Verizon Communications (NYSE:VZ) Releases 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 (EPS) guidance of 4.500-4.700 for the period, compared to the consensus 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 Trading Up 0.9 %

Verizon Communications stock opened at $40.49 on Monday. Verizon Communications has a 52 week low of $30.14 and a 52 week high of $43.42. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.65 and a current ratio of 0.69. The firm has a market capitalization of $170.23 billion, a price-to-earnings ratio of 14.67, a P/E/G ratio of 3.30 and a beta of 0.41. The company has a 50 day moving average price of $40.56 and a 200 day moving average price of $38.33.

Verizon Communications (NYSE:VZ) last posted its earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 EPS for the quarter, topping the consensus estimate of $1.12 by $0.03. The firm 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 business’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the prior year, the business posted $1.20 earnings per share. Research analysts forecast that Verizon Communications will post 4.58 EPS for the current year.

Verizon Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th will be given a $0.665 dividend. This represents a $2.66 annualized dividend and a dividend yield of 6.57%. The ex-dividend date of this dividend is Tuesday, April 9th. Verizon Communications’s dividend payout ratio is currently 96.38%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Daiwa Capital Markets upgraded shares of Verizon Communications from a neutral rating to an outperform rating and raised their price target for the stock from $36.00 to $47.00 in a research note on Wednesday, January 24th. Wells Fargo & Company raised their price target on shares of Verizon Communications from $40.00 to $44.00 and gave the company an equal weight rating in a report on Wednesday, January 24th. Redburn Atlantic raised shares of Verizon Communications from a sell rating to a neutral rating and raised their price target for the company from $33.00 to $39.00 in a report on Friday, March 22nd. Raymond James raised their price target on shares of Verizon Communications from $42.00 to $46.00 and gave the company an outperform rating in a report on Wednesday, January 24th. Finally, StockNews.com lowered shares of Verizon Communications from a buy rating to a hold rating in a report on Wednesday, January 31st. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $44.50.

Insider Activity at Verizon Communications

In other Verizon Communications news, CEO Kyle Malady sold 24,000 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $40.80, for a total transaction of $979,200.00. Following the sale, the chief executive officer now directly owns 35,201 shares of the company’s stock, valued at approximately $1,436,200.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.03% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Certified Advisory Corp increased its stake in shares of Verizon Communications by 1.0% during the 1st quarter. Certified Advisory Corp now owns 23,297 shares of the cell phone carrier’s stock worth $1,187,000 after purchasing an additional 233 shares during the last quarter. Fairfield Bush & CO. increased its stake in shares of Verizon Communications by 2.1% during the 2nd quarter. Fairfield Bush & CO. now owns 16,660 shares of the cell phone carrier’s stock worth $620,000 after purchasing an additional 350 shares during the last quarter. Shepherd Financial Partners LLC increased its stake in shares of Verizon Communications by 9.2% during the 1st quarter. Shepherd Financial Partners LLC now owns 4,447 shares of the cell phone carrier’s stock worth $224,000 after purchasing an additional 373 shares during the last quarter. KB Financial Partners LLC increased its stake in shares of Verizon Communications by 3.8% during the 1st quarter. KB Financial Partners LLC now owns 10,951 shares of the cell phone carrier’s stock worth $558,000 after purchasing an additional 401 shares during the last quarter. Finally, Syntax Advisors LLC increased its stake in shares of Verizon Communications by 6.6% during the 4th quarter. Syntax Advisors LLC now owns 6,883 shares of the cell phone carrier’s stock worth $271,000 after purchasing an additional 428 shares during the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

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).