Verizon Communications (NYSE:VZ) Price Target Raised to $50.50 at Scotiabank

Key Points

• Scotiabank has raised its price target for Verizon Communications from $50.00 to $50.50, indicating a potential upside of 19.31% from the current stock price.
• Research analysts have given mixed ratings, with three issuing a Strong Buy rating, six a Buy rating, and eleven a Hold rating, resulting in an average rating of "Moderate Buy."
• Verizon's stock recently traded down by 3.1% to $42.33, with recent quarterly earnings showing a 5.2% year-over-year revenue increase.

Verizon Communications (NYSE:VZ - Get Free Report) had its target price increased by equities researchers at Scotiabank from $50.00 to $50.50 in a research note issued on Monday,Benzinga reports. The firm presently has a "sector perform" rating on the cell phone carrier's stock. Scotiabank's price target indicates a potential upside of 19.31% from the company's current price.

A number of other research analysts have also recently commented on the company. Wall Street Zen cut Verizon Communications from a "buy" rating to a "hold" rating in a research note on Friday, September 26th. Weiss Ratings restated a "buy (b-)" rating on shares of Verizon Communications in a report on Saturday, September 27th. The Goldman Sachs Group started coverage on shares of Verizon Communications in a research report on Tuesday, September 2nd. They set a "buy" rating and a $49.00 price target on the stock. Arete Research upgraded shares of Verizon Communications to a "strong-buy" rating in a report on Tuesday, July 8th. Finally, Royal Bank Of Canada increased their target price on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a report on Tuesday, July 22nd. Three investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $47.63.

Verizon Communications Trading Down 3.1%

Shares of Verizon Communications stock traded down $1.34 during trading hours on Monday, hitting $42.33. The company's stock had a trading volume of 17,323,606 shares, compared to its average volume of 20,820,244. The stock has a market cap of $178.46 billion, a price-to-earnings ratio of 9.87, a P/E/G ratio of 3.37 and a beta of 0.37. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. Verizon Communications has a twelve month low of $37.58 and a twelve month high of $47.35. The firm has a fifty day moving average of $43.65 and a 200-day moving average of $43.35.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.03. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The firm had revenue of $34.50 billion for the quarter, compared to analyst estimates of $33.47 billion. During the same period in the previous year, the firm earned $1.15 EPS. Verizon Communications's revenue was up 5.2% on a year-over-year basis. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Research analysts forecast that Verizon Communications will post 4.69 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in VZ. Bernard Wealth Management Corp. grew its holdings in Verizon Communications by 81.0% during the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock worth $25,000 after acquiring an additional 243 shares during the period. Garde Capital Inc. acquired a new stake in shares of Verizon Communications during the first quarter valued at $26,000. Cherry Tree Wealth Management LLC increased its position in Verizon Communications by 71.8% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock worth $26,000 after purchasing an additional 244 shares in the last quarter. Bulwark Capital Corp acquired a new position in Verizon Communications in the 2nd quarter valued at about $25,000. Finally, Advantage Trust Co boosted its stake in shares of 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 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).

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