Verizon Communications (NYSE:VZ) Trading Down 1.1% - Here's What Happened

Verizon Communications Inc. (NYSE:VZ - Get Free Report) shares traded down 1.1% during mid-day trading on Friday . The stock traded as low as $37.59 and last traded at $37.84. 7,529,659 shares changed hands during trading, a decline of 64% from the average session volume of 20,921,047 shares. The stock had previously closed at $38.26.

Analyst Ratings Changes

Several analysts have weighed in on the stock. UBS Group boosted their target price on shares of Verizon Communications from $44.00 to $45.00 and gave the company a "neutral" rating in a research note on Friday, December 20th. Tigress Financial boosted their price objective on shares of Verizon Communications from $52.00 to $55.00 and gave the company a "buy" rating in a research report on Tuesday, October 1st. Royal Bank of Canada increased their price objective on shares of Verizon Communications from $42.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Monday, September 23rd. Sanford C. Bernstein started coverage on Verizon Communications in a research note on Tuesday, December 10th. They issued a "market perform" rating and a $48.00 target price for the company. Finally, Scotiabank increased their price target on Verizon Communications from $46.50 to $47.25 and gave the stock a "sector perform" rating in a research report on Friday, October 18th. Ten analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $46.54.

Verizon Communications Stock Performance

The stock has a market cap of $159.04 billion, a P/E ratio of 16.28, a PEG ratio of 3.05 and a beta of 0.46. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.66 and a quick ratio of 0.62. The company has a fifty day moving average of $41.29 and a 200 day moving average of $41.79.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The cell phone carrier reported $1.19 EPS for the quarter, topping analysts' consensus estimates of $1.18 by $0.01. The company had revenue of $33.30 billion for the quarter, compared to the consensus estimate of $33.42 billion. Verizon Communications had a return on equity of 20.05% and a net margin of 7.30%. The company's quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.22 EPS. On average, equities analysts predict that Verizon Communications Inc. will post 4.61 earnings per share for the current fiscal year.

Verizon Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, January 10th will be issued a $0.6775 dividend. The ex-dividend date of this dividend is Friday, January 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 7.17%. Verizon Communications's payout ratio is currently 116.81%.

Hedge Funds Weigh In On Verizon Communications

Hedge funds have recently modified their holdings of the stock. Kestra Investment Management LLC acquired a new position in Verizon Communications in the 3rd quarter worth approximately $3,376,000. Cyndeo Wealth Partners LLC boosted its position in shares of Verizon Communications by 9.7% in the third quarter. Cyndeo Wealth Partners LLC now owns 202,521 shares of the cell phone carrier's stock worth $9,095,000 after buying an additional 17,855 shares during the period. Benjamin Edwards Inc. grew its holdings in shares of Verizon Communications by 1,934.5% during the third quarter. Benjamin Edwards Inc. now owns 1,080,015 shares of the cell phone carrier's stock valued at $48,503,000 after buying an additional 1,026,930 shares in the last quarter. Janney Montgomery Scott LLC raised its position in Verizon Communications by 2.9% during the third quarter. Janney Montgomery Scott LLC now owns 2,058,443 shares of the cell phone carrier's stock valued at $92,445,000 after buying an additional 57,583 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Verizon Communications by 6.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 101,273,082 shares of the cell phone carrier's stock worth $4,548,163,000 after acquiring an additional 5,936,009 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

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).