Verizon Communications Inc. (NYSE:VZ) Announces Quarterly Earnings Results, Hits Expectations
Verizon Communications Inc. (NYSE:VZ) released its quarterly earnings results on Thursday. The cell phone carrier reported $0.96 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.96, Bloomberg Earnings reports. Verizon Communications had a return on equity of 66.99% and a net margin of 9.92%. The company had revenue of $30.55 billion for the quarter, compared to analyst estimates of $29.84 billion. During the same quarter in the prior year, the firm posted $0.94 EPS. Verizon Communications’s quarterly revenue was up .1% compared to the same quarter last year.
Shares of Verizon Communications (VZ) traded up 7.68% during midday trading on Thursday, reaching $47.81. The company’s stock had a trading volume of 44,694,210 shares. The firm has a market capitalization of $195.03 billion, a price-to-earnings ratio of 15.99 and a beta of 0.54. Verizon Communications has a 52 week low of $42.80 and a 52 week high of $55.82. The firm’s 50 day moving average is $44.86 and its 200 day moving average is $47.62. Verizon Communications also saw unusually large options trading on Wednesday. Stock investors bought 24,016 call options on the company. This represents an increase of approximately 147% compared to the typical daily volume of 9,724 call options.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th will be issued a dividend of $0.5775 per share. The ex-dividend date is Thursday, July 6th. This represents a $2.31 annualized dividend and a yield of 4.83%. Verizon Communications’s dividend payout ratio (DPR) is 77.00%.
VZ has been the topic of a number of recent analyst reports. TheStreet lowered Verizon Communications from a “b-” rating to a “c” rating in a research note on Thursday, April 27th. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating on shares of Verizon Communications in a research note on Wednesday, June 28th. Vetr upgraded Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 target price on the stock in a research note on Wednesday, July 5th. Macquarie restated a “neutral” rating and set a $49.00 price target (down previously from $50.00) on shares of Verizon Communications in a research note on Sunday, April 23rd. Finally, Jefferies Group LLC restated a “hold” rating and set a $50.00 price target (down previously from $51.00) on shares of Verizon Communications in a research note on Sunday, April 23rd. One investment analyst has rated the stock with a sell rating, twenty-five have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $53.23.
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In other news, EVP Marni M. Walden sold 16,362 shares of Verizon Communications stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $46.08, for a total transaction of $753,960.96. Following the sale, the executive vice president now directly owns 11,797 shares of the company’s stock, valued at $543,605.76. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $45.34, for a total value of $27,657.40. Following the sale, the executive vice president now directly owns 9,039 shares in the company, valued at $409,828.26. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,582 shares of company stock worth $809,068. 0.13% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the company. Sunbelt Securities Inc. purchased a new stake in shares of Verizon Communications during the fourth quarter valued at $115,000. Franklin Parlapiano Turner & Welch LLC purchased a new stake in shares of Verizon Communications during the first quarter valued at $136,000. Tortoise Investment Management LLC raised its stake in shares of Verizon Communications by 35.3% in the fourth quarter. Tortoise Investment Management LLC now owns 2,609 shares of the cell phone carrier’s stock valued at $139,000 after buying an additional 680 shares in the last quarter. American Beacon Advisors Inc. purchased a new stake in shares of Verizon Communications during the first quarter valued at $140,000. Finally, Proficio Capital Partners LLC raised its stake in shares of Verizon Communications by 139.8% in the first quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock valued at $142,000 after buying an additional 1,841 shares in the last quarter. 62.61% of the stock is currently owned by institutional investors and hedge funds.
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.
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