Verizon Communications Inc. (VZ) To Go Ex-Dividend on October 6th
Verizon Communications Inc. (NYSE:VZ) announced a quarterly dividend on Thursday, September 7th, RTT News reports. Stockholders of record on Tuesday, October 10th will be paid a dividend of 0.59 per share by the cell phone carrier on Wednesday, November 1st. This represents a $2.36 annualized dividend and a dividend yield of 4.77%. The ex-dividend date of this dividend is Friday, October 6th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.58.
Verizon Communications has raised its dividend payment by an average of 3.1% annually over the last three years and has raised its dividend every year for the last 10 years. Verizon Communications has a payout ratio of 62.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Verizon Communications to earn $3.87 per share next year, which means the company should continue to be able to cover its $2.36 annual dividend with an expected future payout ratio of 61.0%.
Shares of Verizon Communications (NYSE VZ) opened at 49.49 on Friday. The stock’s 50 day moving average price is $48.00 and its 200 day moving average price is $47.06. The company has a market capitalization of $201.89 billion, a PE ratio of 12.72 and a beta of 0.57. Verizon Communications has a 12 month low of $42.80 and a 12 month high of $54.83.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.96. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The firm had revenue of $30.55 billion for the quarter, compared to analysts’ expectations of $29.84 billion. During the same period in the previous year, the firm earned $0.94 EPS. The business’s quarterly revenue was up .1% on a year-over-year basis. On average, analysts forecast that Verizon Communications will post $3.77 EPS for the current year.
A number of research analysts have recently weighed in on VZ shares. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a research report on Tuesday, August 8th. Vetr raised Verizon Communications from a “hold” rating to a “buy” rating and set a $47.44 price objective on the stock in a research report on Wednesday, June 21st. Bank of America Corporation reaffirmed a “buy” rating on shares of Verizon Communications in a research report on Saturday, June 17th. Barclays PLC lowered their price objective on Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Friday, July 14th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and set a $48.00 price objective on shares of Verizon Communications in a research report on Sunday, July 9th. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Verizon Communications presently has a consensus rating of “Hold” and a consensus price target of $53.00.
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In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $47.74, for a total value of $29,121.40. Following the completion of the sale, the executive vice president now directly owns 7,819 shares in the company, valued at approximately $373,279.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 1,830 shares of company stock valued at $88,828 over the last quarter. Company insiders own 0.13% of the company’s stock.
Several hedge funds have recently modified their holdings of the business. Mountain Capital Investment Advisors Inc purchased a new stake in shares of Verizon Communications during the 2nd quarter worth $156,000. Almanack Investment Partners LLC. purchased a new stake in shares of Verizon Communications during the 2nd quarter worth $189,000. Cedar Capital LLC purchased a new stake in shares of Verizon Communications during the 2nd quarter worth $205,000. Miles Capital Inc. lifted its stake in shares of Verizon Communications by 2.8% during the 2nd quarter. Miles Capital Inc. now owns 4,653 shares of the cell phone carrier’s stock worth $208,000 after purchasing an additional 127 shares during the last quarter. Finally, Polaris Greystone Financial Group LLC purchased a new stake in shares of Verizon Communications during the 2nd quarter worth $219,000. Institutional investors and hedge funds own 62.23% of the company’s stock.
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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