Wellington Shields buys $2.5 Million stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Wellington Shields scooped up 1,037 additional shares in Verizon Communications during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 26, 2016. The investment management firm now holds a total of 48,695 shares of Verizon Communications which is valued at $2.5 Million.Verizon Communications makes up approximately 1.61% of Wellington Shields’s portfolio.

Other Hedge Funds, Including , Bangor Savings Bank reduced its stake in VZ by selling 16,767 shares or 24.74% in the most recent quarter. The Hedge Fund company now holds 50,994 shares of VZ which is valued at $2.6 Million. Verizon Communications makes up approx 0.64% of Bangor Savings Bank’s portfolio. Pt Asset Management sold out all of its stake in VZ during the most recent quarter. The investment firm sold 4,000 shares of VZ which is valued $203,760.Smith Moore boosted its stake in VZ in the latest quarter, The investment management firm added 3,597 additional shares and now holds a total of 22,358 shares of Verizon Communications which is valued at $1.1 Million. Verizon Communications makes up approx 0.49% of Smith Moore’s portfolio.Comerica Securities Inc reduced its stake in VZ by selling 643 shares or 4.02% in the most recent quarter. The Hedge Fund company now holds 15,365 shares of VZ which is valued at $782,693. Verizon Communications makes up approx 0.59% of Comerica Securities Inc’s portfolio.Cutler Investment Counsel boosted its stake in VZ in the latest quarter, The investment management firm added 598 additional shares and now holds a total of 128,407 shares of Verizon Communications which is valued at $6.5 Million. Verizon Communications makes up approx 2.00% of Cutler Investment Counsel’s portfolio.

Verizon Communications closed down -0.47 points or -0.92% at $50.43 with 1,06,70,751 shares getting traded on Wednesday. Post opening the session at $50.87, the shares hit an intraday low of $50.22 and an intraday high of $50.98 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

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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