KeyCorp reiterated their hold rating on shares of Verizon Communications Inc. (NYSE:VZ) in a report published on Saturday morning. KeyCorp also issued estimates for Verizon Communications’ Q1 2018 earnings at $1.01 EPS, Q2 2018 earnings at $1.01 EPS, Q3 2018 earnings at $1.04 EPS, Q4 2018 earnings at $0.97 EPS and FY2018 earnings at $4.03 EPS.
Several other equities research analysts have also recently issued reports on the stock. Bank of America Corporation set a $52.00 target price on shares of Verizon Communications and gave the stock a buy rating in a research report on Friday. SunTrust Banks, Inc. reissued a hold rating and issued a $50.00 target price on shares of Verizon Communications in a research report on Friday. Moffett Nathanson reissued a buy rating on shares of Verizon Communications in a research report on Thursday, October 12th. Robert W. Baird reissued a hold rating and issued a $49.00 target price on shares of Verizon Communications in a research report on Wednesday, October 4th. Finally, Cowen and Company reissued a hold rating and issued a $52.00 target price on shares of Verizon Communications in a research report on Tuesday, September 19th. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $53.10.
Verizon Communications (VZ) traded up 0.65% during midday trading on Friday, hitting $49.53. 16,259,580 shares of the stock were exchanged. The firm has a 50 day moving average of $48.52 and a 200-day moving average of $47.03. The stock has a market cap of $202.03 billion, a price-to-earnings ratio of 12.70 and a beta of 0.56. Verizon Communications has a 12-month low of $42.80 and a 12-month high of $54.83.
Verizon Communications (NYSE:VZ) last released its earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.98. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The business had revenue of $31.70 billion for the quarter, compared to analysts’ expectations of $31.45 billion. During the same period last year, the company earned $1.01 earnings per share. The company’s quarterly revenue was up 2.5% on a year-over-year basis. On average, equities analysts expect that Verizon Communications will post $3.76 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.76%. The ex-dividend date of this dividend is Friday, October 6th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s payout ratio is 60.51%.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction on Monday, August 28th. The shares were sold at an average price of $48.65, for a total value of $29,676.50. Following the completion of the transaction, the executive vice president now owns 7,209 shares of the company’s stock, valued at $350,717.85. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last 90 days, insiders sold 1,830 shares of company stock valued at $88,828. Insiders own 0.13% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in VZ. Capital Research Global Investors boosted its holdings in Verizon Communications by 15.1% in the second quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock worth $6,851,202,000 after purchasing an additional 20,070,391 shares during the period. FMR LLC boosted its holdings in Verizon Communications by 15.0% in the second quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock worth $2,761,466,000 after purchasing an additional 8,077,275 shares during the period. Vanguard Group Inc. boosted its holdings in Verizon Communications by 2.1% in the second quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock worth $12,634,070,000 after purchasing an additional 5,837,702 shares during the period. Franklin Resources Inc. boosted its holdings in Verizon Communications by 19.9% in the second quarter. Franklin Resources Inc. now owns 21,820,729 shares of the cell phone carrier’s stock worth $974,515,000 after purchasing an additional 3,623,182 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in Verizon Communications by 52.6% in the second quarter. Principal Financial Group Inc. now owns 9,014,846 shares of the cell phone carrier’s stock worth $402,604,000 after purchasing an additional 3,107,054 shares during the period. 62.22% of the stock is owned by hedge funds and other institutional investors.
About Verizon Communications
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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