Verizon Communications Inc. (VZ) Releases Earnings Results, Meets Estimates
Verizon Communications Inc. (NYSE:VZ) issued its earnings results on Thursday. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.98, Bloomberg Earnings reports. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The company had revenue of $31.70 billion for the quarter, compared to analysts’ expectations of $31.45 billion. During the same period last year, the business earned $1.01 EPS. Verizon Communications’s quarterly revenue was up 2.5% compared to the same quarter last year.
Shares of Verizon Communications (NYSE:VZ) opened at 49.53 on Friday. Verizon Communications has a 12 month low of $42.80 and a 12 month high of $54.83. The firm has a 50-day moving average price of $48.52 and a 200 day moving average price of $47.03. The company has a market cap of $202.05 billion, a P/E ratio of 12.73 and a beta of 0.56.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be given a $0.59 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date is Friday, October 6th. This represents a $2.36 dividend on an annualized basis and a yield of 4.76%. Verizon Communications’s payout ratio is presently 60.51%.
A number of equities analysts recently issued reports on VZ shares. Vetr cut Verizon Communications from a “buy” rating to a “hold” rating and set a $47.44 target price on the stock. in a report on Tuesday, June 27th. Goldman Sachs Group Inc restated a “neutral” rating on shares of Verizon Communications in a research note on Wednesday, June 28th. Wells Fargo & Company restated a “market perform” rating on shares of Verizon Communications in a research note on Wednesday, June 28th. Jefferies Group LLC restated a “hold” rating and set a $50.00 price objective on shares of Verizon Communications in a research note on Monday, July 3rd. Finally, Zacks Investment Research upgraded Verizon Communications from a “sell” rating to a “hold” rating in a research note on Friday, July 7th. Two research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $52.95.
In other news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $48.65, for a total value of $29,676.50. Following the completion of the sale, the executive vice president now directly owns 7,209 shares of the company’s stock, valued at approximately $350,717.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 1,830 shares of company stock valued at $88,828 over the last ninety days. Corporate insiders own 0.13% of the company’s stock.
Several hedge funds have recently modified their holdings of VZ. Beach Investment Management LLC. bought a new stake in shares of Verizon Communications during the 2nd quarter worth approximately $4,320,000. QCI Asset Management Inc. NY raised its position in Verizon Communications by 3.1% during the 2nd quarter. QCI Asset Management Inc. NY now owns 312,897 shares of the cell phone carrier’s stock valued at $13,974,000 after purchasing an additional 9,366 shares in the last quarter. Evergreen Capital Management LLC raised its position in Verizon Communications by 5.9% during the 2nd quarter. Evergreen Capital Management LLC now owns 57,902 shares of the cell phone carrier’s stock valued at $2,586,000 after purchasing an additional 3,250 shares in the last quarter. Homrich & Berg raised its position in Verizon Communications by 11.5% during the 2nd quarter. Homrich & Berg now owns 46,965 shares of the cell phone carrier’s stock valued at $2,097,000 after purchasing an additional 4,848 shares in the last quarter. Finally, Motco raised its position in Verizon Communications by 3.1% during the 2nd quarter. Motco now owns 84,275 shares of the cell phone carrier’s stock valued at $3,764,000 after purchasing an additional 2,514 shares in the last quarter. 62.22% of the stock is owned by hedge funds and other institutional investors.
Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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