Investors Buy Shares of Verizon Communications Inc. (VZ) on Weakness
Traders purchased shares of Verizon Communications Inc. (NYSE:VZ) on weakness during trading hours on Friday. $129.68 million flowed into the stock on the tick-up and $85.35 million flowed out of the stock on the tick-down, for a money net flow of $44.33 million into the stock. Of all companies tracked, Verizon Communications had the 14th highest net in-flow for the day. Verizon Communications traded down ($0.42) for the day and closed at $52.45
VZ has been the topic of a number of recent analyst reports. Morgan Stanley reiterated a “buy” rating on shares of Verizon Communications in a research note on Tuesday, April 26th. FBR & Co reiterated a “buy” rating and issued a $54.00 price objective on shares of Verizon Communications in a research note on Saturday, April 23rd. Vetr lowered Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $57.01 price objective on the stock. in a research note on Monday, May 9th. Bank of America Corp. reiterated a “buy” rating on shares of Verizon Communications in a research note on Wednesday, June 8th. Finally, Argus reiterated a “buy” rating on shares of Verizon Communications in a research note on Sunday, June 12th. Twenty-three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Verizon Communications presently has a consensus rating of “Hold” and an average target price of $54.42.
The company’s 50 day moving average price is $54.79 and its 200-day moving average price is $52.58. The stock has a market capitalization of $213.80 billion and a price-to-earnings ratio of 14.82.
Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.02. The company had revenue of $30.53 billion for the quarter, compared to the consensus estimate of $30.95 billion. During the same period in the previous year, the firm posted $1.04 EPS. The business’s quarterly revenue was down 5.3% compared to the same quarter last year. On average, equities analysts expect that Verizon Communications Inc. will post $3.90 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, August 1st. Shareholders of record on Friday, July 8th were paid a dividend of $0.565 per share. The ex-dividend date of this dividend was Wednesday, July 6th. This represents a $2.26 dividend on an annualized basis and a dividend yield of 4.31%.
In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the business’s stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $54.81, for a total transaction of $36,832.32. Following the sale, the executive vice president now owns 11,198 shares of the company’s stock, valued at $613,762.38. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.
Several institutional investors have modified their holdings of VZ. DE Burlo Group Inc. acquired a new position in shares of Verizon Communications during the fourth quarter worth approximately $2,646,000. Swiss National Bank raised its position 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 period. State of Alaska Department of Revenue raised its position in shares of Verizon Communications by 120.2% in the fourth quarter. State of Alaska Department of Revenue now owns 280,453 shares of the cell phone carrier’s stock worth $12,962,000 after buying an additional 153,063 shares during the period. Copeland Capital Management LLC acquired a new position in shares of Verizon Communications during the fourth quarter worth approximately $14,860,000. Finally, Court Place Advisors LLC raised its position in shares of Verizon Communications by 0.4% in the fourth quarter. Court Place Advisors LLC now owns 32,160 shares of the cell phone carrier’s stock worth $1,486,000 after buying an additional 138 shares during the period.
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.
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