Verizon Communications (NYSE:VZ) Shares Down 0% - Here's What Happened

On Wednesday, shares of Verizon Communications Inc. (NYSE:VZ) remained unchanged, dropping just 0% during the trading session. The stock reached a low of $38.59 before ending the day at $39.02. In total, around 5,558,858 shares exchanged hands, which is a significant decline of 75% when compared to the average daily trading volume of 22,243,938 shares. The stock had previously closed at $39.02.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on Verizon's stock performance. Scotiabank increased its price target for Verizon Communications from $46.50 to $47.25, assigning the stock a "sector perform" rating in a report published on October 18. Bank of America also raised its target from $41.00 to $45.00, maintaining a "neutral" rating as of September 26. Additionally, UBS Group adjusted its price target upward from $44.00 to $45.00, while assigning it a "neutral" rating on December 20. Sanford C. Bernstein initiated coverage with a "market perform" rating and set a $48.00 price target on December 10. StockNews.com made a revision as well, changing its rating from "strong-buy" to "buy" on December 16. Currently, 11 analysts rate the stock as a hold, 8 have given it a buy rating, and one has rated it a strong buy. MarketBeat indicates that the consensus rating is "Moderate Buy" with a target price of $46.33.

Verizon Communications Trading Performance

Verizon's stock has a market capitalization of approximately $166.43 billion, a price-to-earnings ratio of 17.04, and a PEG ratio of 3.27, along with a beta of 0.46. Its debt-to-equity ratio stands at 1.32, with a current ratio of 0.66 and a quick ratio of 0.62. The company's 50-day moving average price is $40.89, while the 200-day moving average price is $41.63.

Recent Earnings Results

The company recently announced its earnings for the last quarter on January 24, where it reported $1.10 earnings per share, slightly missing the analysts' expectations of $1.11 by ($0.01). Verizon's return on equity was 20.05%, with a net profit margin of 7.30%. For the same quarter last year, the reported EPS was $1.08. Current projections by research analysts suggest that Verizon Communications will post earnings of 4.59 EPS for the fiscal year.

Dividend Information

Verizon has declared a quarterly dividend, which is set to be paid on February 3. The record date for investors is January 10, during which they will receive a payment of $0.6775 per share. The ex-dividend date is also January 10. This annualizes to a $2.71 dividend, which results in a yield of 6.85%. Notably, Verizon’s dividend payout ratio currently stands at 116.81%.

Institutional Shareholder Changes

Several institutional investors have recently changed their stakes in Verizon. During the third quarter, Kestra Investment Management LLC acquired a new position worth about $3,376,000. Cyndeo Wealth Partners LLC increased its holdings by 9.7%, now holding 202,521 shares valued at $9,095,000 after buying an additional 17,855 shares. Benjamin Edwards Inc. grew its position by 1,934.5%, acquiring 1,080,015 shares worth $48,503,000 after adding 1,026,930 shares last quarter. Also, Burney Co. raised its stake by 30.4%, owning 186,621 shares now valued at $7,463,000. Lastly, Janney Montgomery Scott LLC increased its position by 2.9%, holding 2,058,443 shares valued at $92,445,000. Overall, institutional and hedge funds own approximately 62.06% of the stock.

Overview of Verizon Communications

Verizon Communications Inc., through its subsidiaries, provides communication, technology, information, and entertainment services to consumers, businesses, and government entities all over the world. The company has two main segments: Verizon Consumer Group and Verizon Business Group.

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