Verizon Communications Inc. (NYSE:VZ) – Analysts at SunTrust Banks cut their Q3 2017 earnings per share (EPS) estimates for Verizon Communications in a note issued to investors on Friday. SunTrust Banks analyst G. Miller now expects that the cell phone carrier will earn $0.94 per share for the quarter, down from their prior forecast of $0.95. SunTrust Banks has a “Hold” rating and a $50.00 price objective on the stock. SunTrust Banks also issued estimates for Verizon Communications’ FY2017 earnings at $3.68 EPS, Q2 2018 earnings at $0.98 EPS and FY2018 earnings at $3.81 EPS.
Several other brokerages also recently commented on VZ. Zacks Investment Research downgraded shares of Verizon Communications from a “hold” rating to a “sell” rating in a report on Tuesday, April 4th. Vetr upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $47.44 target price for the company in a report on Wednesday, June 21st. Cowen and Company reiterated a “hold” rating and issued a $49.00 target price on shares of Verizon Communications in a report on Wednesday, July 19th. ValuEngine downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $48.00 target price on shares of Verizon Communications in a report on Friday, April 21st. Two analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $53.04.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, hitting the consensus estimate of $0.96. The company had revenue of $30.55 billion for the quarter, compared to analyst estimates of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. Verizon Communications’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.94 EPS.
A number of large investors have recently made changes to their positions in VZ. Menta Capital LLC raised its stake in shares of Verizon Communications by 1.0% in the fourth quarter. Menta Capital LLC now owns 84,550 shares of the cell phone carrier’s stock valued at $4,513,000 after buying an additional 800 shares during the last quarter. Parallel Advisors LLC bought a new stake in shares of Verizon Communications during the fourth quarter valued at about $1,965,000. Chilton Capital Management LLC raised its stake in shares of Verizon Communications by 0.8% in the fourth quarter. Chilton Capital Management LLC now owns 194,769 shares of the cell phone carrier’s stock valued at $10,397,000 after buying an additional 1,505 shares during the last quarter. Bristol Advisors LLC bought a new stake in shares of Verizon Communications during the fourth quarter valued at about $539,000. Finally, Folger Hill Asset Management LP bought a new stake in shares of Verizon Communications during the fourth quarter valued at about $1,200,000. Institutional investors and hedge funds own 62.52% of the company’s stock.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $45.34, for a total transaction of $27,657.40. Following the completion of the sale, the executive vice president now directly owns 9,039 shares in the company, valued at $409,828.26. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.13% of the company’s stock.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th will be given a dividend of $0.5775 per share. The ex-dividend date of this dividend is Thursday, July 6th. This represents a $2.31 annualized dividend and a yield of 4.77%. Verizon Communications’s payout ratio is presently 59.23%.
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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