Traders Buy Verizon Communications Inc. (VZ) on Weakness
Investors purchased shares of Verizon Communications Inc. (NYSE:VZ) on weakness during trading on Thursday. $197.35 million flowed into the stock on the tick-up and $104.60 million flowed out of the stock on the tick-down, for a money net flow of $92.75 million into the stock. Of all stocks tracked, Verizon Communications had the 2nd highest net in-flow for the day. Verizon Communications traded down ($0.88) for the day and closed at $55.38
Several research analysts have recently issued reports on VZ shares. Vetr upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $55.28 price target for the company in a research note on Thursday, April 7th. Royal Bank Of Canada restated a “buy” rating on shares of Verizon Communications in a research report on Thursday, March 31st. Wells Fargo & Co. restated a “buy” rating on shares of Verizon Communications in a research report on Monday, March 28th. Argus restated a “buy” rating on shares of Verizon Communications in a research report on Saturday, April 9th. Finally, Morgan Stanley restated a “buy” rating on shares of Verizon Communications in a research report on Tuesday, April 19th. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Verizon Communications currently has an average rating of “Hold” and a consensus price target of $53.11.
The company has a market capitalization of $227.86 billion and a price-to-earnings ratio of 12.68. The stock has a 50 day moving average price of $52.88 and a 200 day moving average price of $50.93.
Verizon Communications (NYSE:VZ) last announced its earnings results on Thursday, April 21st. The cell phone carrier reported $1.06 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.06. During the same period in the prior year, the business posted $1.02 EPS. The firm earned $32.20 billion during the quarter, compared to analyst estimates of $32.49 billion. The firm’s quarterly revenue was up .6% compared to the same quarter last year. Equities research analysts expect that Verizon Communications Inc. will post $3.91 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 1st. Shareholders of record on Friday, July 8th will be paid a $0.565 dividend. The ex-dividend date of this dividend is Wednesday, July 6th. This represents a $2.26 dividend on an annualized basis and a yield of 4.04%.
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 transaction of $33,465.60. Following the completion of the sale, the executive vice president now directly owns 12,542 shares of the company’s stock, valued at approximately $624,591.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Several institutional investors have bought and sold shares of the company. BKD Wealth Advisors LLC boosted its position in Verizon Communications by 9.2% in the fourth quarter. BKD Wealth Advisors LLC now owns 22,104 shares of the cell phone carrier’s stock worth $1,022,000 after buying an additional 1,869 shares during the period. DT Investment Partners LLC boosted its position in Verizon Communications by 14.2% in the fourth quarter. DT Investment Partners LLC now owns 22,954 shares of the cell phone carrier’s stock worth $1,061,000 after buying an additional 2,849 shares during the period. First Heartland Consultants Inc. boosted its position in Verizon Communications by 1.5% in the fourth quarter. First Heartland Consultants Inc. now owns 24,397 shares of the cell phone carrier’s stock worth $1,128,000 after buying an additional 364 shares during the period. Hillsdale Investment Management Inc. boosted its position in Verizon Communications by 8.3% in the fourth quarter. Hillsdale Investment Management Inc. now owns 24,893 shares of the cell phone carrier’s stock worth $1,151,000 after buying an additional 1,900 shares during the period. Finally, Enterprise Financial Services Corp boosted its position in Verizon Communications by 2.8% in the fourth quarter. Enterprise Financial Services Corp now owns 26,672 shares of the cell phone carrier’s stock worth $1,233,000 after buying an additional 734 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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