Verizon Communications (NYSE:VZ) Downgraded by Scotiabank



Scotiabank lowered shares of Verizon Communications (NYSE:VZ – Get Rating) from an outperform rating to a sector perform rating in a research report released on Friday morning, The Fly reports.

VZ has been the subject of several other research reports. JPMorgan Chase & Co. restated a hold rating and set a $57.00 target price on shares of Verizon Communications in a research note on Friday, June 24th. Deutsche Bank Aktiengesellschaft reduced their objective price on Verizon Communications from $59.00 to $58.00 in a research note on Tuesday, July 19th. Wells Fargo & Company reduced their objective price on Verizon Communications from $58.00 to $52.00 and set an equal weight rating for the company in a research note on Friday, July 8th. Credit Suisse Group reduced their objective price on Verizon Communications from $58.00 to $54.00 and set a neutral rating for the company in a research note on Tuesday, June 21st. Finally, The Goldman Sachs Group cut Verizon Communications from a buy rating to a neutral rating and reduced their price objective for the company from $61.00 to $55.00 in a research note on Monday, April 25th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of 56.93.

Verizon Communications Stock Performance

Shares of Verizon Communications stock opened at $44.45 on Friday. Verizon Communications has a one year low of $43.76 and a one year high of $56.33. The company has a market cap of $186.67 billion, a PE ratio of 8.91, a P/E/G ratio of 2.03 and a beta of 0.40. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.69 and a current ratio of 0.76. The business has a 50-day simple moving average of $50.34 and a 200-day simple moving average of $51.56.

Verizon Communications (NYSE:VZ – Get Rating) last posted its earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.01). The business had revenue of $33.79 billion for the quarter, compared to analysts’ expectations of $33.77 billion. Verizon Communications had a return on equity of 28.15% and a net margin of 15.93%. Verizon Communications’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.37 EPS. On average, equities research analysts forecast that Verizon Communications will post 5.15 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 1st. Investors of record on Friday, July 8th will be issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 5.76%. The ex-dividend date of this dividend is Thursday, July 7th. Verizon Communications’s dividend payout ratio is presently 51.30%.

Insider Buying and Selling

In other Verizon Communications news, CEO Tami A. Erwin sold 23,647 shares of the company’s stock in a transaction on Tuesday, April 26th. The stock was sold at an average price of $49.77, for a total value of $1,176,911.19. Following the sale, the chief executive officer now owns 21,817 shares of the company’s stock, valued at $1,085,832.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Verizon Communications news, CEO Tami A. Erwin sold 23,647 shares of the company’s stock in a transaction on Tuesday, April 26th. The stock was sold at an average price of $49.77, for a total value of $1,176,911.19. Following the sale, the chief executive officer now owns 21,817 shares of the company’s stock, valued at $1,085,832.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Craig L. Silliman sold 1,558 shares of the company’s stock in a transaction on Friday, June 3rd. The shares were sold at an average price of $50.94, for a total value of $79,364.52. Following the completion of the sale, the executive vice president now owns 34,961 shares in the company, valued at $1,780,913.34. The disclosure for this sale can be found here. Insiders have sold 28,321 shares of company stock valued at $1,414,288 over the last quarter. Company insiders own 0.10% of the company’s stock.

Institutional Trading of Verizon Communications

Several institutional investors and hedge funds have recently made changes to their positions in VZ. Norges Bank purchased a new stake in shares of Verizon Communications in the fourth quarter valued at $1,884,917,000. BlackRock Inc. lifted its position in Verizon Communications by 4.8% during the first quarter. BlackRock Inc. Now owns 304,700,845 shares of the cell phone carrier’s stock worth $15,521,461,000 after buying an additional 13,959,954 shares during the period. Fisher Asset Management LLC lifted its position in Verizon Communications by 19,095.1% during the fourth quarter. Fisher Asset Management LLC now owns 9,778,922 shares of the cell phone carrier’s stock worth $508,113,000 after buying an additional 9,727,977 shares during the period. Vanguard Group Inc. lifted its position in Verizon Communications by 2.7% during the first quarter. Vanguard Group Inc. Now owns 330,221,086 shares of the cell phone carrier’s stock worth $16,821,462,000 after buying an additional 8,570,818 shares during the period. Finally, Renaissance Technologies LLC lifted its position in Verizon Communications by 81.3% during the first quarter. Renaissance Technologies LLC now owns 10,604,493 shares of the cell phone carrier’s stock worth $540,193,000 after buying an additional 4,756,222 shares during the period. 63.78% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Company Profile

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Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

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Analyst Recommendations for Verizon Communications (NYSE:VZ)



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