Verizon Communications (NYSE:VZ) Trading 0.5% Higher – Here’s What Happened

Verizon Communications Inc. (NYSE:VZ)’s stock price rose 0.5% during mid-day trading on Friday . The stock traded as high as $44.24 and last traded at $43.97. Approximately 6,216,189 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 18,118,913 shares. The stock had previously closed at $43.75.

Analyst Upgrades and Downgrades

VZ has been the subject of several recent research reports. DZ Bank raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research report on Wednesday, January 29th. Tigress Financial reiterated a “buy” rating and set a $55.00 target price on shares of Verizon Communications in a research note on Thursday, January 30th. StockNews.com cut Verizon Communications from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 13th. Royal Bank of Canada reduced their target price on Verizon Communications from $46.00 to $42.00 in a research note on Friday, January 24th. Finally, UBS Group increased their target price on Verizon Communications from $44.00 to $45.00 and gave the company a “neutral” rating in a research note on Friday, December 20th. Eleven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $46.11.

Verizon Communications Price Performance

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 company has a market capitalization of $184.83 billion, a P/E ratio of 10.61, a PEG ratio of 4.45 and a beta of 0.41. The business has a 50 day simple moving average of $41.39 and a 200-day simple moving average of $41.99.

Verizon Communications (NYSE:VZ) last posted its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm earned $1.08 earnings per share. Analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th will be paid a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 6.17%. The ex-dividend date is Thursday, April 10th. Verizon Communications’s payout ratio is 65.46%.

Insider Buying and Selling at Verizon Communications

In other news, EVP Vandana Venkatesh sold 10,000 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $43.79, for a total transaction of $437,900.00. Following the transaction, the executive vice president now directly owns 14,459 shares of the company’s stock, valued at approximately $633,159.61. This trade represents a 40.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kyle Malady sold 8,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $39.88, for a total value of $319,040.00. Following the transaction, the chief executive officer now directly owns 6,590 shares in the company, valued at $262,809.20. This trade represents a 54.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 49,085 shares of company stock worth $2,020,895. 0.02% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Mainstream Capital Management LLC acquired a new position in shares of Verizon Communications during the fourth quarter valued at $28,000. Legend Financial Advisors Inc. grew 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 acquiring an additional 320 shares during the period. Mattson Financial Services LLC grew its holdings in Verizon Communications by 114.6% during 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 during the period. Graney & King LLC acquired a new position in Verizon Communications during the fourth quarter worth about $32,000. Finally, Capital A Wealth Management LLC acquired a new position in Verizon Communications during the fourth quarter worth about $32,000. 62.06% of the stock is owned by institutional investors and hedge funds.

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).