Verizon Communications Inc. (NYSE:VZ) announced a quarterly dividend on Thursday, December 7th, RTT News reports. Investors of record on Wednesday, January 10th will be given a dividend of 0.59 per share by the cell phone carrier on Thursday, February 1st. This represents a $2.36 annualized dividend and a dividend yield of 4.56%. The ex-dividend date of this dividend is Tuesday, January 9th.
Verizon Communications has increased its dividend by an average of 2.8% annually over the last three years and has increased its dividend annually for the last 11 consecutive years. Verizon Communications has a dividend payout ratio of 62.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Verizon Communications to earn $3.87 per share next year, which means the company should continue to be able to cover its $2.36 annual dividend with an expected future payout ratio of 61.0%.
Verizon Communications (NYSE:VZ) traded up $0.07 during trading hours on Thursday, hitting $51.76. The company had a trading volume of 3,538,812 shares, compared to its average volume of 16,410,000. The stock has a market capitalization of $211,110.00, a PE ratio of 13.27, a P/E/G ratio of 4.80 and a beta of 0.57. The company has a debt-to-equity ratio of 4.05, a current ratio of 1.07 and a quick ratio of 1.02. Verizon Communications has a 12-month low of $42.80 and a 12-month high of $53.69.
A number of research analysts have recently issued reports on VZ shares. HSBC downgraded Verizon Communications from a “buy” rating to a “hold” rating and cut their price target for the company from $54.83 to $42.80 in a report on Thursday, December 14th. They noted that the move was a valuation call. Bank of America set a $52.00 price target on Verizon Communications and gave the company a “buy” rating in a report on Friday, October 20th. Robert W. Baird reiterated a “hold” rating and issued a $49.00 price target on shares of Verizon Communications in a report on Wednesday, October 4th. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Finally, KeyCorp reiterated a “hold” rating on shares of Verizon Communications in a report on Saturday, October 21st. Two analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $51.98.
In other news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $47.41, for a total value of $28,920.10. Following the completion of the transaction, the executive vice president now owns 3,269 shares of the company’s stock, valued at approximately $154,983.29. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.13% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of VZ. Glassman Wealth Services raised its holdings in Verizon Communications by 0.4% in the 2nd quarter. Glassman Wealth Services now owns 7,719 shares of the cell phone carrier’s stock worth $345,000 after purchasing an additional 31 shares during the period. DF Dent & Co. Inc. raised its holdings in Verizon Communications by 0.6% in the 2nd quarter. DF Dent & Co. Inc. now owns 8,506 shares of the cell phone carrier’s stock worth $380,000 after purchasing an additional 50 shares during the period. Keel Point LLC raised its holdings in Verizon Communications by 0.6% in the 2nd quarter. Keel Point LLC now owns 12,359 shares of the cell phone carrier’s stock worth $552,000 after purchasing an additional 78 shares during the period. Balentine LLC raised its holdings in Verizon Communications by 1.7% in the 2nd quarter. Balentine LLC now owns 5,389 shares of the cell phone carrier’s stock worth $241,000 after purchasing an additional 91 shares during the period. Finally, Miles Capital Inc. raised its holdings in Verizon Communications by 2.8% in the 2nd quarter. Miles Capital Inc. now owns 4,653 shares of the cell phone carrier’s stock worth $208,000 after purchasing an additional 127 shares during the period. 63.21% of the stock is owned by institutional investors and hedge funds.
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Verizon Communications Company Profile
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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