Verizon Communications (NYSE:VZ) Shares Down 1.4% – Here’s Why

Verizon Communications Inc. (NYSE:VZ)’s share price was down 1.4% during mid-day trading on Monday . The company traded as low as $43.44 and last traded at $43.42. Approximately 5,486,511 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 25,487,563 shares. The stock had previously closed at $44.04.

Analysts Set New Price Targets

Several brokerages have recently commented on VZ. Wolfe Research downgraded shares of Verizon Communications from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, March 12th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $45.00 price objective (up previously from $42.00) on shares of Verizon Communications in a report on Tuesday, March 25th. Scotiabank upped their target price on Verizon Communications from $48.00 to $48.50 and gave the company a “sector perform” rating in a report on Tuesday, April 8th. TD Cowen raised shares of Verizon Communications to a “strong-buy” rating in a research report on Wednesday, January 15th. Finally, Oppenheimer lifted their target price on shares of Verizon Communications from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, April 1st. Ten research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $46.92.

Verizon Communications Price Performance

The stock has a 50 day moving average of $43.46 and a 200-day moving average of $41.99. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.63. The company has a market cap of $179.88 billion, a PE ratio of 10.32, a price-to-earnings-growth ratio of 4.45 and a beta of 0.41.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.11 by ($0.01). Verizon Communications had a net margin of 12.99% and a return on equity of 19.80%. During the same period last year, the firm posted $1.08 earnings per share. Equities analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Thursday, April 10th will be issued a $0.6775 dividend. This represents a $2.71 annualized dividend and a yield of 6.34%. The ex-dividend date is Thursday, April 10th. Verizon Communications’s payout ratio is 65.46%.

Insider Transactions at Verizon Communications

In related news, EVP Vandana Venkatesh sold 10,000 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $43.79, for a total value of $437,900.00. Following the completion of the transaction, the executive vice president now directly owns 14,459 shares in the company, valued at approximately $633,159.61. This represents a 40.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Kyle Malady sold 11,085 shares of the stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $40.88, for a total transaction of $453,154.80. Following the transaction, the chief executive officer now directly owns 14,590 shares of the company’s stock, valued at approximately $596,439.20. This trade represents a 43.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,085 shares of company stock valued at $2,020,895 over the last 90 days. 0.02% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Verizon Communications

Several large investors have recently bought and sold shares of VZ. Bernard Wealth Management Corp. lifted its holdings in shares of 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 purchasing an additional 243 shares during the period. Mainstream Capital Management LLC purchased a new stake in shares of Verizon Communications in the fourth quarter valued at about $28,000. Mattson Financial Services LLC increased its position in Verizon Communications by 114.6% during the fourth quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier’s stock worth $31,000 after buying an additional 415 shares in the last quarter. Legend Financial Advisors Inc. increased its position in 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 purchasing an additional 320 shares in the last quarter. Finally, Capital A Wealth Management LLC purchased a new stake in shares of Verizon Communications during the fourth quarter worth about $32,000. Hedge funds and other institutional investors 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).