Verizon Communications (NYSE:VZ) Shares Down 0.9% - Here's Why

Verizon Communications Inc. (NYSE:VZ - Get Free Report) dropped 0.9% during mid-day trading on Wednesday . The company traded as low as $42.50 and last traded at $42.48. Approximately 3,720,698 shares traded hands during trading, a decline of 79% from the average daily volume of 17,681,814 shares. The stock had previously closed at $42.87.

Wall Street Analysts Forecast Growth

VZ has been the subject of a number of recent analyst reports. Argus raised Verizon Communications to a "strong-buy" rating in a report on Monday, January 27th. UBS Group lifted their price target on Verizon Communications from $44.00 to $45.00 and gave the stock a "neutral" rating in a report on Friday, December 20th. Sanford C. Bernstein initiated coverage on Verizon Communications in a report on Tuesday, December 10th. They set a "market perform" rating and a $48.00 price target for the company. Deutsche Bank Aktiengesellschaft lifted their price target on Verizon Communications from $40.00 to $42.00 and gave the stock a "hold" rating in a report on Friday, January 24th. Finally, TD Cowen raised Verizon Communications to a "strong-buy" rating in a report on Wednesday, January 15th. Ten analysts have rated the stock with a hold rating, seven have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $46.11.

Verizon Communications Price Performance

The stock has a market cap of $194.20 billion, a price-to-earnings ratio of 11.14, a PEG ratio of 4.45 and a beta of 0.41. The company has a 50-day moving average of $40.61 and a 200-day moving average of $41.83. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.63.

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Verizon Communications (NYSE:VZ - Get Free Report) last issued its quarterly earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate 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 last year, the firm posted $1.08 earnings per share. As a group, equities research analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th will be issued a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 5.87%. The ex-dividend date of this dividend is Thursday, April 10th. Verizon Communications's dividend payout ratio is presently 65.46%.

Insider Buying and Selling at Verizon Communications

In other Verizon Communications news, EVP Vandana Venkatesh sold 10,000 shares of Verizon Communications stock in a transaction that occurred 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 sale, the executive vice president now owns 14,459 shares of the company's stock, valued at approximately $633,159.61. The trade was a 40.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kyle Malady sold 8,000 shares of Verizon Communications stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 6,590 shares in the company, valued at $262,809.20. This represents a 54.83 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,085 shares of company stock valued at $2,020,895. 0.02% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Verizon Communications

Several institutional investors have recently modified their holdings of VZ. Mainstream Capital Management LLC purchased a new stake in shares of Verizon Communications during the 4th quarter worth approximately $28,000. Capital Performance Advisors LLP purchased a new stake in shares of Verizon Communications during the 3rd quarter worth approximately $31,000. Legend Financial Advisors Inc. boosted its stake in shares of Verizon Communications by 69.6% during the 4th 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 in the last quarter. Graney & King LLC purchased a new stake in shares of Verizon Communications during the 4th quarter worth approximately $32,000. Finally, Capital A Wealth Management LLC purchased a new stake in shares of Verizon Communications during the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors 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).