Verizon Communications (NYSE:VZ) Shares Down 0.9% – Here’s Why

Verizon Communications Inc. (NYSE:VZ) fell 0.9% during mid-day trading on Wednesday . The stock traded as low as $42.50 and last traded at $42.48. 3,720,698 shares traded hands during trading, a decline of 79% from the average session volume of 17,681,814 shares. The stock had previously closed at $42.87.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on VZ shares. Argus upgraded shares of Verizon Communications to a “strong-buy” rating in a research note on Monday, January 27th. Wolfe Research boosted their price target on shares of Verizon Communications from $50.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, January 24th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Verizon Communications from $40.00 to $42.00 and gave the company a “hold” rating in a report on Friday, January 24th. DZ Bank raised Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a report on Wednesday, January 29th. Finally, StockNews.com downgraded Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Monday, December 16th. Ten research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.11.

Verizon Communications Stock Up 0.0 %

The firm has a 50-day moving average of $40.34 and a two-hundred day moving average of $41.76. The stock has a market capitalization of $180.49 billion, a price-to-earnings ratio of 10.36, a price-to-earnings-growth ratio of 4.45 and a beta of 0.45. The company has a quick ratio of 0.59, a current ratio of 0.63 and a debt-to-equity ratio of 1.21.

Verizon Communications (NYSE:VZ) last issued its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Verizon Communications had a net margin of 12.99% and a return on equity of 19.80%. During the same period last year, the company posted $1.08 earnings per share. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Thursday, April 10th will be paid a $0.6775 dividend. The ex-dividend date is Thursday, April 10th. This represents a $2.71 annualized dividend and a dividend yield of 6.32%. Verizon Communications’s payout ratio is 65.46%.

Insider Buying and Selling

In related news, CEO Kyle Malady sold 11,085 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $40.88, for a total value of $453,154.80. Following the transaction, the chief executive officer now directly owns 14,590 shares of the company’s stock, valued at approximately $596,439.20. This trade represents a 43.17 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Vandana Venkatesh sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $43.79, for a total value of $437,900.00. Following the sale, the executive vice president now directly owns 14,459 shares of the company’s stock, valued at $633,159.61. The trade was a 40.88 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 49,085 shares of company stock worth $2,020,895. Insiders own 0.02% of the company’s stock.

Institutional Trading of Verizon Communications

A number of institutional investors and hedge funds have recently modified their holdings of VZ. Norges Bank acquired a new position in Verizon Communications during the 4th quarter worth $2,300,846,000. Raymond James Financial Inc. bought a new position in shares of Verizon Communications in the fourth quarter worth about $1,083,337,000. Alyeska Investment Group L.P. lifted its position in shares of Verizon Communications by 3,601.6% during the 4th quarter. Alyeska Investment Group L.P. now owns 8,937,180 shares of the cell phone carrier’s stock worth $357,398,000 after purchasing an additional 8,695,736 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Verizon Communications by 7.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 108,694,230 shares of the cell phone carrier’s stock valued at $4,346,682,000 after purchasing an additional 7,421,148 shares during the period. Finally, Capital Research Global Investors grew its holdings in Verizon Communications by 52.7% in the 4th quarter. Capital Research Global Investors now owns 19,828,378 shares of the cell phone carrier’s stock valued at $792,937,000 after buying an additional 6,846,514 shares during the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

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).