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

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on VZ. Raymond James upped their target price on Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. Royal Bank of Canada upped their price objective on shares of Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Monday, September 23rd. Citigroup lifted their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. TD Cowen upped their price target on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Finally, Scotiabank lifted their price objective on Verizon Communications from $46.50 to $47.25 and gave the stock a “sector perform” rating in a report on Friday, October 18th. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $46.37.

Verizon Communications Trading Down 1.8 %

NYSE:VZ traded down $0.77 during trading hours on Friday, hitting $41.36. The company had a trading volume of 16,487,303 shares, compared to its average volume of 18,582,682. Verizon Communications has a 1 year low of $35.31 and a 1 year high of $45.36. The company has a current ratio of 0.66, a quick ratio of 0.62 and a debt-to-equity ratio of 1.32. The company has a 50-day moving average of $43.16 and a 200 day moving average of $41.33. The company has a market cap of $174.11 billion, a P/E ratio of 17.99, a P/E/G ratio of 3.00 and a beta of 0.42.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.01. Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. The firm had revenue of $33.30 billion during the quarter, compared to analyst estimates of $33.42 billion. During the same quarter in the prior year, the firm posted $1.22 earnings per share. Verizon Communications’s quarterly revenue was up .9% on a year-over-year basis. Sell-side analysts expect that Verizon Communications will post 4.61 earnings per share for the current year.

Verizon Communications Increases Dividend

The firm also recently declared 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. 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. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.56%. Verizon Communications’s dividend payout ratio is currently 116.81%.

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).