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.

Verizon Communications Price Performance

VZ stock opened at $43.72 on Tuesday. Verizon Communications has a 1 year low of $31.26 and a 1 year high of $45.36. The firm has a market cap of $184.01 billion, a P/E ratio of 16.31, a PEG ratio of 4.02 and a beta of 0.42. The stock’s 50 day moving average price is $43.00 and its 200 day moving average price is $41.28. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, meeting the consensus estimate of $1.15. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The company had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. During the same quarter in the previous year, the business earned $1.21 EPS. The firm’s revenue was up .6% on a year-over-year basis. On average, sell-side analysts expect that Verizon Communications will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a dividend of $0.678 per share. 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 annualized dividend and a dividend yield of 6.20%. Verizon Communications’s payout ratio is presently 101.12%.

Wall Street Analysts Forecast Growth

VZ has been the topic of several recent analyst reports. Citigroup boosted their price target on Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Tigress Financial lifted their price target on shares of Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Raymond James increased their target price on Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. The Goldman Sachs Group assumed coverage on Verizon Communications in a report on Monday, July 1st. They set a “buy” rating and a $50.00 price target on the stock. Finally, Bank of America upped their price objective on shares of Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Verizon Communications has an average rating of “Moderate Buy” and a consensus price target of $46.31.

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).