Verizon Communications (NYSE:VZ) Announces Quarterly Earnings Results

Verizon Communications (NYSE:VZGet Rating) posted its quarterly earnings data on Friday. The cell phone carrier reported $1.35 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.35, MarketWatch Earnings reports. Verizon Communications had a return on equity of 28.94% and a net margin of 16.51%. The company had revenue of $33.60 billion for the quarter, compared to the consensus estimate of $33.61 billion. During the same period in the previous year, the business earned $1.31 EPS. Verizon Communications’s revenue for the quarter was up 2.2% compared to the same quarter last year. Verizon Communications updated its FY 2022 guidance to $5.400-$5.400 EPS.

NYSE:VZ traded down $3.36 during midday trading on Friday, reaching $51.65. 1,247,737 shares of the company traded hands, compared to its average volume of 24,291,990. Verizon Communications has a twelve month low of $49.69 and a twelve month high of $59.85. The firm has a market capitalization of $216.82 billion, a price-to-earnings ratio of 9.78, a price-to-earnings-growth ratio of 3.67 and a beta of 0.39. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.78 and a quick ratio of 0.71. The company has a fifty day moving average price of $52.97 and a 200 day moving average price of $52.65.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 2nd. Investors of record on Friday, April 8th will be given a dividend of $0.64 per share. The ex-dividend date of this dividend is Thursday, April 7th. This represents a $2.56 dividend on an annualized basis and a yield of 4.96%. Verizon Communications’s dividend payout ratio is currently 48.03%.

Several equities research analysts have issued reports on VZ shares. Tigress Financial lifted their price objective on Verizon Communications from $67.00 to $68.00 and gave the stock a “buy” rating in a report on Friday, January 21st. StockNews.com started coverage on Verizon Communications in a report on Thursday, March 31st. They set a “hold” rating on the stock. The Goldman Sachs Group restated a “buy” rating and set a $61.00 price objective on shares of Verizon Communications in a report on Friday, March 4th. Deutsche Bank Aktiengesellschaft boosted their price target on Verizon Communications from $56.00 to $57.00 in a report on Tuesday, January 25th. Finally, JPMorgan Chase & Co. downgraded Verizon Communications from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $62.00 to $56.00 in a report on Wednesday, January 26th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $59.20.

In other Verizon Communications news, EVP Craig L. Silliman sold 1,558 shares of the business’s stock in a transaction on Thursday, March 3rd. The stock was sold at an average price of $54.48, for a total transaction of $84,879.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hans Erik Vestberg purchased 19,000 shares of Verizon Communications stock in a transaction on Wednesday, January 26th. The shares were acquired at an average price of $52.55 per share, with a total value of $998,450.00. The disclosure for this purchase can be found here. Insiders own 0.02% of the company’s stock.

A number of hedge funds have recently made changes to their positions in VZ. Keudell Morrison Wealth Management raised its stake in shares of Verizon Communications by 0.9% in the 3rd quarter. Keudell Morrison Wealth Management now owns 47,613 shares of the cell phone carrier’s stock worth $2,572,000 after buying an additional 448 shares in the last quarter. Comerica Bank raised its stake in shares of Verizon Communications by 83.6% in the 3rd quarter. Comerica Bank now owns 1,961,361 shares of the cell phone carrier’s stock worth $106,422,000 after buying an additional 893,345 shares in the last quarter. Toroso Investments LLC raised its stake in shares of Verizon Communications by 52.6% in the 4th quarter. Toroso Investments LLC now owns 94,200 shares of the cell phone carrier’s stock worth $4,895,000 after buying an additional 32,450 shares in the last quarter. Wasatch Advisors Inc. bought a new stake in shares of Verizon Communications in the 4th quarter worth $3,889,000. Finally, Heritage Wealth Advisors raised its stake in shares of Verizon Communications by 4.6% in the 4th quarter. Heritage Wealth Advisors now owns 13,300 shares of the cell phone carrier’s stock worth $691,000 after buying an additional 585 shares in the last quarter. Institutional investors own 62.93% of the company’s stock.

Verizon Communications Company Profile (Get Rating)

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.

Further Reading

Earnings History for Verizon Communications (NYSE:VZ)

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