Verizon Communications (NYSE:VZ) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Verizon Communications (NYSE:VZ) released its quarterly earnings results on Tuesday. The cell phone carrier reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01, Briefing.com reports. The business had revenue of $33.30 billion for the quarter, compared to analyst estimates of $33.42 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. Verizon Communications’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period last year, the firm earned $1.22 earnings per share. Verizon Communications updated its FY24 guidance to $4.50-4.70 EPS.

Verizon Communications Stock Down 5.0 %

NYSE:VZ opened at $41.51 on Wednesday. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. Verizon Communications has a one year low of $31.26 and a one year high of $45.36. The firm’s 50 day simple moving average is $43.01 and its 200 day simple moving average is $41.28. The company has a market cap of $174.73 billion, a PE ratio of 15.49, a P/E/G ratio of 4.02 and a beta of 0.42.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a $0.678 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 6.53%. The ex-dividend date is Thursday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio (DPR) is 101.12%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on VZ. Citigroup boosted their price target on Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Raymond James increased their target price on Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Bank of America upped their price objective on shares of Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, September 26th. The Goldman Sachs Group began coverage on shares of Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 target price on the stock. Finally, Scotiabank upped their price target on shares of Verizon Communications from $46.50 to $47.25 and gave the stock a “sector perform” rating in a report on Friday, October 18th. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Verizon Communications presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.31.

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).