Verizon Communications (VZ) Upgraded to “Buy” at ValuEngine

Verizon Communications (NYSE:VZ) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Friday.

Several other brokerages also recently weighed in on VZ. Robert W. Baird restated a “hold” rating and issued a $49.00 target price on shares of Verizon Communications in a research note on Wednesday, October 4th. Macquarie restated a “hold” rating and issued a $52.00 target price on shares of Verizon Communications in a research note on Sunday, October 22nd. KeyCorp restated a “hold” rating on shares of Verizon Communications in a research note on Saturday, October 21st. Bank of America set a $52.00 price objective on shares of Verizon Communications and gave the stock a “buy” rating in a research note on Friday, October 20th. Finally, SunTrust Banks reiterated a “hold” rating and set a $50.00 price objective on shares of Verizon Communications in a research note on Friday, October 20th. Two analysts have rated the stock with a sell rating, nineteen have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $51.25.

Shares of Verizon Communications (NYSE VZ) traded up $0.36 during mid-day trading on Friday, reaching $51.25. 23,907,595 shares of the company traded hands, compared to its average volume of 15,615,377. The stock has a market capitalization of $209,070.00, a price-to-earnings ratio of 13.02, a price-to-earnings-growth ratio of 4.58 and a beta of 0.55. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 4.05. Verizon Communications has a 12 month low of $42.80 and a 12 month high of $54.83.

Verizon Communications (NYSE:VZ) last announced its earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.98. The company had revenue of $31.70 billion during the quarter, compared to the consensus estimate of $31.45 billion. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. Verizon Communications’s revenue was up 2.5% compared to the same quarter last year. During the same period last year, the firm earned $1.01 earnings per share. analysts anticipate that Verizon Communications will post 3.77 EPS for the current fiscal year.

In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction on Friday, October 27th. The shares were sold at an average price of $48.62, for a total value of $29,658.20. Following the completion of the transaction, the executive vice president now owns 5,989 shares of the company’s stock, valued at $291,185.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 1,830 shares of company stock valued at $88,609 in the last ninety days. 0.13% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in VZ. Shelton Capital Management boosted its holdings in Verizon Communications by 3.8% in the 3rd quarter. Shelton Capital Management now owns 152,177 shares of the cell phone carrier’s stock valued at $7,531,000 after purchasing an additional 5,527 shares during the last quarter. Chicago Partners Investment Group LLC boosted its holdings in Verizon Communications by 140.2% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 11,842 shares of the cell phone carrier’s stock valued at $586,000 after purchasing an additional 6,912 shares during the last quarter. Steward Partners Investment Advisory LLC acquired a new position in Verizon Communications in the 3rd quarter valued at about $5,556,000. Public Employees Retirement System of Ohio boosted its holdings in Verizon Communications by 0.4% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 2,945,446 shares of the cell phone carrier’s stock valued at $145,770,000 after purchasing an additional 11,247 shares during the last quarter. Finally, Crestwood Advisors Group LLC boosted its holdings in Verizon Communications by 21.3% in the 3rd quarter. Crestwood Advisors Group LLC now owns 11,512 shares of the cell phone carrier’s stock valued at $570,000 after purchasing an additional 2,022 shares during the last quarter. 63.38% of the stock is owned by institutional investors.

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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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