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

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

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Daiwa Capital Markets upgraded Verizon Communications from a neutral rating to an outperform rating and raised their price target for the company from $36.00 to $47.00 in a research note on Wednesday, January 24th. Oppenheimer restated an outperform rating and issued a $48.00 price target on shares of Verizon Communications in a research note on Wednesday, April 3rd. Citigroup lifted their target price on Verizon Communications from $45.00 to $47.00 and gave the stock a buy rating in a research report on Tuesday, January 30th. Wolfe Research upgraded Verizon Communications from a peer perform rating to an outperform rating and set a $46.00 target price on the stock in a research report on Thursday, January 4th. Finally, Redburn Atlantic raised Verizon Communications from a sell rating to a neutral rating and raised their price target for the stock from $33.00 to $39.00 in a report on Friday, March 22nd. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $44.50.

Verizon Communications Price Performance

Shares of NYSE:VZ opened at $40.49 on Monday. The business’s 50 day simple moving average is $40.56 and its 200-day simple moving average is $38.33. The firm has a market capitalization of $170.23 billion, a price-to-earnings ratio of 14.67, a price-to-earnings-growth ratio of 3.30 and a beta of 0.41. 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 has a 12 month low of $30.14 and a 12 month high of $43.42.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate 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 period in the previous year, the firm posted $1.20 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. As a group, equities analysts forecast that Verizon Communications will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be given a dividend of $0.665 per share. The ex-dividend date is Tuesday, April 9th. This represents a $2.66 annualized dividend and a dividend yield of 6.57%. Verizon Communications’s dividend payout ratio is currently 96.38%.

Insider Buying and Selling

In related news, CEO Kyle Malady sold 24,000 shares of Verizon Communications stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $40.80, for a total transaction of $979,200.00. Following the completion of the transaction, the chief executive officer now directly owns 35,201 shares in the company, valued at approximately $1,436,200.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.03% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. True Wealth Design LLC acquired a new position in Verizon Communications in the 4th quarter valued at $42,000. Quarry LP raised its holdings in Verizon Communications by 657.3% in the 2nd quarter. Quarry LP now owns 1,560 shares of the cell phone carrier’s stock valued at $58,000 after acquiring an additional 1,354 shares during the last quarter. Worth Asset Management LLC acquired a new position in Verizon Communications in the 1st quarter valued at $58,000. Financial Freedom LLC acquired a new position in Verizon Communications in the 4th quarter valued at $63,000. Finally, Retirement Investment Advisors Inc. acquired a new stake in shares of Verizon Communications during the 1st quarter worth $64,000. 62.06% of the stock is currently owned by institutional investors and hedge funds.

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).