Verizon Communications (NYSE:VZ) Shares Up 0.2% - Here's What Happened

Verizon Communications Inc. (NYSE:VZ - Get Free Report) shot up 0.2% during mid-day trading on Tuesday . The stock traded as high as $43.73 and last traded at $43.67. 3,795,132 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 18,343,427 shares. The stock had previously closed at $43.56.

Analyst Upgrades and Downgrades

VZ has been the subject of several recent analyst reports. TD Cowen upgraded shares of Verizon Communications to a "strong-buy" rating in a research note on Wednesday, January 15th. Argus raised shares of Verizon Communications to a "strong-buy" rating in a research report on Monday, January 27th. Sanford C. Bernstein began coverage on Verizon Communications in a research note on Tuesday, December 10th. They issued a "market perform" rating and a $48.00 target price on the stock. Wolfe Research downgraded Verizon Communications from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, March 12th. Finally, Tigress Financial reissued a "buy" rating and issued a $55.00 price objective on shares of Verizon Communications in a research report on Thursday, January 30th. Ten equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Verizon Communications has a consensus rating of "Moderate Buy" and a consensus price target of $46.71.

Verizon Communications Trading Up 0.3 %

The company has a market cap of $189.88 billion, a P/E ratio of 10.89, a price-to-earnings-growth 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 firm's 50-day moving average price is $41.98 and its 200-day moving average price is $42.07.

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Verizon Communications (NYSE:VZ - Get Free Report) last issued 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 quarter in the prior year, the firm posted $1.08 EPS. As a group, equities research analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

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 issued a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a yield of 6.01%. The ex-dividend date of this dividend is Thursday, April 10th. Verizon Communications's payout ratio is presently 65.46%.

Insider Activity

In other news, CEO Kyle Malady sold 11,085 shares of the business's stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $40.88, for a total transaction of $453,154.80. Following the completion of the transaction, the chief executive officer now directly owns 14,590 shares in the company, valued at $596,439.20. The trade was a 43.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Vandana Venkatesh sold 10,000 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $43.79, for a total value of $437,900.00. Following the completion of the sale, the executive vice president now owns 14,459 shares in the company, valued at $633,159.61. This trade represents 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 ninety days. Company insiders own 0.02% of the company's stock.

Hedge Funds Weigh In On Verizon Communications

A number of institutional investors have recently made changes to their positions in the stock. Milestone Asset Management Group LLC purchased a new position in shares of Verizon Communications in the 4th quarter worth about $484,000. Mascagni Wealth Management Inc. purchased a new position in shares of Verizon Communications during the fourth quarter worth approximately $46,000. Prostatis Group LLC lifted its holdings in shares of Verizon Communications by 6.6% in the 4th quarter. Prostatis Group LLC now owns 38,030 shares of the cell phone carrier's stock worth $1,521,000 after acquiring an additional 2,361 shares during the last quarter. Chancellor Financial Group WB LP purchased a new stake in shares of Verizon Communications in the 4th quarter valued at $901,000. Finally, 111 Capital bought a new position in shares of Verizon Communications during the 4th quarter valued at $614,000. 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).