Sit Investment Associates Inc buys $120,196,999 stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Sit Investment Associates Inc scooped up 72,840 additional shares in Verizon Communications during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Apr 14, 2016. The investment management firm now holds a total of 2,340,740 shares of Verizon Communications which is valued at $120,196,999.Verizon Communications makes up approximately 2.18% of Sit Investment Associates Inc’s portfolio.

Verizon Communications opened for trading at $51.37 and hit $51.895 on the upside on Monday, eventually ending the session at $51.73, with a gain of 0.74% or 0.38 points. The heightened volatility saw the trading volume jump to 1,43,22,896 shares. Company has a market cap of $210,740 M.

Other Hedge Funds, Including , Bremer Trust National Association boosted its stake in VZ in the latest quarter, The investment management firm added 1,459 additional shares and now holds a total of 24,093 shares of Verizon Communications which is valued at $1,237,176. Verizon Communications makes up approx 0.35% of Bremer Trust National Association’s portfolio.Financial Consulate Inc boosted its stake in VZ in the latest quarter, The investment management firm added 1,108 additional shares and now holds a total of 10,610 shares of Verizon Communications which is valued at $544,824. Verizon Communications makes up approx 0.37% of Financial Consulate Inc’s portfolio.Burns J W Co Incny boosted its stake in VZ in the latest quarter, The investment management firm added 1,339 additional shares and now holds a total of 88,816 shares of Verizon Communications which is valued at $4,583,794. Verizon Communications makes up approx 1.46% of Burns J W Co Incny’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.Hollencrest Securities reduced its stake in VZ by selling 8,438 shares or 12.32% in the most recent quarter. The Hedge Fund company now holds 60,059 shares of VZ which is valued at $3,099,645. Verizon Communications makes up approx 0.54% of Hollencrest Securities’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. 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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