Verizon Communications (NYSE:VZ) Earns Market Perform Rating from Analysts at Sanford C. Bernstein

Sanford C. Bernstein started coverage on shares of Verizon Communications (NYSE:VZ) in a research note issued to investors on Tuesday, Marketbeat.com reports. The brokerage issued a market perform rating and a $48.00 price target on the cell phone carrier’s stock.

Other equities research analysts have also recently issued research reports about the stock. Tigress Financial boosted their price target on shares of Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Scotiabank boosted their target price on shares of Verizon Communications from $46.50 to $47.25 and gave the stock a “sector perform” rating in a report on Friday, October 18th. Royal Bank of Canada increased their price target on shares of Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a report on Monday, September 23rd. Citigroup boosted their price objective on Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Finally, Raymond James raised their price objective on Verizon Communications from $44.00 to $48.00 and gave the company an “outperform” rating in a research note on Tuesday, September 24th. Ten equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $46.46.

Verizon Communications Stock Up 0.2 %

VZ opened at $42.08 on Tuesday. The company has a market capitalization of $177.14 billion, a PE ratio of 18.10, a price-to-earnings-growth ratio of 3.08 and a beta of 0.44. The firm has a 50-day simple moving average of $42.58 and a two-hundred day simple moving average of $41.85. The company has a quick ratio of 0.62, a current ratio of 0.66 and a debt-to-equity ratio of 1.32. Verizon Communications has a 52 week low of $36.46 and a 52 week high of $45.36.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.18 by $0.01. Verizon Communications had a return on equity of 20.05% and a net margin of 7.30%. The company had revenue of $33.30 billion during the quarter, compared to analyst estimates of $33.42 billion. During the same period in the prior year, the company earned $1.22 earnings per share. The firm’s revenue was up .9% on a year-over-year basis. Analysts forecast that Verizon Communications will post 4.61 earnings per share for the current fiscal year.

Verizon Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, January 10th will be issued a dividend of $0.6775 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $2.71 annualized dividend and a yield of 6.44%. Verizon Communications’s payout ratio is currently 116.81%.

Institutional Investors Weigh In On Verizon Communications

Several large investors have recently modified their holdings of the business. Capital Performance Advisors LLP bought a new position in Verizon Communications in the third quarter worth approximately $31,000. Mizuho Securities Co. Ltd. bought a new stake in Verizon Communications during the 2nd quarter valued at $32,000. MFA Wealth Advisors LLC purchased a new position in shares of Verizon Communications in the 2nd quarter valued at $33,000. Accordant Advisory Group Inc raised its position in shares of Verizon Communications by 137.6% in the 3rd quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock worth $35,000 after acquiring an additional 450 shares in the last quarter. Finally, MidAtlantic Capital Management Inc. purchased a new stake in shares of Verizon Communications during the 3rd quarter worth $44,000. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Company Profile

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).