Verizon Communications (NYSE:VZ) had its price target lifted by SunTrust Banks to $58.00 in a research report issued on Wednesday, The Fly reports. The brokerage presently has a “hold” rating on the cell phone carrier’s stock. SunTrust Banks’ target price points to a potential upside of 8.96% from the company’s current price.
Several other equities analysts have also recently issued reports on the company. HSBC cut Verizon Communications from a “buy” rating to a “hold” rating and dropped their price target for the company from $54.83 to $42.80 in a research report on Thursday, December 14th. They noted that the move was a valuation call. Bank of America set a $52.00 price target on Verizon Communications and gave the company a “buy” rating in a research report on Friday, October 20th. Howard Weil upgraded Verizon Communications from a “sector perform” rating to a “sector outperform” rating in a research report on Monday. Robert W. Baird restated a “hold” rating and issued a $49.00 price target on shares of Verizon Communications in a research report on Wednesday, October 4th. Finally, ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Two equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and an average price target of $52.38.
Shares of Verizon Communications (VZ) opened at $53.23 on Wednesday. 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 52-week low of $42.80 and a 52-week high of $54.60. The company has a market capitalization of $220,210.00, a PE ratio of 7.23, a PEG ratio of 2.98 and a beta of 0.57.
In other news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $47.41, for a total transaction of $28,920.10. Following the sale, the executive vice president now owns 3,269 shares of the company’s stock, valued at approximately $154,983.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.13% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in the company. Bank of Montreal Can raised its position in shares of Verizon Communications by 9.1% during the 2nd quarter. Bank of Montreal Can now owns 7,455,407 shares of the cell phone carrier’s stock worth $332,958,000 after purchasing an additional 619,401 shares during the last quarter. Bouchey Financial Group Ltd raised its position in shares of Verizon Communications by 31.7% during the 2nd quarter. Bouchey Financial Group Ltd now owns 8,434 shares of the cell phone carrier’s stock worth $377,000 after purchasing an additional 2,031 shares during the last quarter. Gateway Investment Advisers LLC raised its position in shares of Verizon Communications by 2.3% during the 2nd quarter. Gateway Investment Advisers LLC now owns 2,238,179 shares of the cell phone carrier’s stock worth $99,957,000 after purchasing an additional 49,468 shares during the last quarter. Narwhal Capital Management raised its position in shares of Verizon Communications by 6.6% during the 2nd quarter. Narwhal Capital Management now owns 117,657 shares of the cell phone carrier’s stock worth $5,255,000 after purchasing an additional 7,317 shares during the last quarter. Finally, Pennsylvania Trust Co raised its position in shares of Verizon Communications by 11.8% during the 2nd quarter. Pennsylvania Trust Co now owns 393,230 shares of the cell phone carrier’s stock worth $17,568,000 after purchasing an additional 41,445 shares during the last quarter. 63.14% of the stock is currently owned by institutional investors and hedge funds.
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.
