Verizon Communications (NYSE:VZ) Stock Price Expected to Rise, Scotiabank Analyst Says

Verizon Communications (NYSE:VZ - Free Report) had its price target boosted by Scotiabank from $48.50 to $49.00 in a report published on Wednesday,Benzinga reports. They currently have a sector perform rating on the cell phone carrier's stock.

A number of other brokerages have also recently weighed in on VZ. Royal Bank of Canada restated a "sector perform" rating and set a $45.00 target price (up from $42.00) on shares of Verizon Communications in a report on Tuesday, March 25th. Oppenheimer boosted their target price on Verizon Communications from $48.00 to $50.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 1st. StockNews.com lowered shares of Verizon Communications from a "strong-buy" rating to a "buy" rating in a research note on Thursday, March 13th. TD Cowen upgraded shares of Verizon Communications to a "strong-buy" rating in a report on Wednesday, January 15th. Finally, Evercore ISI upgraded shares of Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 price objective on the stock in a research report on Friday, April 11th. Nine equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Verizon Communications currently has a consensus rating of "Moderate Buy" and an average target price of $47.35.

Verizon Communications Price Performance

Shares of NYSE VZ traded down $0.90 during mid-day trading on Wednesday, reaching $41.91. 23,350,565 shares of the company traded hands, compared to its average volume of 20,158,826. The firm has a market cap of $176.43 billion, a PE ratio of 10.12, a price-to-earnings-growth ratio of 4.45 and a beta of 0.41. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.63 and a quick ratio of 0.59. Verizon Communications has a fifty-two week low of $37.59 and a fifty-two week high of $47.36. The stock has a fifty day simple moving average of $43.64 and a 200-day simple moving average of $41.96.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The cell phone carrier reported $1.19 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.04. The company had revenue of $33.50 billion for the quarter, compared to the consensus estimate of $33.31 billion. Verizon Communications had a return on equity of 19.80% and a net margin of 12.99%. Equities research analysts anticipate that Verizon Communications will post 4.69 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 10th will be issued a dividend of $0.6775 per share. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.47%. Verizon Communications's dividend payout ratio is currently 65.46%.

Insider Activity at Verizon Communications

In related news, CEO Kyle Malady sold 20,000 shares of the business's stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $40.54, for a total value of $810,800.00. Following the completion of the sale, the chief executive officer now directly owns 45,675 shares in the company, valued at approximately $1,851,664.50. The trade was a 30.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Vandana Venkatesh sold 10,000 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $43.79, for a total value of $437,900.00. Following the transaction, the executive vice president now owns 14,459 shares in the company, valued at approximately $633,159.61. This trade represents a 40.88 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 54,085 shares of company stock valued at $2,233,295. Insiders own 0.10% of the company's stock.

Institutional Investors Weigh In On Verizon Communications

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Bernard Wealth Management Corp. boosted its stake 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 buying an additional 243 shares in the last quarter. Cherry Tree Wealth Management LLC boosted its position in shares of 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 valued at $26,000 after acquiring an additional 244 shares in the last quarter. Garde Capital Inc. bought a new stake in Verizon Communications in the first quarter valued at about $26,000. Mainstream Capital Management LLC acquired a new position in Verizon Communications in the fourth quarter worth about $28,000. Finally, Legend Financial Advisors Inc. lifted its position in shares of Verizon Communications by 69.6% during the 4th quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier's stock worth $31,000 after buying an additional 320 shares during the period. 62.06% of the stock is 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).