Kahn Brothers Group Inc. DE Reduces Position in Verizon Communications Inc. (NYSE:VZ)

Kahn Brothers Group Inc. DE decreased its stake in Verizon Communications Inc. (NYSE:VZ) by 8.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,015 shares of the cell phone carrier’s stock after selling 1,630 shares during the period. Verizon Communications accounts for 0.2% of Kahn Brothers Group Inc. DE’s investment portfolio, making the stock its 23rd largest holding. Kahn Brothers Group Inc. DE’s holdings in Verizon Communications were worth $968,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Danda Trouve Investment Management Inc. acquired a new position in shares of Verizon Communications in the 4th quarter valued at $25,000. Lionsbridge Wealth Management LLC acquired a new position in shares of Verizon Communications in the 4th quarter valued at $32,000. HighMark Wealth Management LLC acquired a new position in shares of Verizon Communications in the 4th quarter valued at $33,000. Permanens Capital L.P. acquired a new position in shares of Verizon Communications in the 4th quarter valued at $37,000. Finally, AlphaCore Capital LLC acquired a new position in shares of Verizon Communications in the 1st quarter valued at $35,000. Institutional investors and hedge funds own 65.98% of the company’s stock.

In other Verizon Communications news, SVP Anthony T. Skiadas sold 10,744 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $57.10, for a total transaction of $613,482.40. Following the completion of the transaction, the senior vice president now directly owns 27,501 shares in the company, valued at approximately $1,570,307.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.07% of the company’s stock.

Several research analysts have recently issued reports on the stock. ValuEngine cut shares of Verizon Communications from a “hold” rating to a “sell” rating in a report on Friday, May 1st. Barclays reiterated a “hold” rating and set a $54.00 price target on shares of Verizon Communications in a research note on Friday, April 17th. Nomura reiterated a “hold” rating and set a $61.00 price target on shares of Verizon Communications in a research note on Sunday, April 26th. Goldman Sachs Group upgraded shares of Verizon Communications from a “buy” rating to a “conviction-buy” rating in a research note on Wednesday, April 1st. Finally, Credit Suisse Group decreased their price target on shares of Verizon Communications from $65.00 to $61.00 and set a “neutral” rating for the company in a research note on Monday, April 6th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $61.44.

Verizon Communications stock traded up $0.13 during trading hours on Friday, reaching $54.10. 19,890,395 shares of the stock were exchanged, compared to its average volume of 15,030,494. The stock has a market cap of $223.33 billion, a P/E ratio of 12.21, a P/E/G ratio of 3.62 and a beta of 0.48. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.95 and a current ratio of 0.99. Verizon Communications Inc. has a 52-week low of $48.84 and a 52-week high of $62.22. The firm’s 50 day moving average is $56.54 and its 200 day moving average is $58.10.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Friday, April 24th. The cell phone carrier reported $1.26 EPS for the quarter, topping the Zacks’ consensus estimate of $1.22 by $0.04. The company had revenue of $31.81 billion during the quarter, compared to the consensus estimate of $32.37 billion. Verizon Communications had a net margin of 14.00% and a return on equity of 33.26%. Verizon Communications’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.20 EPS. Equities research analysts expect that Verizon Communications Inc. will post 4.77 EPS for the current fiscal year.

Verizon Communications announced that its board has initiated a stock buyback program on Thursday, February 6th that permits the company to buyback 100,000,000 outstanding shares. This buyback authorization permits the cell phone carrier to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Monday, April 13th were issued a dividend of $0.615 per share. The ex-dividend date of this dividend was Thursday, April 9th. This represents a $2.46 annualized dividend and a yield of 4.55%. Verizon Communications’s dividend payout ratio (DPR) is currently 51.14%.

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.

Further Reading: How is the S&P 500 index different from the DJIA?

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.