Verizon Communications (NYSE:VZ – Get Free Report) announced its quarterly earnings data on Tuesday. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.01, Briefing.com reports. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The firm had revenue of $33.30 billion for the quarter, compared to analysts’ expectations of $33.42 billion. During the same quarter in the prior year, the firm posted $1.22 earnings per share. Verizon Communications’s revenue for the quarter was up .9% compared to the same quarter last year. Verizon Communications updated its FY24 guidance to $4.50-4.70 EPS.
Verizon Communications Price Performance
VZ stock traded down $1.01 during trading hours on Thursday, hitting $41.86. 23,502,896 shares of the stock traded hands, compared to its average volume of 18,602,553. The stock has a 50-day simple moving average of $43.05 and a 200 day simple moving average of $41.29. The company has a market cap of $176.18 billion, a P/E ratio of 15.62, a P/E/G ratio of 4.02 and a beta of 0.42. Verizon Communications has a one year low of $33.34 and a one year high of $45.36. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29.
Verizon Communications Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a $0.678 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. This represents a $2.71 annualized dividend and a dividend yield of 6.48%. Verizon Communications’s dividend payout ratio is 101.12%.
Wall Street Analysts Forecast Growth
Check Out Our Latest Stock Analysis on VZ
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).
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