Verizon Communications (NYSE:VZ) Posts Earnings Results

Verizon Communications (NYSE:VZ) posted its earnings results on Monday. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.15, RTT News reports. The firm had revenue of $32.80 billion for the quarter, compared to the consensus estimate of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The business’s quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.21 EPS. 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 Stock Performance

Shares of VZ stock opened at $39.67 on Thursday. The company’s 50 day moving average is $40.58 and its 200 day moving average is $40.43. The company has a quick ratio of 0.67, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The firm has a market cap of $166.98 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 3.54 and a beta of 0.41. Verizon Communications has a 52-week low of $30.14 and a 52-week high of $43.42.

Verizon Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th will be paid a dividend of $0.665 per share. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.71%. Verizon Communications’s dividend payout ratio is presently 99.25%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Scotiabank raised their target price on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a report on Wednesday, July 10th. Tigress Financial raised their price objective on shares of Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Oppenheimer reaffirmed an “outperform” rating and set a $48.00 target price on shares of Verizon Communications in a research note on Tuesday, April 23rd. Royal Bank of Canada reissued a “sector perform” rating and set a $42.00 price target on shares of Verizon Communications in a research note on Tuesday. Finally, StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a research report on Saturday, May 4th. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock has a consensus 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).