Traders Sell Verizon Communications Inc. (VZ) on Strength (VZ)
Investors sold shares of Verizon Communications Inc. (NYSE:VZ) on strength during trading hours on Thursday. $67.33 million flowed into the stock on the tick-up and $88.70 million flowed out of the stock on the tick-down, for a money net flow of $21.37 million out of the stock. Of all stocks tracked, Verizon Communications had the 0th highest net out-flow for the day. Verizon Communications traded up $0.23 for the day and closed at $52.56
Several equities research analysts have weighed in on the stock. Morgan Stanley reaffirmed a “buy” rating on shares of Verizon Communications in a research note on Monday, June 6th. Imperial Capital downgraded shares of Verizon Communications from an “outperform” rating to an “in-line” rating and lifted their price target for the company from $50.00 to $60.00 in a research note on Tuesday, August 2nd. Barclays PLC reaffirmed an “equal weight” rating and issued a $52.00 price target on shares of Verizon Communications in a research note on Friday, August 26th. Macquarie reaffirmed a “neutral” rating and issued a $55.00 price target on shares of Verizon Communications in a research note on Wednesday, July 6th. Finally, Vetr raised shares of Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $60.00 price target for the company in a research note on Thursday, August 18th. Twenty-three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Verizon Communications has an average rating of “Hold” and an average price target of $54.35.
The company has a market cap of $214.25 billion and a PE ratio of 14.85. The company has a 50-day moving average price of $53.95 and a 200 day moving average price of $52.72.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.02. The company earned $30.53 billion during the quarter, compared to the consensus estimate of $30.95 billion. The business’s revenue was down 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.04 earnings per share. On average, equities research analysts expect that Verizon Communications Inc. will post $3.89 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be paid a $0.0125 dividend. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%.
In other news, EVP Craig L. Silliman sold 672 shares of Verizon Communications stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $54.81, for a total value of $36,832.32. Following the completion of the sale, the executive vice president now directly owns 11,198 shares in the company, valued at $613,762.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.
Several institutional investors have bought and sold shares of VZ. Baxter Bros Inc. increased its position in Verizon Communications by 11.2% in the fourth quarter. Baxter Bros Inc. now owns 31,510 shares of the cell phone carrier’s stock worth $1,456,000 after buying an additional 3,171 shares during the last quarter. Wellington Shields & Co. LLC increased its position in Verizon Communications by 7.3% in the fourth quarter. Wellington Shields & Co. LLC now owns 47,658 shares of the cell phone carrier’s stock worth $2,203,000 after buying an additional 3,230 shares during the last quarter. TrimTabs Asset Management LLC increased its position in Verizon Communications by 1.9% in the fourth quarter. TrimTabs Asset Management LLC now owns 49,528 shares of the cell phone carrier’s stock worth $2,289,000 after buying an additional 924 shares during the last quarter. Courier Capital Corp increased its position in Verizon Communications by 2.0% in the fourth quarter. Courier Capital Corp now owns 53,107 shares of the cell phone carrier’s stock worth $2,455,000 after buying an additional 1,032 shares during the last quarter. Finally, Apriem Advisors increased its position in Verizon Communications by 3.3% in the fourth quarter. Apriem Advisors now owns 60,148 shares of the cell phone carrier’s stock worth $2,780,000 after buying an additional 1,900 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.
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