Verizon Communications (NYSE:VZ – Get Free Report) announced its quarterly earnings data on Monday. The cell phone carrier reported $1.15 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.03, RTT News reports. The business had revenue of $33 billion during the quarter, compared to analyst estimates of $33.23 billion. Verizon Communications had a net margin of 8.44% and a return on equity of 20.41%. The firm’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.20 earnings per share. Verizon Communications updated its FY24 guidance to $4.50-$4.70 EPS and its FY 2024 guidance to 4.500-4.700 EPS.
Verizon Communications Price Performance
Shares of VZ traded down $0.31 during mid-day trading on Wednesday, hitting $39.39. 7,062,450 shares of the company traded hands, compared to its average volume of 20,112,299. Verizon Communications has a one year low of $30.14 and a one year high of $43.42. The company has a current ratio of 0.71, a quick ratio of 0.65 and a debt-to-equity ratio of 1.42. The business has a 50-day moving average of $40.52 and a 200 day moving average of $38.44. The stock has a market capitalization of $165.61 billion, a price-to-earnings ratio of 14.54, a PEG ratio of 3.14 and a beta of 0.41.
Verizon Communications Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th will be paid a dividend of $0.665 per share. The ex-dividend date of this dividend is Tuesday, April 9th. This represents a $2.66 annualized dividend and a dividend yield of 6.75%. Verizon Communications’s dividend payout ratio (DPR) is currently 99.25%.
Wall Street Analysts Forecast Growth
Read Our Latest Stock Analysis on VZ
Insider Activity
In related news, CEO Kyle Malady sold 24,000 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $40.80, for a total value of $979,200.00. Following the transaction, the chief executive officer now directly owns 35,201 shares in the company, valued at $1,436,200.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.03% of the stock is owned by insiders.
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).
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