Hexavest Lowers stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Hexavest reduced its stake in Verizon Communications by 1.85% during the most recent quarter end. The investment management company now holds a total of 4,390,012 shares of Verizon Communications which is valued at $225,427,116 after selling 82,809 shares in Verizon Communications , the firm said in a disclosure report filed with the SEC on Apr 12, 2016.Verizon Communications makes up approximately 3.48% of Hexavest’s portfolio.

Verizon Communications closed down -0.01 points or -0.02% at $51.35 with 1,18,61,953 shares getting traded on Friday. Post opening the session at $51.28, the shares hit an intraday low of $51.1 and an intraday high of $51.49 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

Other Hedge Funds, Including , Wunderlich Securities added VZ to its portfolio by purchasing 4,232 company shares during the most recent quarter which is valued at $217,313. Verizon Communications makes up approx 0.32% of Wunderlich Securities’s portfolio.Live Your Vision reduced its stake in VZ by selling 1,079 shares or 17.29% in the most recent quarter. The Hedge Fund company now holds 5,161 shares of VZ which is valued at $265,017. Verizon Communications makes up approx 0.12% of Live Your Vision’s portfolio.Central Trust Co boosted its stake in VZ in the latest quarter, The investment management firm added 7,423 additional shares and now holds a total of 283,118 shares of Verizon Communications which is valued at $14,538,109. Verizon Communications makes up approx 1.14% of Central Trust Co’s portfolio.Rathbone Brothers Plc reduced its stake in VZ by selling 45,469 shares or 1.45% in the most recent quarter. The Hedge Fund company now holds 3,097,285 shares of VZ which is valued at $159,850,879. Verizon Communications makes up approx 9.80% of Rathbone Brothers Plc’s portfolio.Chevy Chase Trust Holdings boosted its stake in VZ in the latest quarter, The investment management firm added 265,971 additional shares and now holds a total of 4,011,999 shares of Verizon Communications which is valued at $207,059,268. Verizon Communications makes up approx 1.19% of Chevy Chase Trust Holdings’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 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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