Convergence Investment Partners buys $10.3 Million stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Convergence Investment Partners scooped up 121,613 additional shares in Verizon Communications during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 11, 2016. The investment management firm now holds a total of 202,131 shares of Verizon Communications which is valued at $10.3 Million.Verizon Communications makes up approximately 1.24% of Convergence Investment Partners’s portfolio.

Other Hedge Funds, Including , True Private Wealth Advisors added VZ to its portfolio by purchasing 27,321 company shares during the most recent quarter which is valued at $1.4 Million. Verizon Communications makes up approx 0.54% of True Private Wealth Advisors’s portfolio.First Trust Advisors Lp boosted its stake in VZ in the latest quarter, The investment management firm added 747,184 additional shares and now holds a total of 2,618,030 shares of Verizon Communications which is valued at $133.4 Million. Verizon Communications makes up approx 0.43% of First Trust Advisors Lp’s portfolio.Financial Advisory Service reduced its stake in VZ by selling 7,531 shares or 41.64% in the most recent quarter. The Hedge Fund company now holds 10,554 shares of VZ which is valued at $539,520. Verizon Communications makes up approx 0.28% of Financial Advisory Service’s portfolio.Clarkston Capital Partners reduced its stake in VZ by selling 200 shares or 0.47% in the most recent quarter. The Hedge Fund company now holds 42,105 shares of VZ which is valued at $2.2 Million. Verizon Communications makes up approx 0.12% of Clarkston Capital Partners’s portfolio.

Verizon Communications opened for trading at $50.77 and hit $51.33 on the upside on Monday, eventually ending the session at $51.23, with a gain of 0.57% or 0.29 points. The heightened volatility saw the trading volume jump to 79,03,413 shares. Company has a market cap of $208,828 M.

On the company’s financial health, Verizon Communications reported $1.06 EPS for the quarter, based on the information available during the earnings call on Apr 21, 2016. Analyst had a consensus estimate of $1.06. The company had revenue of $32171.00 million for the quarter, compared to analysts expectations of $32481.10 million. The company’s revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.02 EPS.

Many Wall Street Analysts have commented on Verizon Communications. Shares were Reiterated by RBC Capital Mkts on Apr 26, 2016 to “Outperform” and Lowered the Price Target to $ 56 from a previous price target of $58 .Company shares were Reiterated by Barclays on Apr 18, 2016 to “Equal Weight”, Firm has raised the Price Target to $ 52 from a previous price target of $51 .Verizon Communications was Downgraded by Jefferies to ” Hold” on Apr 7, 2016.

Verizon Communications Inc. (Verizon) is a holding company that acting 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 includes the Cellco Partnership doing business as Verizon Wireless. Wireless’ communications products and services include wireless voice and data services and equipment sales which are provided to consumer business and government customers across the United States. Wireline’s voice data and video communications products and services include broadband video and data corporate networking solutions data center and cloud services security and managed network services and local and long distance voice services. Verizon provides these products and services to consumers in the United States as well as to carriers businesses and government customers both in the United States and around the world.

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