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

Verizon Communications (NYSE:VZ) issued an update on its FY 2024 earnings guidance on Wednesday morning. 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 -.

Verizon Communications Price Performance

VZ stock traded down $0.77 during trading on Friday, hitting $41.36. The stock had a trading volume of 16,567,602 shares, compared to its average volume of 18,602,686. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.66 and a quick ratio of 0.62. Verizon Communications has a twelve month low of $35.31 and a twelve month high of $45.36. The stock has a market capitalization of $174.11 billion, a P/E ratio of 17.99, a PEG ratio of 3.00 and a beta of 0.42. The company’s 50-day moving average price is $43.16 and its two-hundred day moving average price is $41.33.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.01. Verizon Communications had a return on equity of 20.05% and a net margin of 7.30%. The company had revenue of $33.30 billion for the quarter, compared to analysts’ expectations of $33.42 billion. During the same period in the previous year, the firm posted $1.22 EPS. Verizon Communications’s revenue was up .9% compared to the same quarter last year. As a group, research analysts predict that Verizon Communications will post 4.61 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a dividend of $0.678 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a dividend yield of 6.56%. The ex-dividend date is Thursday, October 10th. Verizon Communications’s payout ratio is currently 116.81%.

Analysts Set New Price Targets

VZ has been the topic of several recent research reports. KeyCorp cut Verizon Communications from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 24th. JPMorgan Chase & Co. lowered their target price on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. UBS Group upped their price objective on Verizon Communications from $43.00 to $44.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd. Raymond James upped their price objective on Verizon Communications from $44.00 to $48.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Finally, Royal Bank of Canada upped their price objective on Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a report on Monday, September 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 currently has an average rating of “Moderate Buy” and an average target price 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).