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

Verizon Communications (NYSE:VZ) updated its FY 2024 earnings guidance on Monday. 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.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Citigroup raised their price target on Verizon Communications from $45.00 to $47.00 and gave the stock a buy rating in a research note on Tuesday, January 30th. Barclays raised their price target on Verizon Communications from $42.00 to $44.00 and gave the stock an equal weight rating in a research note on Friday, January 26th. UBS Group lifted their target price on Verizon Communications from $37.00 to $43.00 and gave the company a neutral rating in a research report on Wednesday, January 24th. Tigress Financial lifted their target price on Verizon Communications from $45.00 to $50.00 and gave the company a buy rating in a research report on Thursday, January 25th. Finally, KeyCorp lifted their target price on Verizon Communications from $45.00 to $46.00 and gave the company an overweight rating in a research report on Wednesday, January 24th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Verizon Communications presently has a consensus rating of Moderate Buy and an average price target of $44.21.

Verizon Communications Stock Down 0.9 %

VZ stock traded down $0.35 on Thursday, hitting $39.14. 6,591,845 shares of the company’s stock were exchanged, compared to its average volume of 20,053,871. Verizon Communications has a 12-month low of $30.14 and a 12-month high of $43.42. The firm has a 50 day moving average price of $40.51 and a two-hundred day moving average price of $38.45. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.65 and a current ratio of 0.71. The stock has a market cap of $164.56 billion, a P/E ratio of 14.63, a price-to-earnings-growth ratio of 3.23 and a beta of 0.41.

Verizon Communications (NYSE:VZ) last announced its earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.03. Verizon Communications had a return on equity of 20.41% and a net margin of 8.44%. The firm had revenue of $33 billion for the quarter, compared to the consensus estimate of $33.23 billion. During the same period in the previous year, the business earned $1.20 EPS. The firm’s revenue for the quarter was up .3% on a year-over-year basis. As a group, equities research analysts expect that Verizon Communications will post 4.59 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be paid a dividend of $0.665 per share. The ex-dividend date is Tuesday, April 9th. This represents a $2.66 annualized dividend and a yield of 6.80%. Verizon Communications’s dividend payout ratio (DPR) is 99.25%.

Insider Buying and Selling

In other Verizon Communications news, CEO Kyle Malady sold 15,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $40.33, for a total transaction of $604,950.00. Following the sale, the chief executive officer now owns 59,201 shares in the company, valued at approximately $2,387,576.33. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.02% of the stock is 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).