Verizon Communications (NYSE:VZ) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Verizon Communications (NYSE:VZ) released its earnings results on Monday. The cell phone carrier reported $1.15 EPS for the quarter, topping the consensus estimate of $1.12 by $0.03, RTT News reports. Verizon Communications had a return on equity of 20.41% and a net margin of 8.44%. The firm had revenue of $33 billion during the quarter, compared to analysts’ expectations of $33.23 billion. During the same period in the previous year, the firm posted $1.20 EPS. Verizon Communications’s revenue for the quarter was up .3% on a year-over-year basis. Verizon Communications updated its FY24 guidance to $4.50-$4.70 EPS and its FY 2024 guidance to 4.500-4.700 EPS.

Verizon Communications Stock Performance

Shares of VZ stock traded down $0.31 during trading hours on Wednesday, reaching $39.39. 7,062,450 shares of the company’s stock were exchanged, compared to its average volume of 20,112,299. Verizon Communications has a 1 year low of $30.14 and a 1 year high of $43.42. The company has a market cap of $165.61 billion, a P/E ratio of 14.54, a price-to-earnings-growth ratio of 3.14 and a beta of 0.41. The company’s 50 day moving average is $40.52 and its two-hundred day moving average is $38.44. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.71 and a quick ratio of 0.65.

Verizon Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th will be paid a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.75%. The ex-dividend date is Tuesday, April 9th. Verizon Communications’s dividend payout ratio (DPR) is 99.25%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on VZ shares. Redburn Atlantic raised Verizon Communications from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $33.00 to $39.00 in a research note on Friday, March 22nd. Tigress Financial upped their price objective on Verizon Communications from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. Citigroup upped their price objective on Verizon Communications from $45.00 to $47.00 and gave the stock a “buy” rating in a research report on Tuesday, January 30th. Oppenheimer reaffirmed an “outperform” rating and set a $48.00 price objective on shares of Verizon Communications in a research report on Tuesday. Finally, Raymond James upped their price objective on Verizon Communications from $42.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $44.21.

Insider Activity at Verizon Communications

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

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).