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

Verizon Communications (NYSE:VZ) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 4.500-4.700 for the period, compared to the consensus earnings per share 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 Price Performance

Shares of VZ stock opened at $39.69 on Wednesday. The stock’s fifty day simple moving average is $40.52 and its 200 day simple moving average is $38.44. Verizon Communications has a one year low of $30.14 and a one year high of $43.42. The firm has a market cap of $166.85 billion, a price-to-earnings ratio of 14.38, a P/E/G 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 (NYSE:VZ) last issued its earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 EPS for the quarter, beating the consensus estimate of $1.12 by $0.03. The company had revenue of $33 billion for the quarter, compared to the consensus estimate of $33.23 billion. Verizon Communications had a net margin of 8.67% and a return on equity of 20.71%. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.20 EPS. On average, analysts expect that Verizon Communications will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The company 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 $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.70%. The ex-dividend date is Tuesday, April 9th. Verizon Communications’s dividend payout ratio (DPR) is currently 96.38%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on VZ shares. Royal Bank of Canada lifted their price objective on Verizon Communications from $36.00 to $40.00 and gave the company a sector perform rating in a research report on Tuesday, April 2nd. Tigress Financial lifted their price target on Verizon Communications from $45.00 to $50.00 and gave the company a buy rating in a report on Thursday, January 25th. Citigroup increased their price objective on shares of Verizon Communications from $45.00 to $47.00 and gave the stock a buy rating in a report on Tuesday, January 30th. Barclays upped their target price on shares of Verizon Communications from $42.00 to $44.00 and gave the stock an equal weight rating in a research report on Friday, January 26th. Finally, Daiwa Capital Markets raised shares of 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 report on Wednesday, January 24th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $44.21.

Insider Buying and Selling

In other Verizon Communications news, CEO Kyle Malady sold 15,000 shares of Verizon Communications stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $40.33, for a total value of $604,950.00. Following the transaction, the chief executive officer now owns 59,201 shares of the company’s stock, valued at $2,387,576.33. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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).