Verizon Communications Inc. (NYSE:VZ – Get Rating) was hit by a sharp drop in short-term interest rates in August. On August 15th, there was short interest totaling 28,880,000 shares, down 25.9% from the July 31st total of 39,000,000 shares. Based on an average daily trading volume of 19,400,000 shares, the short interest rate ratio is currently 1.5 days.
Insider Transactions at Verizon Communications
In addition, EVP Craig L. Silliman sold 1,558 shares of the company’s stock in a transaction that took place on Friday, June 3rd. The stock sold at an average price of $50.94 for a total value of $79,364.52. Following the transaction, the Executive Vice President now owns 34,961 shares of the Company, valued at approximately $1,780,913.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, available at this link. Company insiders own 0.10% of the company’s stock.
Institutional Trading by Verizon Communications
Several institutional investors have recently added to or reduced their stakes in the company. Columbia Asset Management acquired a new stake in Verizon Communications for approximately $4,301,000 during the second quarter. BDO Wealth Advisors LLC increased its stake in Verizon Communications by 3.8% in the second quarter. BDO Wealth Advisors LLC now owns 56,370 shares of the wireless carrier, valued at $2,861,000, after purchasing an additional 2,081 shares last quarter. Cordatus Wealth Management LLC increased its stake in Verizon Communications by 27.6% in the second quarter. Cordatus Wealth Management LLC now owns 6,373 shares of the wireless carrier, valued at $323,000, after purchasing an additional 1,377 shares last quarter. Cape ANN Savings Bank increased its stake in Verizon Communications by 3.5% in the second quarter. Cape ANN Savings Bank now owns 22,663 shares of the wireless carrier, valued at $1,150,000, after purchasing an additional 764 shares last quarter. Finally, Stock Yards Bank & Trust Co. increased its stake in Verizon Communications by 136.7% during the second quarter. Stock Yards Bank & Trust Co. now owns 178,389 shares of the wireless service provider, valued at $9,054,000, after purchasing an additional 103,025 shares last quarter. 63.78% of the shares are currently owned by hedge funds and other institutional investors.
Verizon Communications shares down 1.1%
NYSE:VZ shares opened at $43.25 on Friday. Verizon Communications has a 52-week low of $43.22 and a 52-week high of $55.51. The company has a 50-day moving average of $47.59 and a 200-day moving average of $50.11. The company has a market cap of $181.64 billion, a PE ratio of 8.67, a price-to-earnings-to-growth ratio of 2.07 and a beta of 0.33. The company has a debt to equity ratio of 1.56, a quick ratio of 0.69 and a current ratio of 0.76.
Verizon Communications (NYSE:VZ – Get Rating) last announced its earnings results on Friday, July 22nd. The wireless carrier reported earnings per share (EPS) of $1.31 for the quarter, beating the consensus estimate of $1.32 ($0.01). Verizon Communications had a return on equity of 26.95% and a net margin of 15.48%. The company made $33.79 billion in revenue for the quarter, compared to analysts’ expectations of $33.77 billion. In the same quarter last year, the company reported earnings per share of $1.37. The company’s revenue rose 0.1% year over year. As a group, research analysts expect Verizon Communications to post 5.2 EPS for the current fiscal year.
Verizon Communications announces dividend
The company also recently announced a quarterly dividend, which was paid on Monday, August 1st. Stockholders of record on Friday, July 8 received a dividend of $0.64 per share. The ex-dividend date of this dividend was Thursday July 7th. That equates to an annualized dividend of $2.56 and a yield of 5.92%. Verizon Communications payout percentage is 51.30%.
Analysts set new price targets
A number of equity analysts recently commented on the VZ share. Cowen lowered its target price on Verizon Communications shares to $64.00 from $71.00 and gave the stock a “Outperform” rating in a report on Monday, July. Raymond James reiterated an outperform rating and price target of $64.00 on Verizon Communications in a report on Thursday, July 7th. Morgan Stanley lowered its price target on Verizon Communications shares to $58.00 from $60.00 and gave the stock an “equal weight” rating in a report on Monday, July 25. Wells Fargo & Company lowered its target price on Verizon Communications shares to $52.00 from $58.00 and gave the stock an “equal weight” rating in a report on Friday, July 8. Finally, Moffett Nathanson downgraded shares of Verizon Communications from a “Market Perform” rating to an “Underperform” rating and set a price target of $41.00 for the stock. in a report on Thursday, August 18. Two analysts have rated the stock with a sell rating, fifteen with a hold rating and five with a buy rating. According to MarketBeat.com, Verizon Communications currently has an average rating of Hold and a consensus target of $55.68.
Verizon Communications Company Profile
Verizon Communications Inc, through its subsidiaries, provides communications, technology, information and entertainment products and services to consumers, businesses and government agencies worldwide. The consumer segment offers postpaid and prepaid service plans; Internet access on notebooks and tablets; wireless devices including smartphones and other handsets; and wireless-enabled Internet devices such as tablets and other wireless-enabled connected devices, including smartwatches.
This instant news alert was generated by MarketBeat’s narrative science technology and financial data to provide readers with the fastest, most accurate reporting. This story was reviewed by the MarketBeat editorial team before publication. Please send questions or comments about this story to email@example.com.
Before you consider Verizon Communications, you should hear this.
MarketBeat tracks Wall Street’s best-in-class, top-performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now, before the broader market takes hold… and Verizon Communications wasn’t on the list.
While Verizon Communications is currently rated a Hold by analysts, top analysts believe these five stocks are better buys.
Check out the five stocks here