Verizon Communications’ (VZ) “Sector Perform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reaffirmed their sector perform rating on shares of Verizon Communications (NYSE:VZ) in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $42.00 price target on the cell phone carrier’s stock.

Several other analysts have also issued reports on the stock. Scotiabank upped their price target on shares of Verizon Communications from $45.50 to $46.50 and gave the company a sector perform rating in a research report on Wednesday, July 10th. StockNews.com upgraded shares of Verizon Communications from a hold rating to a buy rating in a research report on Saturday, May 4th. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a research report on Monday, July 1st. They set a buy rating and a $50.00 price target for the company. Tigress Financial upped their price objective on shares of Verizon Communications from $50.00 to $52.00 and gave the company a buy rating in a research note on Friday, May 17th. Finally, Oppenheimer reaffirmed an outperform rating and set a $48.00 price objective on shares of Verizon Communications in a research note on Tuesday, April 23rd. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $45.68.

Verizon Communications Stock Up 0.4 %

Shares of NYSE:VZ opened at $40.11 on Tuesday. Verizon Communications has a 52-week low of $30.14 and a 52-week high of $43.42. The firm has a fifty day moving average of $40.58 and a 200 day moving average of $40.43. The firm has a market capitalization of $168.83 billion, a PE ratio of 14.97, a price-to-earnings-growth ratio of 3.62 and a beta of 0.41. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.67 and a current ratio of 0.63.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The business had revenue of $32.80 billion during the quarter, compared to analyst estimates of $33.05 billion. During the same period in the prior year, the business posted $1.21 earnings per share. The company’s revenue was up .6% on a year-over-year basis. As a group, research analysts anticipate that Verizon Communications will post 4.58 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Wednesday, July 10th will be paid a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a yield of 6.63%. The ex-dividend date is Wednesday, July 10th. Verizon Communications’s payout ratio is currently 99.25%.

Hedge Funds Weigh In On Verizon Communications

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Koesten Hirschmann & Crabtree INC. purchased a new position in shares of Verizon Communications in the 1st quarter worth $25,000. LFA Lugano Financial Advisors SA lifted its position in shares of Verizon Communications by 627.8% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 655 shares of the cell phone carrier’s stock worth $25,000 after purchasing an additional 565 shares during the period. Criterion Capital Advisors LLC purchased a new stake in shares of Verizon Communications in the 4th quarter worth approximately $25,000. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of Verizon Communications in the 4th quarter worth approximately $29,000. Finally, MFA Wealth Advisors LLC purchased a new stake in shares of Verizon Communications in the 2nd quarter worth approximately $33,000. Institutional investors own 62.06% of the company’s stock.

About Verizon Communications

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).