started coverage on Verizon Communications in a report on Monday, July 1st. They set a “buy” rating and a $50.00 target price on the stock. JPMorgan Chase & Co. reduced their target price on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. TD Cowen upped their price target on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Tigress Financial upped their price target on Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Finally, Bank of America upped their price target on Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a research note on Thursday, September 26th. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Verizon Communications currently has an average rating of “Moderate Buy” and a consensus price target of $46.31.

Verizon Communications Trading Up 0.3 %

VZ opened at $43.99 on Friday. The business has a 50 day simple moving average of $42.94 and a two-hundred day simple moving average of $41.29. The firm has a market capitalization of $185.17 billion, a price-to-earnings ratio of 16.41, a PEG ratio of 4.02 and a beta of 0.42. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. Verizon Communications has a one year low of $31.26 and a one year high of $45.36.

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

Institutional Trading of Verizon Communications

Several institutional investors have recently added to or reduced their stakes in the business. Swedbank AB bought a new position in shares of Verizon Communications during the 1st quarter valued at $250,312,000. DekaBank Deutsche Girozentrale lifted its holdings in shares of Verizon Communications by 112.6% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 6,574,910 shares of the cell phone carrier’s stock valued at $273,507,000 after buying an additional 3,481,936 shares during the period. Bank of Montreal Can lifted its holdings in shares of Verizon Communications by 18.6% during the 2nd quarter. Bank of Montreal Can now owns 13,016,271 shares of the cell phone carrier’s stock valued at $536,791,000 after buying an additional 2,040,247 shares during the period. Capital Wealth Planning LLC lifted its holdings in shares of Verizon Communications by 37.9% during the 2nd quarter. Capital Wealth Planning LLC now owns 6,973,838 shares of the cell phone carrier’s stock valued at $287,601,000 after buying an additional 1,916,951 shares during the period. Finally, Marshall Wace LLP lifted its holdings in shares of Verizon Communications by 153.8% during the 2nd quarter. Marshall Wace LLP now owns 2,806,221 shares of the cell phone carrier’s stock valued at $115,729,000 after buying an additional 1,700,619 shares during the period. 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).