Verizon Communications (NYSE:VZ – Get Rating) issued an update on its FY 2022 earnings guidance on Saturday morning. The company provided earnings per share (EPS) guidance of $5.10-$5.25 for the period, compared to the consensus estimate of $5.19. The company issued revenue guidance of -.
Verizon Communications Trading Down 4.5 %
VZ stock traded down $1.65 during trading on Friday, hitting $35.35. 51,671,130 shares of the company traded hands, compared to its average volume of 24,369,620. The firm has a market capitalization of $148.46 billion, a PE ratio of 7.08, a P/E/G ratio of 1.70 and a beta of 0.39. Verizon Communications has a 1 year low of $34.55 and a 1 year high of $55.51. The company has a 50-day moving average of $40.42 and a 200-day moving average of $46.39. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.69 and a current ratio of 0.76.
Verizon Communications (NYSE:VZ – Get Rating) last released its earnings results on Friday, October 21st. The cell phone carrier reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.29 by $0.03. Verizon Communications had a return on equity of 26.95% and a net margin of 15.48%. The company had revenue of $34.20 billion during the quarter, compared to analysts’ expectations of $33.79 billion. During the same quarter last year, the business posted $1.41 EPS. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. Analysts predict that Verizon Communications will post 5.18 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 Tuesday, November 1st. Shareholders of record on Friday, October 7th will be issued a $0.6525 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.64. The ex-dividend date is Thursday, October 6th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 7.38%. Verizon Communications’s dividend payout ratio (DPR) is presently 52.30%.
Analyst Upgrades and Downgrades
Several equities analysts have recently commented on the company. UBS Group lowered their price objective on Verizon Communications from $57.00 to $47.00 and set a neutral rating on the stock in a research report on Monday, July 25th. Wells Fargo & Company cut their target price on Verizon Communications from $48.00 to $40.00 and set an equal weight rating on the stock in a research note on Friday, October 7th. Raymond James cut their target price on Verizon Communications from $55.00 to $54.00 and set an outperform rating on the stock in a research note on Thursday, October 6th. Deutsche Bank Aktiengesellschaft lowered their price target on Verizon Communications from $59.00 to $58.00 in a report on Tuesday, July 19th. Finally, Barclays lowered their target price on Verizon Communications from $48.00 to $40.00 and set an equal weight rating for the company in a report on Thursday, September 29th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $52.00.
Hedge Funds Weigh In On Verizon Communications
Institutional investors and hedge funds have recently modified their holdings of the company. Walleye Capital LLC purchased a new position in Verizon Communications during the second quarter worth approximately $386,000. First Command Bank increased its position in shares of Verizon Communications by 8.2% in the second quarter. First Command Bank now owns 33,112 shares of the cell phone carrier’s stock worth $1,680,000 after acquiring an additional 2,503 shares in the last quarter. Continuum Advisory LLC increased its position in shares of Verizon Communications by 49.3% in the first quarter. Continuum Advisory LLC now owns 35,949 shares of the cell phone carrier’s stock worth $1,617,000 after acquiring an additional 11,864 shares in the last quarter. Avalon Investment & Advisory increased its position in shares of Verizon Communications by 3.2% in the first quarter. Avalon Investment & Advisory now owns 738,820 shares of the cell phone carrier’s stock worth $37,635,000 after acquiring an additional 22,758 shares in the last quarter. Finally, Global Wealth Management Investment Advisory Inc. grew its holdings in Verizon Communications by 17.9% during the 1st quarter. Global Wealth Management Investment Advisory Inc. now owns 79,804 shares of the cell phone carrier’s stock valued at $4,065,000 after purchasing an additional 12,114 shares in the last quarter. Hedge funds and other institutional investors own 62.83% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.
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