Verizon Communications (NYSE:VZ) Trading 1.6% Higher - Here's Why

Verizon Communications Inc. (NYSE:VZ - Get Free Report)'s share price was up 1.6% during trading on Tuesday . The company traded as high as $43.95 and last traded at $43.90. Approximately 3,031,003 shares changed hands during trading, a decline of 84% from the average daily volume of 18,465,588 shares. The stock had previously closed at $43.19.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on VZ shares. Tigress Financial raised their target price on Verizon Communications from $52.00 to $55.00 and gave the company a "buy" rating in a research report on Tuesday, October 1st. Raymond James increased their target price on shares of Verizon Communications from $44.00 to $48.00 and gave the company an "outperform" rating in a research report on Tuesday, September 24th. Royal Bank of Canada boosted their price target on shares of Verizon Communications from $42.00 to $46.00 and gave the stock a "sector perform" rating in a research report on Monday, September 23rd. Scotiabank upped their price objective on shares of Verizon Communications from $45.50 to $46.50 and gave the company a "sector perform" rating in a research note on Wednesday, July 10th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Verizon Communications from $46.00 to $45.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 23rd. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $46.26.

Verizon Communications Stock Performance

The firm's fifty day moving average is $42.73 and its 200-day moving average is $41.25. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. The stock has a market capitalization of $184.22 billion, a PE ratio of 16.33, a price-to-earnings-growth ratio of 4.02 and a beta of 0.42.

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

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a $0.678 dividend. The ex-dividend date is Thursday, October 10th. This is a boost from Verizon Communications's previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.20%. Verizon Communications's payout ratio is presently 101.12%.

Hedge Funds Weigh In On Verizon Communications

Hedge funds have recently bought and sold shares of the company. Koesten Hirschmann & Crabtree INC. purchased a new position in Verizon Communications in the 1st quarter valued at approximately $25,000. Mizuho Securities Co. Ltd. acquired a new position in Verizon Communications during the 2nd quarter worth $32,000. MFA Wealth Advisors LLC purchased a new stake in Verizon Communications during the 2nd quarter worth about $33,000. Pittenger & Anderson Inc. raised its position in Verizon Communications by 50.4% in the 1st quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier's stock valued at $37,000 after purchasing an additional 296 shares in the last quarter. Finally, Financial Synergies Wealth Advisors Inc. boosted its stake in shares of Verizon Communications by 2,159.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 994 shares of the cell phone carrier's stock valued at $42,000 after buying an additional 950 shares during the period. Institutional investors and hedge funds 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).