Zacks: Brokerages Anticipate Verizon Communications Inc. (VZ) to Post $0.98 EPS
Wall Street analysts expect that Verizon Communications Inc. (NYSE:VZ) will report earnings per share of $0.98 for the current quarter, Zacks reports. Eighteen analysts have provided estimates for Verizon Communications’ earnings. The lowest EPS estimate is $0.81 and the highest is $1.07. Verizon Communications posted earnings of $1.01 per share in the same quarter last year, which indicates a negative year over year growth rate of 3%. The business is expected to issue its next earnings report before the market opens on Thursday, October 19th.
According to Zacks, analysts expect that Verizon Communications will report full year earnings of $3.79 per share for the current year, with EPS estimates ranging from $3.68 to $4.03. For the next year, analysts forecast that the business will report earnings of $3.88 per share, with EPS estimates ranging from $3.68 to $4.23. Zacks’ EPS calculations are a mean average based on a survey of research analysts that follow Verizon Communications.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.96. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The firm had revenue of $30.55 billion during the quarter, compared to analyst estimates of $29.84 billion. During the same quarter in the prior year, the firm posted $0.94 earnings per share. Verizon Communications’s quarterly revenue was up .1% on a year-over-year basis.
A number of research firms recently commented on VZ. BidaskClub upgraded Verizon Communications from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. TheStreet upgraded Verizon Communications from a “c+” rating to a “b-” rating in a research report on Tuesday, August 8th. Royal Bank Of Canada lifted their price objective on Verizon Communications from $48.00 to $50.00 and gave the stock a “sector perform” rating in a research report on Monday, July 31st. Cowen and Company reiterated a “hold” rating and set a $52.00 price objective on shares of Verizon Communications in a research report on Friday, July 28th. Finally, Bank of America Corporation reiterated a “buy” rating on shares of Verizon Communications in a research report on Saturday, June 17th. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $53.00.
Shares of Verizon Communications (NYSE:VZ) traded up 1.44% during midday trading on Friday, hitting $47.86. 24,626,478 shares of the company were exchanged. Verizon Communications has a 52-week low of $42.80 and a 52-week high of $54.83. The stock has a market capitalization of $195.24 billion, a price-to-earnings ratio of 12.30 and a beta of 0.57. The company has a 50-day moving average price of $47.97 and a 200-day moving average price of $47.12.
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 given a dividend of $0.59 per share. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 annualized dividend and a dividend yield of 4.93%. The ex-dividend date is Friday, October 6th. Verizon Communications’s dividend payout ratio is currently 59.23%.
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In related news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $47.74, for a total transaction of $29,121.40. Following the completion of the transaction, the executive vice president now directly owns 7,819 shares in the company, valued at approximately $373,279.06. The sale was disclosed in a document filed with the SEC, which is available through this link. Over the last three months, insiders have sold 1,830 shares of company stock worth $86,248. Corporate insiders own 0.13% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Capital Research Global Investors grew its stake in shares of Verizon Communications by 15.1% in the second quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock worth $6,851,202,000 after purchasing an additional 20,070,391 shares in the last quarter. FMR LLC grew its stake in shares of Verizon Communications by 15.0% in the second quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock worth $2,761,466,000 after purchasing an additional 8,077,275 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Verizon Communications by 2.1% in the second quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock worth $12,634,070,000 after purchasing an additional 5,837,702 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Verizon Communications by 19.9% in the second quarter. Franklin Resources Inc. now owns 21,820,729 shares of the cell phone carrier’s stock worth $974,515,000 after purchasing an additional 3,623,182 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of Verizon Communications by 52.6% in the second quarter. Principal Financial Group Inc. now owns 9,014,846 shares of the cell phone carrier’s stock worth $402,604,000 after purchasing an additional 3,107,054 shares in the last quarter. Hedge funds and other institutional investors own 62.33% of the company’s stock.
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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