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

Verizon Communications (NYSE:VZ) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 4.500-4.700 for the period, compared to the consensus estimate of 4.580. The company issued revenue guidance of -. Verizon Communications also updated its FY24 guidance to $4.50-$4.70 EPS.

Verizon Communications Stock Up 2.8 %

Shares of NYSE:VZ opened at $39.69 on Wednesday. The company has a market cap of $166.85 billion, a PE ratio of 14.38, a P/E/G 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. The stock’s 50-day moving average is $40.52 and its 200 day moving average is $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.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 EPS for the quarter, topping 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 company had revenue of $33 billion during the quarter, compared to analyst estimates of $33.23 billion. During the same quarter last year, the firm posted $1.20 earnings per share. The firm’s revenue was up .3% on a year-over-year basis. Sell-side analysts anticipate that Verizon Communications will post 4.58 EPS for the current year.

Verizon Communications Announces Dividend

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

Wall Street Analyst Weigh In

VZ has been the subject of a number of research analyst reports. Barclays raised their target price on Verizon Communications from $42.00 to $44.00 and gave the company an equal weight rating in a research note on Friday, January 26th. StockNews.com cut shares of Verizon Communications from a buy rating to a hold rating in a research report on Wednesday, January 31st. UBS Group raised their target price on shares of Verizon Communications from $37.00 to $43.00 and gave the company a neutral rating in a research note on Wednesday, January 24th. Wolfe Research raised Verizon Communications from a peer perform rating to an outperform rating and set a $46.00 price objective for the company in a research report on Thursday, January 4th. Finally, KeyCorp lifted their price objective on Verizon Communications from $45.00 to $46.00 and gave the company an overweight rating in a research note on Wednesday, January 24th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $44.21.

Insiders Place Their Bets

In related news, CEO Kyle Malady sold 24,000 shares of Verizon Communications stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $40.80, for a total transaction of $979,200.00. Following the transaction, the chief executive officer now owns 35,201 shares in the company, valued at approximately $1,436,200.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company 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).