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

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

Wall Street Analyst Weigh In

VZ has been the topic of several recent research reports. Bank of America increased their price target on Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. Royal Bank of Canada increased their target price on Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a report on Monday, September 23rd. Scotiabank boosted their price target on shares of Verizon Communications from $46.50 to $47.25 and gave the company a “sector perform” rating in a research note on Friday, October 18th. UBS Group raised their price objective on shares of Verizon Communications from $43.00 to $44.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. Nine analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $46.37.

Verizon Communications Stock Performance

NYSE:VZ traded down $0.05 during trading on Wednesday, reaching $41.28. The company’s stock had a trading volume of 16,350,765 shares, compared to its average volume of 18,556,469. Verizon Communications has a 12 month low of $34.67 and a 12 month high of $45.36. The firm has a market cap of $173.76 billion, a price-to-earnings ratio of 15.40, a price-to-earnings-growth ratio of 4.02 and a beta of 0.42. The firm has a 50 day moving average of $43.14 and a 200-day moving average of $41.32. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63.

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

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a $0.678 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.57%. 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. Verizon Communications’s payout ratio is 101.12%.

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).