Kahn Brothers Group Inc. DE lifted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 160.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 21,759 shares of the cell phone carrier’s stock after buying an additional 13,397 shares during the quarter. Verizon Communications makes up approximately 0.2% of Kahn Brothers Group Inc. DE’s portfolio, making the stock its 26th biggest position. Kahn Brothers Group Inc. DE’s holdings in Verizon Communications were worth $1,313,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the company. Mawer Investment Management Ltd. lifted its holdings in shares of Verizon Communications by 19.2% in the 2nd quarter. Mawer Investment Management Ltd. now owns 4,281,706 shares of the cell phone carrier’s stock worth $244,614,000 after purchasing an additional 688,375 shares during the last quarter. Richard C. Young & CO. LTD. increased its position in shares of Verizon Communications by 6.0% during the 2nd quarter. Richard C. Young & CO. LTD. now owns 252,220 shares of the cell phone carrier’s stock valued at $14,409,000 after purchasing an additional 14,296 shares during the period. HighTower Advisors LLC increased its position in shares of Verizon Communications by 6.3% during the 2nd quarter. HighTower Advisors LLC now owns 2,057,475 shares of the cell phone carrier’s stock valued at $117,566,000 after purchasing an additional 122,790 shares during the period. Foundry Partners LLC increased its position in shares of Verizon Communications by 10.1% during the 2nd quarter. Foundry Partners LLC now owns 481,450 shares of the cell phone carrier’s stock valued at $27,505,000 after purchasing an additional 44,265 shares during the period. Finally, Raymond James Trust N.A. increased its position in shares of Verizon Communications by 17.0% during the 3rd quarter. Raymond James Trust N.A. now owns 403,298 shares of the cell phone carrier’s stock valued at $24,343,000 after purchasing an additional 58,674 shares during the period. 65.55% of the stock is owned by institutional investors and hedge funds.
In related news, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $60.42, for a total transaction of $81,506.58. Following the transaction, the executive vice president now directly owns 19,983 shares in the company, valued at $1,207,372.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Tami A. Erwin sold 17,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $57.75, for a total value of $981,750.00. Following the transaction, the chief executive officer now owns 853 shares in the company, valued at $49,260.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,047 shares of company stock valued at $1,219,943. Insiders own 0.03% of the company’s stock.
A number of brokerages recently issued reports on VZ. Sanford C. Bernstein began coverage on Verizon Communications in a report on Tuesday, October 15th. They issued a “market perform” rating and a $63.00 target price on the stock. Oppenheimer upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price on the stock in a report on Tuesday, August 27th. Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a report on Monday, September 2nd. Nomura cut Verizon Communications from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $67.00 to $65.00 in a report on Monday. Finally, Citigroup set a $62.00 target price on Verizon Communications and gave the stock a “hold” rating in a report on Tuesday, September 10th. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $62.69.
Shares of VZ stock traded down $1.18 on Friday, reaching $59.35. 17,642,379 shares of the company’s stock traded hands, compared to its average volume of 11,028,275. Verizon Communications Inc. has a 12-month low of $52.28 and a 12-month high of $61.58. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.85 and a current ratio of 0.89. The company has a market capitalization of $246.08 billion, a P/E ratio of 12.60, a price-to-earnings-growth ratio of 2.97 and a beta of 0.53. The business’s 50 day moving average price is $60.22 and its two-hundred day moving average price is $58.01.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.01. The firm had revenue of $32.89 billion during the quarter, compared to analysts’ expectations of $32.74 billion. Verizon Communications had a return on equity of 34.50% and a net margin of 12.26%. The business’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter last year, the firm earned $1.22 earnings per share. Research analysts predict that Verizon Communications Inc. will post 4.83 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were given a dividend of $0.615 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $2.46 dividend on an annualized basis and a yield of 4.14%. Verizon Communications’s dividend payout ratio (DPR) is presently 52.23%.
Verizon Communications Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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