Beacon Financial Group Lowers stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Beacon Financial Group reduced its stake in Verizon Communications by 2.96% during the most recent quarter end. The investment management company now holds a total of 170,343 shares of Verizon Communications which is valued at $9.2 Million after selling 5,193 shares in Verizon Communications according to a report filed by the company on Apr 1, 2016 with the SEC.Verizon Communications makes up approximately 1.99% of Beacon Financial Group’s portfolio.

Other Hedge Funds, Including , Renaissance Investment Group reduced its stake in VZ by selling 22 shares or 0.46% in the most recent quarter. The Hedge Fund company now holds 4,727 shares of VZ which is valued at $255,305. Verizon Communications makes up approx 0.13% of Renaissance Investment Group’s portfolio.

On the company’s financial health, Verizon Communications reported $0.89 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jan 21, 2016. Analyst had a consensus of $0.88. The company had revenue of $34254.00 million for the quarter, compared to analysts expectations of $34118.06 million. The company’s revenue was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.71 EPS.

Many Wall Street Analysts have commented on Verizon Communications. Verizon Communications was Downgraded by Jefferies to ” Hold” on Apr 7, 2016. Verizon Communications was Downgraded by Bernstein to ” Mkt Perform” on Apr 7, 2016. Verizon Communications was Initiated by Macquarie to “Neutral” on Apr 5, 2016.

Verizon Communications closed down -0.57 points or -1.09% at $51.61 with 1,49,75,892 shares getting traded on Monday. Post opening the session at $52.36, the shares hit an intraday low of $51.5 and an intraday high of $52.4 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

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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