Verizon Communications Inc. (NYSE:VZ) – KeyCorp increased their Q3 2017 EPS estimates for Verizon Communications in a research note issued on Thursday. KeyCorp analyst B. Nispel now forecasts that the cell phone carrier will post earnings per share of $0.99 for the quarter, up from their prior estimate of $0.97. KeyCorp also issued estimates for Verizon Communications’ Q4 2017 earnings at $0.93 EPS, FY2017 earnings at $3.83 EPS and FY2018 earnings at $3.97 EPS.
Verizon Communications (NYSE:VZ) last released its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.96. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The firm had revenue of $30.55 billion for the quarter, compared to the consensus estimate of $29.84 billion. During the same period in the prior year, the firm earned $0.94 EPS. The company’s revenue was up .1% compared to the same quarter last year.
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Several other equities analysts have also issued reports on VZ. Bank of America Corporation reiterated a “buy” rating on shares of Verizon Communications in a research note on Saturday, June 17th. Cowen and Company reiterated a “hold” rating and issued a $52.00 target price on shares of Verizon Communications in a research note on Friday. BidaskClub upgraded Verizon Communications from a “strong sell” rating to a “sell” rating in a research note on Monday. Royal Bank Of Canada lifted their target price on Verizon Communications from $48.00 to $50.00 and gave the company a “sector perform” rating in a research note on Monday. Finally, Argus lowered Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, April 21st. Two equities research analysts have rated the stock with a sell rating, twenty-three have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $53.04.
Shares of Verizon Communications (VZ) opened at 48.40 on Monday. The company’s 50-day moving average is $45.00 and its 200 day moving average is $47.49. The stock has a market capitalization of $197.42 billion, a P/E ratio of 12.44 and a beta of 0.54. Verizon Communications has a 12 month low of $42.80 and a 12 month high of $54.83.
Several hedge funds and other institutional investors have recently made changes to their positions in VZ. AlphaOne Investment Services LLC increased its position in shares of Verizon Communications by 1.8% in the fourth quarter. AlphaOne Investment Services LLC now owns 11,530 shares of the cell phone carrier’s stock valued at $615,000 after buying an additional 200 shares during the last quarter. Levin Capital Strategies L.P. increased its position in shares of Verizon Communications by 1.0% in the fourth quarter. Levin Capital Strategies L.P. now owns 1,114,934 shares of the cell phone carrier’s stock valued at $59,515,000 after buying an additional 11,525 shares during the last quarter. Huff W R Asset Management Co. LLC DE increased its position in shares of Verizon Communications by 17.5% in the fourth quarter. Huff W R Asset Management Co. LLC DE now owns 86,642 shares of the cell phone carrier’s stock valued at $4,625,000 after buying an additional 12,918 shares during the last quarter. Excalibur Management Corp increased its position in shares of Verizon Communications by 5.7% in the first quarter. Excalibur Management Corp now owns 123,976 shares of the cell phone carrier’s stock valued at $6,044,000 after buying an additional 6,723 shares during the last quarter. Finally, Beutel Goodman & Co Ltd. increased its position in shares of Verizon Communications by 6.8% in the first quarter. Beutel Goodman & Co Ltd. now owns 4,358,480 shares of the cell phone carrier’s stock valued at $179,129,000 after buying an additional 277,129 shares during the last quarter. 62.52% of the stock is owned by institutional investors and hedge funds.
In other news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $45.34, for a total transaction of $27,657.40. Following the completion of the transaction, the executive vice president now directly owns 9,039 shares of the company’s stock, valued at approximately $409,828.26. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.13% of the company’s stock.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th will be issued a $0.5775 dividend. This represents a $2.31 dividend on an annualized basis and a yield of 4.77%. The ex-dividend date is Thursday, July 6th. Verizon Communications’s payout ratio is presently 59.23%.
About Verizon Communications
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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