Verizon Communications (NYSE:VZ) Posts Earnings Results, Beats Expectations By $0.01 EPS

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

Verizon Communications Price Performance

NYSE VZ opened at $41.51 on Wednesday. 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 has a 1 year low of $31.26 and a 1 year high of $45.36. The company has a market cap of $174.73 billion, a PE ratio of 15.49, a PEG ratio of 4.02 and a beta of 0.42. The stock’s 50-day moving average price is $43.01 and its two-hundred day moving average price is $41.28.

Verizon Communications Increases Dividend

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

Analyst Ratings Changes

Several brokerages have recently issued reports on VZ. Raymond James boosted their price target on shares of Verizon Communications from $44.00 to $48.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Royal Bank of Canada boosted their target price on shares of Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a research note on Monday, September 23rd. Tigress Financial raised their price target on shares of Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. KeyCorp reduced their price objective on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a research report on Friday, September 6th. Finally, TD Cowen raised their target price on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Verizon Communications has an average 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).