Verizon Communications (NYSE:VZ) Announces Earnings Results

Verizon Communications (NYSE:VZGet Rating) posted its quarterly earnings results on Friday. The cell phone carrier reported $1.31 EPS for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01), Briefing.com reports. The company had revenue of $33.79 billion during the quarter, compared to analyst estimates of $33.77 billion. Verizon Communications had a return on equity of 28.15% and a net margin of 15.93%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.37 earnings per share. Verizon Communications updated its FY22 guidance to $5.10-$5.25 EPS.

Verizon Communications Stock Down 6.7 %

Shares of VZ opened at $44.45 on Monday. The company has a market capitalization of $186.67 billion, a PE ratio of 8.91, a price-to-earnings-growth ratio of 2.03 and a beta of 0.40. The company has a quick ratio of 0.69, a current ratio of 0.76 and a debt-to-equity ratio of 1.64. Verizon Communications has a 52-week low of $43.76 and a 52-week high of $56.33. The stock has a fifty day simple moving average of $50.34 and a two-hundred day simple moving average of $51.56.

Verizon Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 1st. Investors of record on Friday, July 8th will be paid a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 5.76%. The ex-dividend date is Thursday, July 7th. Verizon Communications’s dividend payout ratio is currently 51.30%.

Insider Buying and Selling at Verizon Communications

In other Verizon Communications news, EVP Craig L. Silliman sold 1,558 shares of the business’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $51.42, for a total transaction of $80,112.36. Following the completion of the transaction, the executive vice president now owns 33,403 shares in the company, valued at approximately $1,717,582.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Verizon Communications news, CEO Tami A. Erwin sold 23,647 shares of the firm’s stock in a transaction dated Tuesday, April 26th. The shares were sold at an average price of $49.77, for a total transaction of $1,176,911.19. Following the sale, the chief executive officer now directly owns 21,817 shares of the company’s stock, valued at approximately $1,085,832.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Craig L. Silliman sold 1,558 shares of the firm’s stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $51.42, for a total transaction of $80,112.36. Following the sale, the executive vice president now directly owns 33,403 shares in the company, valued at $1,717,582.26. The disclosure for this sale can be found here. Insiders sold a total of 28,321 shares of company stock valued at $1,414,288 in the last three months. 0.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Worth Asset Management LLC acquired a new stake in shares of Verizon Communications during the first quarter worth approximately $58,000. Shepherd Financial Partners LLC raised its stake in shares of Verizon Communications by 9.2% during the first quarter. Shepherd Financial Partners LLC now owns 4,447 shares of the cell phone carrier’s stock valued at $224,000 after purchasing an additional 373 shares in the last quarter. Axiom Financial Strategies LLC raised its stake in shares of Verizon Communications by 8.9% during the first quarter. Axiom Financial Strategies LLC now owns 5,980 shares of the cell phone carrier’s stock valued at $279,000 after purchasing an additional 487 shares in the last quarter. qPULA Trading Management LP bought a new stake in Verizon Communications in the first quarter worth about $290,000. Finally, Wsfs Capital Management LLC raised its position in Verizon Communications by 26.7% in the first quarter. Wsfs Capital Management LLC now owns 5,702 shares of the cell phone carrier’s stock worth $290,000 after acquiring an additional 1,200 shares in the last quarter. Hedge funds and other institutional investors own 63.78% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on VZ shares. Scotiabank cut shares of Verizon Communications from an “outperform” rating to a “sector perform” rating in a report on Friday. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Verizon Communications from $59.00 to $58.00 in a research report on Tuesday, July 19th. The Goldman Sachs Group lowered shares of Verizon Communications from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $61.00 to $55.00 in a report on Monday, April 25th. Credit Suisse Group decreased their target price on shares of Verizon Communications from $58.00 to $54.00 and set a “neutral” rating on the stock in a report on Tuesday, June 21st. Finally, Wells Fargo & Company cut their price target on shares of Verizon Communications from $58.00 to $52.00 and set an “equal weight” rating for the company in a research note on Friday, July 8th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $56.93.

About Verizon Communications

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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.

See Also

Earnings History for Verizon Communications (NYSE:VZ)

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