Verizon Communications (NYSE:VZ) Issues FY24 Earnings Guidance

Verizon Communications (NYSE:VZ) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $4.50-4.70 for the period, compared to the consensus estimate of $4.59.

Verizon Communications Stock Performance

VZ stock opened at $41.86 on Friday. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The firm has a market cap of $176.18 billion, a PE ratio of 15.62, a P/E/G ratio of 4.02 and a beta of 0.42. The business has a 50 day moving average of $43.05 and a 200-day moving average of $41.29. Verizon Communications has a 12-month low of $33.34 and a 12-month high of $45.36.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.01. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The firm had revenue of $33.30 billion during the quarter, compared to the consensus estimate of $33.42 billion. During the same quarter in the prior year, the company earned $1.22 EPS. The business’s revenue for the quarter was up .9% on a year-over-year basis. As a group, sell-side analysts expect that Verizon Communications will post 4.58 earnings per share for the current year.

Verizon Communications Increases Dividend

The business 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 dividend of $0.678 per share. This represents a $2.71 dividend on an annualized basis and a yield of 6.48%. The ex-dividend date is Thursday, October 10th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio (DPR) is 101.12%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on VZ shares. TD Cowen increased their target price on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. UBS Group increased their price objective on Verizon Communications from $43.00 to $44.00 and gave the company a “neutral” rating in a report on Wednesday. Bank of America boosted their target price on Verizon Communications from $41.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday, September 26th. Royal Bank of Canada increased their price target on Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Monday, September 23rd. Finally, Raymond James lifted their price objective on Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Verizon Communications currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.37.

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).