Fort Pitt Capital Group Lowers stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Fort Pitt Capital Group reduced its stake in Verizon Communications by 0.77% during the most recent quarter end. The investment management company now holds a total of 709,780 shares of Verizon Communications which is valued at $35,879,379 after selling 5,486 shares in Verizon Communications , the firm said in a disclosure report filed with the SEC on Apr 19, 2016.Verizon Communications makes up approximately 4.37% of Fort Pitt Capital Group’s portfolio.

Verizon Communications opened for trading at $50.15 and hit $50.63 on the upside on Friday, eventually ending the session at $50.55, with a gain of 1.04% or 0.52 points. The heightened volatility saw the trading volume jump to 1,78,23,305 shares. Company has a market cap of $205,933 M.

Other Hedge Funds, Including , Gw&k Investment Management boosted its stake in VZ in the latest quarter, The investment management firm added 29,585 additional shares and now holds a total of 352,357 shares of Verizon Communications which is valued at $17,811,646. Verizon Communications makes up approx 0.39% of Gw&k Investment Management’s portfolio.W.g. Shaheen Associates Dba Whitney Co reduced its stake in VZ by selling 280 shares or 0.21% in the most recent quarter. The Hedge Fund company now holds 132,532 shares of VZ which is valued at $6,805,518. Verizon Communications makes up approx 2.90% of W.g. Shaheen Associates Dba Whitney Co’s portfolio.Lynch Associatesin boosted its stake in VZ in the latest quarter, The investment management firm added 2,668 additional shares and now holds a total of 21,565 shares of Verizon Communications which is valued at $1,107,363. Verizon Communications makes up approx 0.52% of Lynch Associatesin’s portfolio.Ct Financial Advisors reduced its stake in VZ by selling 515 shares or 1.52% in the most recent quarter. The Hedge Fund company now holds 33,438 shares of VZ which is valued at $1,725,735. Verizon Communications makes up approx 1.01% of Ct Financial Advisors’s portfolio.First Financial Bank N.a. – Trust Division boosted its stake in VZ in the latest quarter, The investment management firm added 3,309 additional shares and now holds a total of 120,559 shares of Verizon Communications which is valued at $6,222,050. Verizon Communications makes up approx 1.24% of First Financial Bank N.a. – Trust Division’s portfolio.

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. 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 was Downgraded by Bernstein to ” Mkt Perform” 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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