Verizon Communications Inc. (NYSE:VZ – Get Free Report) announced a quarterly dividend on Thursday, December 7th, RTT News reports. Stockholders of record on Wednesday, January 10th will be given a dividend of 0.665 per share by the cell phone carrier on Thursday, February 1st. This represents a $2.66 annualized dividend and a dividend yield of 6.87%.

Verizon Communications has raised its dividend payment by an average of 2.0% annually over the last three years and has raised its dividend every year for the last 19 years. Verizon Communications has a dividend payout ratio of 57.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Verizon Communications to earn $4.63 per share next year, which means the company should continue to be able to cover its $2.66 annual dividend with an expected future payout ratio of 57.5%.

Verizon Communications Price Performance

Shares of Verizon Communications stock traded up $0.21 on Thursday, hitting $38.71. 7,563,384 shares of the company traded hands, compared to its average volume of 21,922,906. The company has a market cap of $162.74 billion, a P/E ratio of 7.78, a P/E/G ratio of 2.34 and a beta of 0.43. Verizon Communications has a 12-month low of $30.14 and a 12-month high of $42.58. The firm’s 50-day simple moving average is $34.60 and its 200 day simple moving average is $34.53. The company has a current ratio of 0.68, a quick ratio of 0.64 and a debt-to-equity ratio of 1.36.

Verizon Communications (NYSE:VZ – Get Free Report) last issued its earnings results on Tuesday, October 24th. The cell phone carrier reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.05. Verizon Communications had a net margin of 15.58% and a return on equity of 21.26%. The company had revenue of $33 billion for the quarter, compared to analysts’ expectations of $33.27 billion. During the same quarter last year, the company earned $1.32 EPS. The firm’s revenue was down 3.5% compared to the same quarter last year. Analysts expect that Verizon Communications will post 4.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Craig L. Silliman sold 23,380 shares of the business’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $38.00, for a total value of $888,440.00. Following the transaction, the executive vice president now directly owns 49,635 shares in the company, valued at $1,886,130. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.02% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Verizon Communications

Hedge funds and other institutional investors have recently modified their holdings of the stock. True Wealth Design LLC bought a new stake in shares of Verizon Communications during the 4th quarter worth approximately $42,000. Quarry LP increased its stake in Verizon Communications by 657.3% in the 2nd quarter. Quarry LP now owns 1,560 shares of the cell phone carrier’s stock worth $58,000 after buying an additional 1,354 shares during the period. Worth Asset Management LLC bought a new stake in Verizon Communications during the 1st quarter valued at about $58,000. Financial Freedom LLC bought a new position in Verizon Communications in the 4th quarter worth about $63,000. Finally, Retirement Investment Advisors Inc. purchased a new position in shares of Verizon Communications during the first quarter worth approximately $64,000. Institutional investors own 61.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. StockNews.com upgraded Verizon Communications from a “hold” rating to a “buy” rating in a report on Thursday, October 26th. Oppenheimer restated an “outperform” rating and issued a $43.00 target price on shares of Verizon Communications in a research note on Tuesday, August 22nd. Tigress Financial reduced their price target on Verizon Communications from $64.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, November 2nd. Citigroup raised Verizon Communications from a “neutral” rating to a “buy” rating and raised their price objective for the company from $39.00 to $40.00 in a research report on Tuesday, August 29th. Finally, Barclays raised shares of Verizon Communications from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $37.00 to $38.00 in a research report on Wednesday, October 25th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Verizon Communications currently has an average rating of “Moderate Buy” and an average target price of $41.50.

View Our Latest Stock Report on Verizon Communications

About Verizon Communications (Get Free Report)

Verizon Communications Inc, through its subsidiaries, provides communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).

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Original: MarketBeat News Feed: Verizon Communications Inc. (NYSE:VZ) Declares $0.67 Quarterly Dividend