Verizon Communications (NYSE:VZ) Trading 0.5% Higher - Here's What Happened

Verizon Communications Inc. (NYSE:VZ - Get Free Report)'s share price was up 0.5% on Thursday . The stock traded as high as $42.24 and last traded at $42.21. Approximately 3,551,874 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 22,527,803 shares. The stock had previously closed at $42.01.

Analyst Ratings Changes

Several research analysts recently weighed in on VZ shares. Wolfe Research upped their target price on shares of Verizon Communications from $50.00 to $51.00 and gave the stock an "overweight" rating in a report on Friday, January 24th. Scotiabank increased their price objective on shares of Verizon Communications from $47.00 to $47.50 and gave the company a "sector perform" rating in a report on Monday, January 27th. DZ Bank raised shares of Verizon Communications from a "hold" rating to a "buy" rating and set a $40.00 price objective for the company in a report on Wednesday, January 29th. Argus raised shares of Verizon Communications to a "strong-buy" rating in a report on Monday, January 27th. Finally, KeyCorp downgraded shares of Verizon Communications from an "overweight" rating to a "sector weight" rating in a report on Thursday, October 24th. Ten research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Verizon Communications has an average rating of "Moderate Buy" and a consensus target price of $46.08.

Verizon Communications Price Performance

The firm's 50-day moving average price is $39.91 and its 200-day moving average price is $41.61. The company has a current ratio of 0.63, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21. The stock has a market capitalization of $180.05 billion, a PE ratio of 10.33, a PEG ratio of 4.40 and a beta of 0.45.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its quarterly earnings data on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share for the quarter, missing analysts' consensus estimates of $1.11 by ($0.01). Verizon Communications had a return on equity of 19.80% and a net margin of 12.99%. During the same quarter in the previous year, the business earned $1.08 earnings per share. On average, equities analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Friday, January 10th were given a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 6.34%. The ex-dividend date of this dividend was Friday, January 10th. Verizon Communications's dividend payout ratio (DPR) is currently 65.46%.

Insider Buying and Selling

In related news, CEO Kyle Malady sold 20,000 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $40.54, for a total value of $810,800.00. Following the sale, the chief executive officer now directly owns 45,675 shares of the company's stock, valued at $1,851,664.50. This represents a 30.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold 39,085 shares of company stock valued at $1,582,995 in the last ninety days. 0.02% of the stock is owned by company insiders.

Hedge Funds Weigh In On Verizon Communications

A number of hedge funds have recently added to or reduced their stakes in VZ. Mainstream Capital Management LLC bought a new position in Verizon Communications in the 4th quarter worth about $28,000. Capital Performance Advisors LLP bought a new position in Verizon Communications in the 3rd quarter worth about $31,000. Legend Financial Advisors Inc. grew its stake in Verizon Communications by 69.6% in 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 bought a new position in Verizon Communications in the 4th quarter worth about $32,000. Finally, Compass Financial Services Inc bought a new position in Verizon Communications in the 4th quarter worth about $33,000. 62.06% of the stock is currently owned by institutional investors.

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).