Traders Sell Verizon Communications Inc. (VZ) on Strength (VZ)
Investors sold shares of Verizon Communications Inc. (NYSE:VZ) on strength during trading hours on Monday. $79.38 million flowed into the stock on the tick-up and $100.50 million flowed out of the stock on the tick-down, for a money net flow of $21.12 million out of the stock. Of all equities tracked, Verizon Communications had the 0th highest net out-flow for the day. Verizon Communications traded up $0.10 for the day and closed at $52.55
VZ has been the topic of several recent analyst reports. Jefferies Group restated a “hold” rating on shares of Verizon Communications in a report on Saturday, May 14th. Argus restated a “buy” rating on shares of Verizon Communications in a report on Sunday, June 12th. Deutsche Bank AG restated a “hold” rating and issued a $52.00 target price (up previously from $50.00) on shares of Verizon Communications in a report on Thursday, June 16th. Morgan Stanley raised their target price on shares of Verizon Communications from $59.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, July 28th. Finally, Vetr upgraded shares of Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $57.23 target price on the stock in a report on Monday, May 2nd. Twenty-three investment 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 company. The stock has an average rating of “Hold” and a consensus target price of $54.42.
The company has a market capitalization of $214.21 billion and a P/E ratio of 14.84. The stock’s 50-day moving average price is $54.69 and its 200 day moving average price is $52.62.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, beating 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. Verizon Communications’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.04 EPS. Analysts predict that Verizon Communications Inc. will post $3.90 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 1st. Investors of record on Friday, July 8th were given a dividend of $0.565 per share. This represents a $2.26 dividend on an annualized basis and a yield of 4.30%. The ex-dividend date of this dividend was Wednesday, July 6th.
In related news, EVP Craig L. Silliman sold 672 shares of the firm’s stock in a transaction dated Friday, June 24th. The stock was sold at an average price of $54.56, for a total transaction of $36,664.32. Following the sale, the executive vice president now owns 11,870 shares of the company’s stock, valued at $647,627.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website.
A number of large investors have modified their holdings of the company. First Heartland Consultants Inc. increased its stake in shares of 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 valued at $1,128,000 after buying an additional 364 shares in the last quarter. Hillsdale Investment Management Inc. increased its stake in shares of 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 valued at $1,151,000 after buying an additional 1,900 shares in the last quarter. Bank Hapoalim BM increased its stake in shares of Verizon Communications by 19.9% in the fourth quarter. Bank Hapoalim BM now owns 31,417 shares of the cell phone carrier’s stock valued at $1,452,000 after buying an additional 5,205 shares in the last quarter. Baxter Bros Inc. increased its stake in shares of Verizon Communications by 11.2% in the fourth quarter. Baxter Bros Inc. now owns 31,510 shares of the cell phone carrier’s stock valued at $1,456,000 after buying an additional 3,171 shares in the last quarter. Finally, Smithfield Trust Co. increased its stake in shares of Verizon Communications by 4.8% in the fourth quarter. Smithfield Trust Co. now owns 45,253 shares of the cell phone carrier’s stock valued at $2,091,000 after buying an additional 2,062 shares in 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.