Parametric Portfolio Associates buys $447.7 Million stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Parametric Portfolio Associates scooped up 500,375 additional shares in Verizon Communications during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 8,788,036 shares of Verizon Communications which is valued at $447.7 Million.Verizon Communications makes up approximately 0.73% of Parametric Portfolio Associates’s portfolio.

Other Hedge Funds, Including , Gerstein Fisher boosted its stake in VZ in the latest quarter, The investment management firm added 3,716 additional shares and now holds a total of 46,764 shares of Verizon Communications which is valued at $2.4 Million. Verizon Communications makes up approx 0.33% of Gerstein Fisher’s portfolio.Wunderlich Capital Managemnt boosted its stake in VZ in the latest quarter, The investment management firm added 342 additional shares and now holds a total of 20,105 shares of Verizon Communications which is valued at $1 Million. Verizon Communications makes up approx 0.88% of Wunderlich Capital Managemnt’s portfolio.Janney Capital Management boosted its stake in VZ in the latest quarter, The investment management firm added 370,899 additional shares and now holds a total of 379,891 shares of Verizon Communications which is valued at $19.4 Million. Verizon Communications makes up approx 1.05% of Janney Capital Management’s portfolio.Gilman Hill Asset Management boosted its stake in VZ in the latest quarter, The investment management firm added 4,323 additional shares and now holds a total of 105,893 shares of Verizon Communications which is valued at $5.4 Million. Verizon Communications makes up approx 2.40% of Gilman Hill Asset Management’s portfolio.

Verizon Communications opened for trading at $49.63 and hit $50.0078 on the upside on Wednesday, eventually ending the session at $49.85, with a gain of 0.54% or 0.27 points. The heightened volatility saw the trading volume jump to 94,97,292 shares. Company has a market cap of $203,203 M.

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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