Verizon Communications (NYSE:VZ) Announces Quarterly Earnings Results

Verizon Communications (NYSE:VZ) issued its quarterly earnings data on Monday. The cell phone carrier reported $1.15 earnings per share for the quarter, meeting the consensus estimate of $1.15, RTT News reports. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The business had revenue of $32.80 billion for the quarter, compared to analysts’ expectations of $33.05 billion. During the same period last year, the business earned $1.21 EPS. The business’s revenue was up .6% on a year-over-year basis. Verizon Communications updated its FY24 guidance to $4.50-4.70 EPS and its FY 2024 guidance to 4.500-4.700 EPS.

Verizon Communications Trading Up 2.0 %

Shares of Verizon Communications stock traded up $0.79 during trading on Thursday, hitting $40.46. The stock had a trading volume of 1,686,940 shares, compared to its average volume of 18,834,002. The stock has a market cap of $170.31 billion, a PE ratio of 14.98, a PEG ratio of 3.54 and a beta of 0.41. Verizon Communications has a 12 month low of $30.14 and a 12 month high of $43.42. The firm’s fifty day simple moving average is $40.58 and its 200-day simple moving average is $40.43. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.67.

Verizon Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be given a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a yield of 6.57%. The ex-dividend date of this dividend is Wednesday, July 10th. Verizon Communications’s dividend payout ratio (DPR) is 99.25%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on VZ shares. StockNews.com upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research note on Saturday, May 4th. Oppenheimer reiterated an “outperform” rating and issued a $48.00 target price on shares of Verizon Communications in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. dropped their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $42.00 price objective on shares of Verizon Communications in a research note on Tuesday. Finally, The Goldman Sachs Group assumed coverage on Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Verizon Communications has an average rating of “Moderate Buy” and an average price target of $45.68.

About Verizon Communications

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).