Verizon Communications (NYSE:VZ) Stock Price Up 1.7% – Here’s What Happened

Verizon Communications Inc. (NYSE:VZ)’s stock price was up 1.7% on Thursday . The company traded as high as $44.40 and last traded at $44.36. Approximately 5,001,417 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 20,126,490 shares. The stock had previously closed at $43.61.

Analyst Ratings Changes

Several research analysts have commented on VZ shares. Wolfe Research cut shares of Verizon Communications from an “outperform” rating to a “peer perform” rating in a report on Wednesday, March 12th. StockNews.com downgraded shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 13th. Oppenheimer lifted their price target on Verizon Communications from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, April 1st. Evercore ISI upgraded Verizon Communications from an “in-line” rating to an “outperform” rating and set a $48.00 price objective for the company in a research report on Friday, April 11th. Finally, UBS Group boosted their price objective on shares of Verizon Communications from $44.00 to $45.00 and gave the stock a “neutral” rating in a report on Friday, December 20th. Ten equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $46.92.

Verizon Communications Trading Up 2.0 %

The stock has a market cap of $187.22 billion, a price-to-earnings ratio of 10.74, a PEG ratio of 4.45 and a beta of 0.41. The company has a quick ratio of 0.59, a current ratio of 0.63 and a debt-to-equity ratio of 1.21. The business’s 50 day simple moving average is $43.31 and its 200 day simple moving average is $42.05.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.11 by ($0.01). Verizon Communications had a net margin of 12.99% and a return on equity of 19.80%. During the same period in the prior year, the business posted $1.08 earnings per share. On average, research analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th will be issued a dividend of $0.6775 per share. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $2.71 annualized dividend and a yield of 6.09%. Verizon Communications’s payout ratio is 65.46%.

Insider Activity at Verizon Communications

In related news, CEO Kyle Malady sold 20,000 shares of Verizon Communications stock in a transaction on Monday, January 27th. The stock was sold at an average price of $40.54, for a total transaction of $810,800.00. Following the sale, the chief executive officer now directly owns 45,675 shares in the company, valued at approximately $1,851,664.50. This trade represents a 30.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Vandana Venkatesh sold 10,000 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $43.79, for a total transaction of $437,900.00. Following the transaction, the executive vice president now owns 14,459 shares of the company’s stock, valued at approximately $633,159.61. The trade was a 40.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 49,085 shares of company stock worth $2,020,895 over the last quarter. Company insiders own 0.02% of the company’s stock.

Institutional Investors Weigh In On Verizon Communications

A number of hedge funds have recently modified their holdings of VZ. Bernard Wealth Management Corp. grew its stake in Verizon Communications by 81.0% in the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier’s stock valued at $25,000 after buying an additional 243 shares in the last quarter. Mainstream Capital Management LLC bought a new position in Verizon Communications in the 4th quarter worth about $28,000. Mattson Financial Services LLC grew its position in Verizon Communications by 114.6% in the fourth quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier’s stock worth $31,000 after acquiring an additional 415 shares in the last quarter. Legend Financial Advisors Inc. raised its position 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 valued at $31,000 after purchasing an additional 320 shares in the last quarter. Finally, Capital A Wealth Management LLC bought a new stake in Verizon Communications during the fourth quarter worth about $32,000. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Company Profile

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).