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

Verizon Communications (NYSE:VZ - Get Free Report) 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 -.

Verizon Communications Stock Down 0.1 %

VZ stock traded down $0.05 during midday trading on Wednesday, hitting $41.28. The stock had a trading volume of 16,360,767 shares, compared to its average volume of 18,556,469. The business has a 50-day moving average of $43.13 and a two-hundred day moving average of $41.32. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. The firm has a market cap of $173.76 billion, a price-to-earnings ratio of 15.36, a price-to-earnings-growth ratio of 4.02 and a beta of 0.42. Verizon Communications has a 52-week low of $34.67 and a 52-week high of $45.36.

Verizon Communications (NYSE:VZ - Get Free Report) last released its earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, topping analysts' consensus estimates of $1.18 by $0.01. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The firm had revenue of $33.30 billion for the quarter, compared to the consensus estimate of $33.42 billion. During the same period in the prior year, the firm earned $1.22 EPS. The company's revenue was up .9% compared to the same quarter last year. As a group, equities research analysts forecast that Verizon Communications will post 4.58 earnings per share 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. Stockholders of record on Thursday, October 10th will be given a $0.678 dividend. 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 6.57%. The ex-dividend date of this dividend is Thursday, October 10th. Verizon Communications's payout ratio is currently 101.12%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on VZ. Citigroup upped their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a "buy" rating in a research note on Wednesday, September 25th. UBS Group increased their price target on shares of Verizon Communications from $43.00 to $44.00 and gave the company a "neutral" rating in a report on Wednesday, October 23rd. Bank of America raised their price target on shares of Verizon Communications from $41.00 to $45.00 and gave the company a "neutral" rating in a research report on Thursday, September 26th. Scotiabank increased their target price on Verizon Communications from $46.50 to $47.25 and gave the company a "sector perform" rating in a research note on Friday, October 18th. Finally, TD Cowen lifted their target price on Verizon Communications from $48.00 to $51.00 and gave the stock a "buy" rating in a report on Tuesday, July 23rd. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus 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).