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

Verizon Communications (NYSE:VZ) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 4.500-4.700 for the period, compared to the consensus EPS estimate of 4.570. The company issued revenue guidance of -.

Wall Street Analyst Weigh In

VZ has been the topic of several analyst reports. JPMorgan Chase & Co. decreased their target price on shares of Verizon Communications from $46.00 to $45.00 and set a neutral rating on the stock in a research note on Tuesday, July 23rd. The Goldman Sachs Group assumed coverage on Verizon Communications in a research note on Monday, July 1st. They issued a buy rating and a $50.00 target price for the company. KeyCorp cut their target price on Verizon Communications from $46.00 to $44.00 and set an overweight rating on the stock in a research note on Friday. TD Cowen upped their price objective on Verizon Communications from $48.00 to $51.00 and gave the company a buy rating in a research report on Tuesday, July 23rd. Finally, Tigress Financial lifted their target price on Verizon Communications from $50.00 to $52.00 and gave the stock a buy rating in a report on Friday, May 17th. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Verizon Communications currently has an average rating of Moderate Buy and an average target price of $45.66.

Verizon Communications Trading Up 3.8 %

Shares of NYSE:VZ opened at $42.72 on Tuesday. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. The company has a market capitalization of $179.81 billion, a PE ratio of 15.94, a P/E/G ratio of 3.75 and a beta of 0.42. The business’s fifty day simple moving average is $40.95 and its 200-day simple moving average is $40.54. Verizon Communications has a 12-month low of $30.14 and a 12-month high of $43.42.

Verizon Communications (NYSE:VZ) last issued its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, meeting analysts’ consensus estimates of $1.15. The firm had revenue of $32.80 billion for the quarter, compared to analyst estimates of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. Verizon Communications’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.21 earnings per share. As a group, equities research analysts predict that Verizon Communications will post 4.57 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. The ex-dividend date is Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.35%. Verizon Communications’s payout ratio is 99.25%.

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).