Verizon Communications Inc. (VZ) Increases Dividend to $0.59 Per Share
Verizon Communications Inc. (NYSE:VZ) declared a quarterly dividend on Thursday, September 7th, RTT News reports. Investors of record on Tuesday, October 10th will be given a dividend of 0.59 per share by the cell phone carrier on Wednesday, November 1st. This represents a $2.36 dividend on an annualized basis and a yield of 5.03%. 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 60.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Verizon Communications to earn $3.88 per share next year, which means the company should continue to be able to cover its $2.31 annual dividend with an expected future payout ratio of 59.5%.
Verizon Communications (NYSE VZ) traded down 0.970% during trading on Thursday, reaching $46.455. The company had a trading volume of 6,000,072 shares. The company has a market capitalization of $189.51 billion, a price-to-earnings ratio of 11.942 and a beta of 0.57. Verizon Communications has a one year low of $42.80 and a one year high of $54.83. The company has a 50-day moving average price of $47.51 and a 200 day moving average price of $47.24.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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 analyst estimates of $29.84 billion. During the same period last year, the company earned $0.94 EPS. The firm’s quarterly revenue was up .1% on a year-over-year basis. Analysts expect that Verizon Communications will post $3.78 earnings per share for the current year.
In related news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $47.74, for a total transaction of $29,121.40. Following the completion of the transaction, the executive vice president now owns 7,819 shares in the company, valued at approximately $373,279.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 1,830 shares of company stock valued at $86,248 in the last 90 days. Insiders own 0.13% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in VZ. Beach Investment Management LLC. bought a new stake in Verizon Communications during the 2nd quarter valued at $4,320,000. QCI Asset Management Inc. NY raised its stake in Verizon Communications by 3.1% during the 2nd quarter. QCI Asset Management Inc. NY now owns 312,897 shares of the cell phone carrier’s stock valued at $13,974,000 after acquiring an additional 9,366 shares in the last quarter. Evergreen Capital Management LLC raised its stake in Verizon Communications by 5.9% during the 2nd quarter. Evergreen Capital Management LLC now owns 57,902 shares of the cell phone carrier’s stock valued at $2,586,000 after acquiring an additional 3,250 shares in the last quarter. Homrich & Berg raised its stake in Verizon Communications by 11.5% during the 2nd quarter. Homrich & Berg now owns 46,965 shares of the cell phone carrier’s stock valued at $2,097,000 after acquiring an additional 4,848 shares in the last quarter. Finally, Motco raised its stake in Verizon Communications by 3.1% during the 2nd quarter. Motco now owns 84,275 shares of the cell phone carrier’s stock valued at $3,764,000 after acquiring an additional 2,514 shares in the last quarter. Institutional investors and hedge funds own 62.33% of the company’s stock.
VZ has been the topic of a number of research analyst reports. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. Bank of America Corporation reissued a “buy” rating on shares of Verizon Communications in a research note on Saturday, June 17th. Vetr raised Verizon Communications from a “hold” rating to a “buy” rating and set a $47.62 price target on the stock in a research note on Tuesday, May 23rd. Barclays PLC cut their price objective on Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating on the stock in a report on Friday, July 14th. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $48.00 price objective on shares of Verizon Communications in a report on Thursday, May 25th. Two equities research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $52.73.
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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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