Verizon Communications (NYSE:VZ) Stock Price Down 1% – Here’s Why

Verizon Communications Inc. (NYSE:VZ) was down 1% during mid-day trading on Thursday . The stock traded as low as $43.47 and last traded at $43.51. Approximately 2,912,977 shares traded hands during trading, a decline of 84% from the average daily volume of 18,100,141 shares. The stock had previously closed at $43.94.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Tigress Financial reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Verizon Communications in a report on Thursday, January 30th. Sanford C. Bernstein assumed coverage on Verizon Communications in a research note on Tuesday, December 10th. They issued a “market perform” rating and a $48.00 price target on the stock. Scotiabank increased their price objective on Verizon Communications from $47.50 to $48.00 and gave the stock a “sector perform” rating in a research report on Monday, March 3rd. Royal Bank of Canada decreased their target price on shares of Verizon Communications from $46.00 to $42.00 in a research report on Friday, January 24th. Finally, StockNews.com downgraded shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 13th. Eleven 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 stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $46.11.

Verizon Communications Trading Up 0.7 %

The company has a market cap of $185.46 billion, a PE ratio of 10.64, a price-to-earnings-growth ratio of 4.45 and a beta of 0.41. 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 business has a 50 day simple moving average of $41.52 and a two-hundred day simple moving average of $42.01.

Verizon Communications (NYSE:VZ) 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 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 period last year, the business earned $1.08 earnings per share. On average, analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th will be paid a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a yield of 6.15%. The ex-dividend date of this dividend is Thursday, April 10th. Verizon Communications’s dividend payout ratio is currently 65.46%.

Insider Buying and Selling at Verizon Communications

In other news, CEO Kyle Malady sold 20,000 shares of the business’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $40.54, for a total transaction of $810,800.00. Following the completion of the sale, the chief executive officer now owns 45,675 shares in the company, valued at approximately $1,851,664.50. The trade was a 30.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Vandana Venkatesh sold 10,000 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $43.79, for a total transaction of $437,900.00. Following the completion of the transaction, the executive vice president now directly owns 14,459 shares in the company, valued at approximately $633,159.61. This 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 in the last quarter. 0.02% of the stock is owned by insiders.

Hedge Funds Weigh In On Verizon Communications

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. NCM Capital Management LLC increased its stake in Verizon Communications by 1.4% during the 4th quarter. NCM Capital Management LLC now owns 18,390 shares of the cell phone carrier’s stock worth $735,000 after buying an additional 245 shares during the period. Kirtland Hills Capital Management LLC increased its position in shares of Verizon Communications by 2.4% during the fourth quarter. Kirtland Hills Capital Management LLC now owns 10,968 shares of the cell phone carrier’s stock worth $439,000 after acquiring an additional 252 shares during the last quarter. First Dallas Securities Inc. increased its position in shares of Verizon Communications by 0.8% during the third quarter. First Dallas Securities Inc. now owns 31,728 shares of the cell phone carrier’s stock worth $1,425,000 after acquiring an additional 257 shares during the last quarter. JB Capital LLC lifted its stake in shares of Verizon Communications by 1.3% in the fourth quarter. JB Capital LLC now owns 20,816 shares of the cell phone carrier’s stock worth $832,000 after acquiring an additional 258 shares in the last quarter. Finally, Curbstone Financial Management Corp boosted its holdings in Verizon Communications by 0.8% in the fourth quarter. Curbstone Financial Management Corp now owns 34,786 shares of the cell phone carrier’s stock valued at $1,391,000 after purchasing an additional 262 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).