Verizon Communications Inc. (VZ) Receives “Hold” Rating from SunTrust Banks, Inc.
SunTrust Banks, Inc. restated their hold rating on shares of Verizon Communications Inc. (NYSE:VZ) in a report released on Friday. SunTrust Banks, Inc. currently has a $50.00 price target on the cell phone carrier’s stock.
VZ has been the subject of several other research reports. Goldman Sachs Group Inc reiterated a neutral rating on shares of Verizon Communications in a report on Wednesday, June 28th. Vetr upgraded Verizon Communications from a buy rating to a strong-buy rating and set a $50.65 price objective for the company in a report on Wednesday, July 5th. Zacks Investment Research upgraded Verizon Communications from a sell rating to a hold rating in a report on Friday, July 7th. BidaskClub upgraded Verizon Communications from a strong sell rating to a sell rating in a report on Monday, July 31st. Finally, Cowen and Company reiterated a hold rating and issued a $49.00 price objective on shares of Verizon Communications in a report on Wednesday, July 19th. Two investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Verizon Communications currently has an average rating of Hold and a consensus target price of $52.95.
Shares of Verizon Communications (NYSE:VZ) traded up 0.65% during midday trading on Friday, reaching $49.53. The company’s stock had a trading volume of 16,259,580 shares. Verizon Communications has a 12-month low of $42.80 and a 12-month high of $54.83. The company’s 50-day moving average price is $48.52 and its 200 day moving average price is $47.03. The company has a market capitalization of $202.05 billion, a P/E ratio of 12.73 and a beta of 0.56.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share for the quarter, hitting the consensus estimate of $0.98. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The business had revenue of $31.70 billion during the quarter, compared to analysts’ expectations of $31.45 billion. During the same quarter last year, the business posted $1.01 EPS. The business’s revenue was up 2.5% on a year-over-year basis. On average, equities research analysts forecast that Verizon Communications will post $3.76 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 4.76%. The ex-dividend date of this dividend is Friday, October 6th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s dividend payout ratio (DPR) is 60.51%.
In related news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $48.65, for a total transaction of $29,676.50. Following the completion of the transaction, the executive vice president now owns 7,209 shares of the company’s stock, valued at approximately $350,717.85. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last ninety days, insiders have sold 1,830 shares of company stock valued at $88,828. 0.13% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Allegis Investment Advisors LLC boosted its stake in Verizon Communications by 9.0% during the 1st quarter. Allegis Investment Advisors LLC now owns 59,067 shares of the cell phone carrier’s stock valued at $2,880,000 after purchasing an additional 4,898 shares during the last quarter. Excalibur Management Corp boosted its stake in Verizon Communications by 5.7% during the 1st quarter. Excalibur Management Corp now owns 123,976 shares of the cell phone carrier’s stock valued at $6,044,000 after purchasing an additional 6,723 shares during the last quarter. Segantii Capital Management Ltd purchased a new stake in Verizon Communications during the 1st quarter valued at $6,094,000. Cascade Investment Advisors Inc. boosted its stake in Verizon Communications by 0.4% during the 1st quarter. Cascade Investment Advisors Inc. now owns 33,945 shares of the cell phone carrier’s stock valued at $1,655,000 after purchasing an additional 125 shares during the last quarter. Finally, Carret Asset Management LLC boosted its stake in Verizon Communications by 1.5% during the 1st quarter. Carret Asset Management LLC now owns 177,172 shares of the cell phone carrier’s stock valued at $8,637,000 after purchasing an additional 2,606 shares during the last quarter. Institutional investors and hedge funds own 62.22% of the company’s stock.
About Verizon Communications
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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