KBC Group NV Sells 184,918 Shares of Verizon Communications Inc. $VZ

KBC Group NV reduced its position in shares of Verizon Communications Inc. (NYSE:VZ) by 3.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,918,759 shares of the cell phone carrier’s stock after selling 184,918 shares during the period. Verizon Communications comprises 0.6% of KBC Group NV’s investment portfolio, making the stock its 25th largest holding. KBC Group NV owned approximately 0.12% of Verizon Communications worth $212,836,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. Sargent Investment Group LLC increased its position in Verizon Communications by 3.3% in the 1st quarter. Sargent Investment Group LLC now owns 7,125 shares of the cell phone carrier’s stock valued at $323,000 after acquiring an additional 230 shares during the period. Providence Capital Advisors LLC lifted its holdings in Verizon Communications by 0.3% during the 1st quarter. Providence Capital Advisors LLC now owns 80,178 shares of the cell phone carrier’s stock worth $3,637,000 after buying an additional 240 shares during the period. Wright Investors Service Inc. grew its position in shares of Verizon Communications by 1.2% in the 2nd quarter. Wright Investors Service Inc. now owns 21,255 shares of the cell phone carrier’s stock valued at $920,000 after buying an additional 243 shares during the last quarter. Monetary Management Group Inc. increased its stake in shares of Verizon Communications by 0.8% in the first quarter. Monetary Management Group Inc. now owns 30,150 shares of the cell phone carrier’s stock valued at $1,368,000 after buying an additional 250 shares during the period. Finally, Lazari Capital Management Inc. raised its position in shares of Verizon Communications by 0.4% during the second quarter. Lazari Capital Management Inc. now owns 67,101 shares of the cell phone carrier’s stock worth $2,903,000 after acquiring an additional 250 shares during the last quarter. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Up 2.2%

Shares of NYSE:VZ opened at $40.72 on Wednesday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.74. Verizon Communications Inc. has a 52-week low of $37.58 and a 52-week high of $47.35. The business’s 50 day simple moving average is $41.71 and its two-hundred day simple moving average is $42.66. The firm has a market cap of $171.68 billion, a P/E ratio of 8.70, a PEG ratio of 3.03 and a beta of 0.35.

Verizon Communications (NYSE:VZ) last issued its earnings results on Wednesday, October 29th. The cell phone carrier reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.02. Verizon Communications had a return on equity of 19.31% and a net margin of 14.43%.The company had revenue of $33.80 billion for the quarter, compared to analyst estimates of $34.19 billion. During the same period in the prior year, the firm earned $1.19 earnings per share. Verizon Communications’s revenue for the quarter was up 1.5% on a year-over-year basis. As a group, research analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Friday, October 10th were paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.8%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend was Friday, October 10th. Verizon Communications’s payout ratio is 58.97%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. BNP Paribas cut Verizon Communications from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 21st. Scotiabank increased their price objective on shares of Verizon Communications from $50.50 to $51.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 30th. Bank of America lifted their price objective on Verizon Communications from $45.00 to $49.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 22nd. Morgan Stanley raised their target price on Verizon Communications from $47.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 22nd. Finally, TD Cowen dropped their price target on Verizon Communications from $56.00 to $51.00 and set a “buy” rating on the stock in a research note on Thursday, October 30th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and thirteen have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $47.41.

Verizon Communications Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).