Verizon Crosses Above 50-Day Moving Average to Reach $46.59

Verizon Communications Inc. shares crossed above their 50-day moving average during trading on Wednesday, reaching an intraday peak of $46.61 before trading at $46.59. The stock had a 50-day moving average of $46.39 and a 200-day moving average of $47.00, with 15,026,844 shares changing hands.

The carrier recently reported third-quarter results on Monday, October 26th. Verizon generated earnings of $1.31 per share, surpassing consensus projections of $1.27. Revenue reached $34.31 billion, climbing 1.5% from the previous year but missing analyst expectations of $34.77 billion. The company registered a net margin of 11.78% and a return on equity of 19.75%. In the third quarter, Verizon added 406,000 postpaid phone customers, marking its best third-quarter additions in five years.

On Wall Street, sentiment remains mixed. MarketBeat reports a consensus rating of Hold, based on sixteen Hold ratings and thirteen Buy ratings, alongside an average price target of $51.05. Recent broker activity included Sanford C. Bernstein cutting its target from $47.00 to $45.00 on Tuesday, October 13th, while BNP Paribas Exane reduced its target from $46.00 to $45.00 on Tuesday, October 27th. Goldman Sachs also lowered its price objective from $51.00 to $47.00 on Tuesday, October 27th. Conversely, Freedom Broker upgraded the shares from Hold to Buy on Wednesday, October 28th, raising its price target to $55.00 from $53.00. Zacks rates the company a Hold, projecting current-quarter earnings of $1.15 per share.

Alongside financial results, the company expanded enterprise operations by deploying a private 5G network with Thames Freeport for manufacturing, ports, and logistics locations. Concurrently, unconfirmed reports have emerged regarding potential wireless initiatives by SpaceX, which has teamed with Qualcomm on mobile hardware.

Verizon also paid a quarterly dividend of $0.7075 per share on Monday, November 2nd, representing an annualized payout of $2.83 and a yield of 6.1%. In corporate filings, Chief Executive Officer Kyle Malady sold 1,100 shares on Tuesday, October 27th at $43.00 per share under a pre-arranged Rule 10b5-1 plan, lowering his holdings to 98,866 shares.