Verizon Communications Inc. (NYSE:VZ) issued its quarterly earnings data on Thursday, October 19th. The cell phone carrier reported $0.98 EPS for the quarter, hitting analysts’ consensus estimates of $0.98, Bloomberg Earnings reports. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The firm had revenue of $31.70 billion for the quarter, compared to analyst estimates of $31.45 billion. During the same quarter in the prior year, the firm earned $1.01 EPS. The company’s revenue was up 2.5% on a year-over-year basis.
Shares of Verizon Communications (NYSE:VZ) traded down 0.04% during trading on Friday, hitting $48.87. 12,423,443 shares of the stock traded hands. The firm has a market cap of $199.36 billion, a P/E ratio of 12.56 and a beta of 0.56. The company has a 50-day moving average of $48.60 and a 200-day moving average of $47.02. Verizon Communications has a 52 week low of $42.80 and a 52 week high of $54.83.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be paid a dividend of $0.59 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 annualized dividend and a dividend yield of 4.83%. The ex-dividend date of this dividend is Friday, October 6th. Verizon Communications’s dividend payout ratio (DPR) is currently 60.51%.
In other news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $49.23, for a total value of $30,030.30. Following the completion of the transaction, the executive vice president now owns 6,599 shares in the company, valued at $324,868.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.13% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of VZ. Beach Investment Management LLC. purchased a new stake in Verizon Communications during the second quarter valued at $4,320,000. QCI Asset Management Inc. NY grew its holdings in Verizon Communications by 3.1% during the second quarter. QCI Asset Management Inc. NY now owns 312,897 shares of the cell phone carrier’s stock valued at $13,974,000 after purchasing an additional 9,366 shares during the period. Evergreen Capital Management LLC grew its holdings in Verizon Communications by 5.9% during the second quarter. Evergreen Capital Management LLC now owns 57,902 shares of the cell phone carrier’s stock valued at $2,586,000 after purchasing an additional 3,250 shares during the period. Homrich & Berg grew its holdings in Verizon Communications by 11.5% during the second quarter. Homrich & Berg now owns 46,965 shares of the cell phone carrier’s stock valued at $2,097,000 after purchasing an additional 4,848 shares during the period. Finally, Motco grew its holdings in Verizon Communications by 3.1% during the second quarter. Motco now owns 84,275 shares of the cell phone carrier’s stock valued at $3,764,000 after purchasing an additional 2,514 shares during the period. Institutional investors own 62.28% of the company’s stock.
A number of equities research analysts have commented on VZ shares. Vetr raised shares of Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 price objective on the stock in a report on Wednesday, July 5th. Royal Bank Of Canada reissued a “hold” rating and set a $48.00 price objective on shares of Verizon Communications in a report on Sunday, July 9th. Zacks Investment Research raised shares of Verizon Communications from a “sell” rating to a “hold” rating in a report on Friday, July 7th. BidaskClub raised shares of Verizon Communications from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Finally, Bank of America Corporation reduced their target price on shares of Verizon Communications from $59.00 to $50.00 and set a “buy” rating on the stock in a research note on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating, twenty have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Verizon Communications currently has a consensus rating of “Hold” and an average price target of $52.75.
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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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