Verizon Communications (NYSE:VZ) Releases FY24 Earnings Guidance

Verizon Communications (NYSE:VZ) issued an update on its FY24 earnings guidance on Monday morning. The company provided EPS guidance of $4.50-$4.70 for the period, compared to the consensus EPS estimate of $4.59. Verizon Communications also updated its FY 2024 guidance to 4.500-4.700 EPS.

Verizon Communications Stock Performance

NYSE:VZ opened at $39.69 on Wednesday. The firm has a 50-day moving average of $40.52 and a two-hundred day moving average of $38.44. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.69 and a quick ratio of 0.65. The stock has a market cap of $166.85 billion, a P/E ratio of 14.38, a PEG ratio of 3.30 and a beta of 0.41. Verizon Communications has a 1-year low of $30.14 and a 1-year high of $43.42.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.03. Verizon Communications had a return on equity of 20.71% and a net margin of 8.67%. The firm had revenue of $33 billion during the quarter, compared to the consensus estimate of $33.23 billion. During the same quarter in the prior year, the business posted $1.20 earnings per share. Verizon Communications’s revenue for the quarter was up .3% on a year-over-year basis. On average, research analysts expect that Verizon Communications will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th will be issued a $0.665 dividend. This represents a $2.66 annualized dividend and a dividend yield of 6.70%. The ex-dividend date of this dividend is Tuesday, April 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 96.38%.

Wall Street Analyst Weigh In

Several analysts recently commented on VZ shares. Raymond James raised their target price on Verizon Communications from $42.00 to $46.00 and gave the company an outperform rating in a research report on Wednesday, January 24th. Wolfe Research upgraded shares of Verizon Communications from a peer perform rating to an outperform rating and set a $46.00 price objective on the stock in a research note on Thursday, January 4th. Royal Bank of Canada increased their target price on shares of Verizon Communications from $36.00 to $40.00 and gave the company a sector perform rating in a research report on Tuesday, April 2nd. UBS Group boosted their price target on shares of Verizon Communications from $37.00 to $43.00 and gave the stock a neutral rating in a research report on Wednesday, January 24th. Finally, StockNews.com cut shares of Verizon Communications from a buy rating to a hold rating in a report on Wednesday, January 31st. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $44.21.

Insider Activity

In related news, CEO Kyle Malady sold 24,000 shares of the firm’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $40.80, for a total value of $979,200.00. Following the transaction, the chief executive officer now directly owns 35,201 shares in the company, valued at approximately $1,436,200.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.03% of the company’s stock.

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).