Verizon Communications Inc. (VZ) Expected to Post Earnings of $0.98 Per Share
Analysts expect Verizon Communications Inc. (NYSE:VZ) to report earnings of $0.98 per share for the current fiscal quarter, Zacks reports. Eighteen analysts have made estimates for Verizon Communications’ earnings, with the highest EPS estimate coming in at $1.07 and the lowest estimate coming in at $0.81. Verizon Communications posted earnings per share of $1.01 in the same quarter last year, which indicates a negative year over year growth rate of 3%. The company is scheduled 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 fiscal year, with EPS estimates ranging from $3.68 to $4.03. For the next fiscal year, analysts anticipate that the business will report earnings of $3.87 per share, with EPS estimates ranging from $3.68 to $4.23. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research analysts that follow Verizon Communications.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results 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. The company had revenue of $30.55 billion for the quarter, compared to the consensus estimate of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. Verizon Communications’s revenue was up .1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 earnings per share.
Several brokerages have issued reports on VZ. Robert W. Baird reaffirmed a “hold” rating and set a $49.00 target price on shares of Verizon Communications in a research note on Wednesday. Cowen and Company reaffirmed a “hold” rating and set a $52.00 target price on shares of Verizon Communications in a research note on Tuesday, September 19th. TheStreet raised shares of Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. BidaskClub raised shares of Verizon Communications from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Royal Bank Of Canada lifted their target price on shares of Verizon Communications from $48.00 to $50.00 and gave the stock a “sector perform” rating in a research note on Monday, July 31st. Two equities research 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 assigned a strong buy rating to the company’s stock. Verizon Communications presently has a consensus rating of “Hold” and an average target price of $52.86.
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Shares of Verizon Communications (NYSE VZ) opened at 49.90 on Thursday. Verizon Communications has a 1-year low of $42.80 and a 1-year high of $54.83. The stock has a market cap of $203.56 billion, a P/E ratio of 12.83 and a beta of 0.56. The company’s 50-day moving average is $48.33 and its 200-day moving average is $47.07. Verizon Communications also saw unusually large options trading activity on Monday. Investors purchased 10,796 put options on the stock. This is an increase of approximately 102% compared to the typical daily volume of 5,342 put options.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be given a dividend of $0.59 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Friday, October 6th. This represents a $2.36 annualized dividend and a dividend yield of 4.73%. Verizon Communications’s payout ratio is presently 59.23%.
In other news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $47.74, for a total transaction of $29,121.40. Following the transaction, the executive vice president now owns 7,819 shares of the company’s stock, valued at approximately $373,279.06. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 1,830 shares of company stock worth $88,828. 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. Vanguard Group Inc. raised its holdings in Verizon Communications by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock valued at $12,634,070,000 after buying an additional 5,837,702 shares during the period. State Street Corp raised its holdings in Verizon Communications by 1.2% in the 1st quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock valued at $8,195,661,000 after buying an additional 2,066,816 shares during the period. Capital Research Global Investors raised its holdings in Verizon Communications by 15.1% in the 2nd quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock valued at $6,851,202,000 after buying an additional 20,070,391 shares during the period. FMR LLC raised its holdings in Verizon Communications by 15.0% in the 2nd quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock valued at $2,761,466,000 after buying an additional 8,077,275 shares during the period. Finally, Legal & General Group Plc raised its holdings in Verizon Communications by 3.7% in the 2nd quarter. Legal & General Group Plc now owns 23,859,220 shares of the cell phone carrier’s stock valued at $1,065,488,000 after buying an additional 848,043 shares during the period. Hedge funds and other institutional investors own 62.24% of the company’s stock.
About Verizon Communications
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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