Verizon Communications (NYSE:VZ) Stock Price Down 0.4% – Time to Sell?

Verizon Communications Inc. (NYSE:VZ)’s share price was down 0.4% during mid-day trading on Wednesday . The stock traded as low as $39.47 and last traded at $39.80. Approximately 11,712,157 shares changed hands during trading, a decline of 37% from the average daily volume of 18,479,061 shares. The stock had previously closed at $39.94.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Royal Bank of Canada boosted their price target on Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a research note on Monday, September 23rd. Scotiabank raised their target price on shares of Verizon Communications from $46.50 to $47.25 and gave the company a “sector perform” rating in a report on Friday, October 18th. KeyCorp cut shares of Verizon Communications from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. Citigroup upped their price objective on Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Finally, Sanford C. Bernstein started coverage on shares of Verizon Communications in a report on Tuesday, December 10th. They set a “market perform” rating and a $48.00 price target on the stock. Ten equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $46.51.

Verizon Communications Stock Down 0.4 %

The company has a quick ratio of 0.62, a current ratio of 0.66 and a debt-to-equity ratio of 1.32. The stock has a 50-day moving average of $42.02 and a 200-day moving average of $41.86. The company has a market cap of $167.54 billion, a PE ratio of 17.16, a P/E/G ratio of 3.05 and a beta of 0.44.

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

Verizon Communications Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, January 10th will be paid a $0.6775 dividend. The ex-dividend date of this dividend is Friday, January 10th. This represents a $2.71 annualized dividend and a yield of 6.81%. Verizon Communications’s payout ratio is 116.81%.

Institutional Trading of Verizon Communications

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Strategic Blueprint LLC lifted its holdings in shares of Verizon Communications by 1.3% during the 2nd quarter. Strategic Blueprint LLC now owns 38,368 shares of the cell phone carrier’s stock valued at $1,582,000 after buying an additional 494 shares during the period. HB Wealth Management LLC raised its holdings in Verizon Communications by 9.3% during the second quarter. HB Wealth Management LLC now owns 127,810 shares of the cell phone carrier’s stock valued at $5,271,000 after acquiring an additional 10,899 shares during the period. Whittier Trust Co. lifted its holdings in Verizon Communications by 0.6% in the 2nd quarter. Whittier Trust Co. now owns 217,069 shares of the cell phone carrier’s stock worth $8,949,000 after purchasing an additional 1,188 shares in the last quarter. Burney Co. grew its stake in Verizon Communications by 96.9% during the second quarter. Burney Co. now owns 125,767 shares of the cell phone carrier’s stock valued at $5,187,000 after acquiring an additional 61,905 shares in the last quarter. Finally, Banco Santander S.A. lifted its stake in Verizon Communications by 7.9% in the 2nd quarter. Banco Santander S.A. now owns 69,920 shares of the cell phone carrier’s stock worth $2,884,000 after purchasing an additional 5,131 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors.

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).