Verizon Communications (NYSE:VZ) Stock Price Down 0% – Here’s What Happened

Shares of Verizon Communications Inc. (NYSE:VZ) dropped 0% during trading on Wednesday . The stock traded as low as $38.59 and last traded at $39.02. Approximately 5,558,858 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 22,243,938 shares. The stock had previously closed at $39.02.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on VZ. Scotiabank lifted their price target 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. Bank of America lifted their target price on Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. UBS Group increased their price target on Verizon Communications from $44.00 to $45.00 and gave the company a “neutral” rating in a research note on Friday, December 20th. 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 price objective on the stock. Finally, StockNews.com downgraded Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Monday, December 16th. Eleven research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Verizon Communications presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.33.

Verizon Communications Trading Up 0.9 %

The stock has a market cap of $166.43 billion, a price-to-earnings ratio of 17.04, a P/E/G ratio of 3.27 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’s fifty day moving average price is $40.89 and its 200-day moving average price is $41.63.

Verizon Communications (NYSE:VZ) last released its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Verizon Communications had a return on equity of 20.05% and a net margin of 7.30%. During the same period last year, the company posted $1.08 EPS. On average, research analysts expect that Verizon Communications Inc. will post 4.59 EPS for the current fiscal year.

Verizon Communications Cuts Dividend

The business 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 dividend on an annualized basis and a yield of 6.85%. Verizon Communications’s dividend payout ratio is currently 116.81%.

Institutional Trading of Verizon Communications

A number of institutional investors have recently made changes to their positions in VZ. Kestra Investment Management LLC acquired a new position in shares of Verizon Communications during the 3rd quarter worth approximately $3,376,000. Cyndeo Wealth Partners LLC increased its holdings in Verizon Communications by 9.7% during the 3rd quarter. Cyndeo Wealth Partners LLC now owns 202,521 shares of the cell phone carrier’s stock worth $9,095,000 after purchasing an additional 17,855 shares during the period. Benjamin Edwards Inc. increased its position in shares of Verizon Communications by 1,934.5% in the 3rd quarter. Benjamin Edwards Inc. now owns 1,080,015 shares of the cell phone carrier’s stock valued at $48,503,000 after purchasing an additional 1,026,930 shares during the last quarter. Burney Co. raised its position in shares of Verizon Communications by 30.4% during the 4th quarter. Burney Co. now owns 186,621 shares of the cell phone carrier’s stock worth $7,463,000 after acquiring an additional 43,472 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in Verizon Communications by 2.9% in 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 acquiring an additional 57,583 shares during the last quarter. 62.06% of the stock is 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).