Verizon Communications (NYSE:VZ) Stock Price Up 0.8% - Here's What Happened

Shares of Verizon Communications Inc. (NYSE:VZ - Get Free Report) traded up 0.8% during mid-day trading on Friday . The company traded as high as $43.90 and last traded at $43.63. 5,548,776 shares changed hands during trading, a decline of 78% from the average session volume of 25,261,221 shares. The stock had previously closed at $43.30.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on VZ. StockNews.com downgraded Verizon Communications from a "strong-buy" rating to a "buy" rating in a research note on Thursday, March 13th. Tigress Financial raised their price target on Verizon Communications from $55.00 to $56.00 and gave the company a "buy" rating in a research report on Monday, April 28th. TD Cowen upgraded shares of Verizon Communications to a "strong-buy" rating in a research report on Wednesday, January 15th. Oppenheimer lifted their target price on shares of Verizon Communications from $48.00 to $50.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 1st. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $45.00 price target (up from $42.00) on shares of Verizon Communications in a research report on Tuesday, March 25th. Nine research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $47.41.

Verizon Communications Price Performance

The company has a debt-to-equity ratio of 1.21, a current ratio of 0.63 and a quick ratio of 0.59. The company's 50-day moving average is $43.68 and its 200-day moving average is $41.96. The firm has a market capitalization of $184.42 billion, a price-to-earnings ratio of 10.57, a PEG ratio of 4.45 and a beta of 0.39.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.04. The firm had revenue of $33.50 billion for the quarter, compared to analysts' expectations of $33.31 billion. Verizon Communications had a return on equity of 19.80% and a net margin of 12.99%. On average, research analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th were given a dividend of $0.6775 per share. The ex-dividend date was Thursday, April 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.20%. Verizon Communications's dividend payout ratio (DPR) is 64.52%.

Insiders Place Their Bets

In related news, EVP Vandana Venkatesh sold 10,000 shares of the firm's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $43.79, for a total transaction of $437,900.00. Following the sale, the executive vice president now directly owns 14,459 shares in the company, valued at approximately $633,159.61. This trade represents a 40.88 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Kyle Malady sold 8,000 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $39.88, for a total value of $319,040.00. Following the completion of the transaction, the chief executive officer now owns 6,590 shares of the company's stock, valued at approximately $262,809.20. This represents a 54.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 30,500 shares of company stock worth $1,298,440 over the last ninety days. 0.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Verizon Communications

A number of institutional investors have recently added to or reduced their stakes in the company. Crescent Sterling Ltd. boosted its position in shares of Verizon Communications by 0.8% during the first quarter. Crescent Sterling Ltd. now owns 30,906 shares of the cell phone carrier's stock valued at $1,402,000 after buying an additional 235 shares during the last quarter. Bernard Wealth Management Corp. raised its stake in Verizon Communications by 81.0% during the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after buying an additional 243 shares during the last quarter. Cherry Tree Wealth Management LLC increased its position in Verizon Communications by 71.8% during the first 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 during the last quarter. NCM Capital Management LLC boosted its position in Verizon Communications by 1.4% in the fourth quarter. NCM Capital Management LLC now owns 18,390 shares of the cell phone carrier's stock worth $735,000 after purchasing an additional 245 shares during the last quarter. Finally, CRA Financial Services LLC grew its stake in shares of Verizon Communications by 3.7% during the 1st quarter. CRA Financial Services LLC now owns 6,913 shares of the cell phone carrier's stock valued at $314,000 after purchasing an additional 246 shares during the period. Institutional investors and hedge funds own 62.06% of the company's stock.

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).