Verizon Communications (NYSE:VZ) Downgraded to Hold Rating by BNP Paribas

Key Points

• Verizon Communications has been downgraded from a "strong-buy" to a "hold" rating by BNP Paribas in their latest research report.
• The company's stock has a current market capitalization of $168.70 billion and traded down 0.7%, reaching $40.01 on Tuesday.
• A consensus rating of "Moderate Buy" remains, with a price target average of $47.41 among investment analysts.

Verizon Communications (NYSE:VZ - Get Free Report) was downgraded by research analysts at BNP Paribas from a "strong-buy" rating to a "hold" rating in a research report issued on Tuesday,Zacks.com reports.

A number of other research analysts also recently issued reports on VZ. Wells Fargo & Company boosted their price objective on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Morgan Stanley boosted their price objective on Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. Weiss Ratings reissued a "buy (b-)" rating on shares of Verizon Communications in a research note on Wednesday, October 8th. Wall Street Zen downgraded Verizon Communications from a "buy" rating to a "hold" rating in a research note on Friday, September 26th. Finally, BNP Paribas Exane lowered Verizon Communications from an "outperform" rating to a "neutral" rating and set a $44.00 target price for the company. in a research report on Tuesday. Three investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and thirteen have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $47.41.

Verizon Communications Trading Down 0.7%

VZ traded down $0.29 during midday trading on Tuesday, hitting $40.01. 17,086,083 shares of the company were exchanged, compared to its average volume of 21,478,227. The firm has a market capitalization of $168.70 billion, a P/E ratio of 9.33, a P/E/G ratio of 3.07 and a beta of 0.37. Verizon Communications has a 1-year low of $37.58 and a 1-year high of $47.35. The firm's 50 day moving average price is $43.12 and its 200-day moving average price is $43.04. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, topping the consensus estimate of $1.19 by $0.03. The firm had revenue of $34.50 billion for the quarter, compared to the consensus estimate of $33.47 billion. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The business's quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.15 EPS. As a group, equities analysts forecast that Verizon Communications will post 4.69 EPS for the current fiscal year.

Institutional Trading of Verizon Communications

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bulwark Capital Corp bought a new stake in Verizon Communications during the 2nd quarter worth approximately $25,000. Advantage Trust Co increased its holdings in Verizon Communications by 549.5% during the 2nd quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier's stock worth $26,000 after purchasing an additional 500 shares in the last quarter. TruNorth Capital Management LLC increased its holdings in Verizon Communications by 95.3% during the 3rd quarter. TruNorth Capital Management LLC now owns 625 shares of the cell phone carrier's stock worth $27,000 after purchasing an additional 305 shares in the last quarter. 1 North Wealth Services LLC bought a new position in shares of Verizon Communications in the first quarter valued at approximately $29,000. Finally, Accent Capital Management LLC bought a new position in shares of Verizon Communications in the first quarter valued at approximately $30,000. 62.06% of the stock is 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).

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