Investors Buy Shares of Verizon Communications Inc. (VZ) on Weakness
Investors purchased shares of Verizon Communications Inc. (NYSE:VZ) on weakness during trading hours on Wednesday. $133.94 million flowed into the stock on the tick-up and $99.07 million flowed out of the stock on the tick-down, for a money net flow of $34.87 million into the stock. Of all companies tracked, Verizon Communications had the 4th highest net in-flow for the day. Verizon Communications traded down ($0.08) for the day and closed at $55.62
A number of research firms have issued reports on VZ. Macquarie reiterated a “neutral” rating and issued a $55.00 target price on shares of Verizon Communications in a research note on Wednesday, July 6th. Oppenheimer Holdings Inc. reiterated an “outperform” rating on shares of Verizon Communications in a research note on Friday, July 8th. Deutsche Bank AG reissued a “hold” rating and issued a $52.00 price target on shares of Verizon Communications in a research report on Friday, July 15th. Citigroup Inc. lowered shares of Verizon Communications to a “market perform” rating in a research report on Wednesday. Finally, Robert W. Baird reissued a “neutral” rating and issued a $54.00 price target on shares of Verizon Communications in a research report on Tuesday, June 28th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $53.42.
The company’s 50 day moving average price is $54.13 and its 200 day moving average price is $51.43. The company has a market capitalization of $226.72 billion and a P/E ratio of 12.62.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, April 21st. The cell phone carrier reported $1.06 EPS for the quarter, hitting the Zacks’ consensus estimate of $1.06. The company earned $32.20 billion during the quarter, compared to analyst estimates of $32.49 billion. During the same period in the prior year, the firm earned $1.02 earnings per share. Verizon Communications’s revenue was up .6% compared to the same quarter last year. Equities analysts predict that Verizon Communications Inc. will post $3.88 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 1st. Investors of record on Friday, July 8th will be paid a $0.565 dividend. This represents a $2.26 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date is Wednesday, July 6th.
In related news, EVP Craig L. Silliman sold 672 shares of Verizon Communications stock in a transaction that occurred on Thursday, May 26th. The stock was sold at an average price of $49.80, for a total value of $33,465.60. Following the transaction, the executive vice president now directly owns 12,542 shares of the company’s stock, valued at $624,591.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Several institutional investors recently bought and sold shares of the company. Agran Libbie raised its position in Verizon Communications by 9,922.0% in the fourth quarter. Agran Libbie now owns 16,100,284 shares of the cell phone carrier’s stock worth $7,442,000 after buying an additional 15,939,635 shares in the last quarter. Boston Partners increased its stake in shares of Verizon Communications by 35.7% in the fourth quarter. Boston Partners now owns 13,662,183 shares of the cell phone carrier’s stock worth $631,466,000 after buying an additional 3,590,873 shares during the last quarter. LSV Asset Management increased its stake in shares of Verizon Communications by 1.2% in the fourth quarter. LSV Asset Management now owns 12,882,775 shares of the cell phone carrier’s stock worth $595,441,000 after buying an additional 153,085 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Verizon Communications by 8.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 12,155,993 shares of the cell phone carrier’s stock worth $561,919,000 after buying an additional 922,163 shares during the last quarter. Finally, Swiss National Bank increased its stake in shares of Verizon Communications by 0.8% in the fourth quarter. Swiss National Bank now owns 9,275,030 shares of the cell phone carrier’s stock worth $428,692,000 after buying an additional 74,100 shares during the last quarter.
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.