Verizon Communications (NYSE:VZ) Releases FY 2024 Earnings Guidance

Verizon Communications (NYSE:VZ) updated its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 4.500-4.700 for the period, compared to the consensus EPS estimate of 4.570. The company issued revenue guidance of -.

Verizon Communications Stock Performance

Shares of Verizon Communications stock traded down $0.05 during trading hours on Wednesday, reaching $41.28. The company had a trading volume of 16,350,765 shares, compared to its average volume of 18,556,469. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. Verizon Communications has a one year low of $34.67 and a one year high of $45.36. The firm has a market cap of $173.76 billion, a PE ratio of 15.40, a price-to-earnings-growth ratio of 4.02 and a beta of 0.42. The business has a fifty day simple moving average of $43.14 and a 200 day simple moving average of $41.32.

Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.18 by $0.01. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The business had revenue of $33.30 billion during the quarter, compared to analyst estimates of $33.42 billion. During the same quarter in the previous year, the firm earned $1.22 EPS. The company’s quarterly revenue was up .9% compared to the same quarter last year. On average, analysts anticipate that Verizon Communications will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a $0.678 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a yield of 6.57%. Verizon Communications’s dividend payout ratio is currently 101.12%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. decreased their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. Raymond James upped their target price on Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. Tigress Financial lifted their price target on Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. KeyCorp cut shares of Verizon Communications from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 24th. Finally, UBS Group lifted their target price on shares of Verizon Communications from $43.00 to $44.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $46.37.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of 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).