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

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

Analysts Set New Price Targets

VZ has been the subject of a number of recent research reports. Citigroup lifted their target price on Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. KeyCorp lowered shares of Verizon Communications from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. Royal Bank of Canada boosted their price objective on Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a research note on Monday, September 23rd. TD Cowen lifted their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Finally, Scotiabank increased their target price on shares of Verizon Communications from $46.50 to $47.25 and gave the stock a “sector perform” rating in a research note on Friday, October 18th. Nine investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $46.37.

Verizon Communications Price Performance

Shares of NYSE:VZ traded down $0.77 on Friday, reaching $41.36. 16,487,303 shares of the company were exchanged, compared to its average volume of 18,582,682. The company has a 50-day moving average of $43.16 and a 200-day moving average of $41.33. 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 firm has a market cap of $174.11 billion, a price-to-earnings ratio of 17.99, a price-to-earnings-growth ratio of 3.00 and a beta of 0.42. Verizon Communications has a 1-year low of $35.31 and a 1-year high of $45.36.

Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01. The company had revenue of $33.30 billion during the quarter, compared to analysts’ expectations of $33.42 billion. Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. The firm’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.22 earnings per share. Equities analysts forecast that Verizon Communications will post 4.61 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The company 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 is Thursday, October 10th. This is an increase 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 payout ratio is 116.81%.

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).