Verizon Communications (NYSE:VZ) Updates FY24 Earnings Guidance

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

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Citigroup lifted their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Royal Bank of Canada upped their price objective on Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a report on Monday, September 23rd. TD Cowen lifted their target price on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. JPMorgan Chase & Co. cut their price target on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Finally, Tigress Financial raised their price target on Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $46.31.

Verizon Communications Price Performance

Shares of NYSE VZ opened at $41.62 on Wednesday. The company has a fifty day moving average price of $43.01 and a 200 day moving average price of $41.28. Verizon Communications has a 1-year low of $32.97 and a 1-year high of $45.36. The firm has a market cap of $175.19 billion, a PE ratio of 15.53, a PEG ratio of 4.02 and a beta of 0.42. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29.

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

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be given a $0.678 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.52%. 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 payout ratio is currently 101.12%.

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).