Scotiabank Boosts Verizon Communications (NYSE:VZ) Price Target to $47.25

Verizon Communications (NYSE:VZ) had its price objective raised by Scotiabank from $46.50 to $47.25 in a report published on Friday, Benzinga reports. They currently have a sector perform rating on the cell phone carrier’s stock.

Other equities analysts have also issued reports about the company. JPMorgan Chase & Co. cut their target price on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. Citigroup boosted their target price on Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Raymond James increased their price target on Verizon Communications from $44.00 to $48.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Bank of America boosted their price objective on shares of Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a research note on Thursday, September 26th. Finally, KeyCorp lowered their target price on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a research note on Friday, September 6th. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $46.31.

Verizon Communications Trading Down 0.6 %

NYSE:VZ opened at $43.72 on Friday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63. The company has a market capitalization of $184.01 billion, a P/E ratio of 16.31, a P/E/G ratio of 4.02 and a beta of 0.42. The stock’s 50 day moving average price is $43.00 and its 200 day moving average price is $41.28. Verizon Communications has a 52 week low of $31.26 and a 52 week high of $45.36.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, meeting analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $33.05 billion. During the same quarter last year, the firm earned $1.21 EPS. Verizon Communications’s revenue for the quarter was up .6% on a year-over-year basis. On average, research analysts forecast that Verizon Communications will post 4.58 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a $0.678 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.20%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio (DPR) is currently 101.12%.

Institutional Trading of Verizon Communications

A number of institutional investors and hedge funds have recently modified their holdings of the company. Koesten Hirschmann & Crabtree INC. acquired a new position in shares of Verizon Communications in the 1st quarter valued at $25,000. Mizuho Securities Co. Ltd. bought a new position in Verizon Communications during the second quarter worth about $32,000. MFA Wealth Advisors LLC acquired a new stake in Verizon Communications during the second quarter valued at approximately $33,000. Pittenger & Anderson Inc. grew its stake in shares of Verizon Communications by 50.4% in the 1st quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock valued at $37,000 after purchasing an additional 296 shares during the period. Finally, Financial Synergies Wealth Advisors Inc. raised its holdings in shares of Verizon Communications by 2,159.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 994 shares of the cell phone carrier’s stock worth $42,000 after buying an additional 950 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors.

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).