Verizon Communications (NYSE:VZ) Hits New 52-Week High at $45.11

Verizon Communications Inc. (NYSE:VZ - Get Free Report)'s share price hit a new 52-week high on Monday . The company traded as high as $45.11 and last traded at $45.11, with a volume of 60587 shares changing hands. The stock had previously closed at $44.89.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on VZ shares. KeyCorp cut their target price on shares of Verizon Communications from $46.00 to $44.00 and set an "overweight" rating for the company in a research report on Friday, September 6th. Citigroup raised their price objective on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. Raymond James increased their price target on shares of Verizon Communications from $44.00 to $48.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 24th. Scotiabank boosted their price target on Verizon Communications from $45.50 to $46.50 and gave the company a "sector perform" rating in a report on Wednesday, July 10th. Finally, The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a research note on Monday, July 1st. They set a "buy" rating and a $50.00 target price on the stock. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $46.09.

Verizon Communications Stock Performance

The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The stock has a market cap of $189.04 billion, a P/E ratio of 16.78, a PEG ratio of 4.03 and a beta of 0.42. The business has a 50 day moving average price of $41.76 and a 200 day moving average price of $40.95.

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

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a $0.678 dividend. This is an increase from Verizon Communications's previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a dividend yield of 6.04%. The ex-dividend date is Thursday, October 10th. Verizon Communications's payout ratio is presently 101.12%.

Institutional Trading of Verizon Communications

A number of hedge funds have recently bought and sold shares of VZ. Koesten Hirschmann & Crabtree INC. purchased a new stake in Verizon Communications during the first quarter valued at approximately $25,000. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of Verizon Communications during the 4th quarter valued at $29,000. Mizuho Securities Co. Ltd. acquired a new stake in shares of Verizon Communications in the 2nd quarter worth $32,000. MFA Wealth Advisors LLC purchased a new position in Verizon Communications during the 2nd quarter worth $33,000. Finally, Pittenger & Anderson Inc. increased its position in Verizon Communications by 50.4% during the 1st quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier's stock valued at $37,000 after buying an additional 296 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company's stock.

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).