Verizon Communications Inc. (VZ) Announces Earnings Results

Verizon Communications Inc. (NYSE:VZ) released its earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.98, Bloomberg Earnings reports. The firm had revenue of $31.70 billion during the quarter, compared to analysts’ expectations of $31.45 billion. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. Verizon Communications’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.01 EPS.

Verizon Communications (VZ) traded down 0.04% during midday trading on Friday, hitting $48.87. The company had a trading volume of 12,423,443 shares. The company’s 50 day moving average is $48.60 and its 200 day moving average is $47.02. The stock has a market cap of $199.36 billion, a price-to-earnings ratio of 12.56 and a beta of 0.56. Verizon Communications has a 12-month low of $42.80 and a 12-month high of $54.83.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be issued a $0.59 dividend. The ex-dividend date is Friday, October 6th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.83%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s dividend payout ratio is currently 60.51%.

VZ has been the subject of a number of recent analyst reports. Vetr raised Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 price target for the company in a report on Wednesday, July 5th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $48.00 price target on shares of Verizon Communications in a report on Sunday, July 9th. Zacks Investment Research raised Verizon Communications from a “sell” rating to a “hold” rating in a report on Friday, July 7th. BidaskClub raised Verizon Communications from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Finally, Bank of America Corporation reduced their target price on Verizon Communications from $59.00 to $50.00 and set a “buy” rating for the company in a report on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $52.75.

In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $49.23, for a total transaction of $30,030.30. Following the completion of the sale, the executive vice president now directly owns 6,599 shares in the company, valued at $324,868.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.13% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Vantage Financial Partners Ltd. Inc. bought a new stake in shares of Verizon Communications in the second quarter valued at about $623,000. Mountain Capital Investment Advisors Inc bought a new stake in shares of Verizon Communications in the second quarter valued at about $156,000. Almanack Investment Partners LLC. bought a new stake in shares of Verizon Communications in the second quarter valued at about $189,000. Cedar Capital LLC bought a new stake in shares of Verizon Communications in the second quarter valued at about $205,000. Finally, Miles Capital Inc. lifted its stake in shares of Verizon Communications by 2.8% in the second quarter. Miles Capital Inc. now owns 4,653 shares of the cell phone carrier’s stock valued at $208,000 after buying an additional 127 shares during the period. Institutional investors own 62.28% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: “Verizon Communications Inc. (VZ) Announces Earnings Results” was first published by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are reading this report on another website, it was illegally copied and reposted in violation of United States and international trademark & copyright laws. The legal version of this report can be read at https://www.dispatchtribunal.com/2017/10/28/verizon-communications-inc-vz-releases-quarterly-earnings-results-meets-expectations.html.

Verizon Communications Company Profile

Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.

Earnings History for Verizon Communications (NYSE:VZ)

Receive News & Ratings for Verizon Communications Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply