Verizon Communications Inc. to Post Q4 2017 Earnings of $0.88 Per Share, William Blair Forecasts (VZ)
Verizon Communications Inc. (NYSE:VZ) – Analysts at William Blair raised their Q4 2017 earnings estimates for shares of Verizon Communications in a report issued on Friday. William Blair analyst J. Breen now expects that the cell phone carrier will post earnings per share of $0.88 for the quarter, up from their previous estimate of $0.86.
Verizon Communications (NYSE:VZ) last announced its earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.98. The company had revenue of $31.70 billion for the quarter, compared to analysts’ expectations of $31.45 billion. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. Verizon Communications’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.01 earnings per share.
Other analysts have also issued reports about the company. TheStreet upgraded Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. Moffett Nathanson reiterated a “buy” rating on shares of Verizon Communications in a research note on Thursday, October 12th. Macquarie reiterated a “hold” rating and set a $52.00 price objective on shares of Verizon Communications in a research note on Sunday. Cowen and Company reiterated a “hold” rating and set a $52.00 price objective on shares of Verizon Communications in a research note on Friday, July 28th. Finally, Bank of America Corporation decreased their price objective on Verizon Communications from $59.00 to $50.00 and set a “buy” rating on the stock in a research note on Thursday, July 13th. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $53.10.
Verizon Communications (NYSE VZ) opened at 49.53 on Monday. The stock has a market cap of $202.05 billion, a PE ratio of 12.73 and a beta of 0.56. The company’s 50 day moving average price is $48.52 and its 200 day moving average price is $47.03. Verizon Communications has a 12 month low of $42.80 and a 12 month high of $54.83.
Hedge funds have recently modified their holdings of the stock. Ronna Sue Cohen raised its position in Verizon Communications by 0.4% during the 2nd quarter. Ronna Sue Cohen now owns 4,832 shares of the cell phone carrier’s stock valued at $216,000 after purchasing an additional 19 shares during the last quarter. Oakmont Partners LLC raised its position in Verizon Communications by 0.3% during the 2nd quarter. Oakmont Partners LLC now owns 6,391 shares of the cell phone carrier’s stock valued at $285,000 after purchasing an additional 22 shares during the last quarter. Conservest Capital Advisors Inc. raised its position in Verizon Communications by 0.5% during the 2nd quarter. Conservest Capital Advisors Inc. now owns 5,024 shares of the cell phone carrier’s stock valued at $224,000 after purchasing an additional 23 shares during the last quarter. Regal Wealth Group Inc. raised its position in Verizon Communications by 0.7% during the 2nd quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock valued at $164,000 after purchasing an additional 24 shares during the last quarter. Finally, Glassman Wealth Services raised its position in Verizon Communications by 0.4% during the 2nd quarter. Glassman Wealth Services now owns 7,719 shares of the cell phone carrier’s stock valued at $345,000 after purchasing an additional 31 shares during the last quarter. Institutional investors own 62.22% of the company’s stock.
In related news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction dated 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 sale, 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 Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 1,830 shares of company stock valued at $88,828 over the last 90 days. 0.13% of the stock is currently owned by company insiders.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, October 6th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 annualized dividend and a yield of 4.76%. Verizon Communications’s dividend payout ratio is currently 60.51%.
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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