Philadelphia Trust Co Lowers stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Philadelphia Trust Co reduced its stake in Verizon Communications by 6.49% during the most recent quarter end. The investment management company now holds a total of 816,796 shares of Verizon Communications which is valued at $41.6 Million after selling 56,711 shares in Verizon Communications , the firm said in a disclosure report filed with the SEC on May 13, 2016.Verizon Communications makes up approximately 3.59% of Philadelphia Trust Co’s portfolio.

Other Hedge Funds, Including , Beck Capital Management added VZ to its portfolio by purchasing 49,358 company shares during the most recent quarter which is valued at $2.5 Million. Verizon Communications makes up approx 1.80% of Beck Capital Management’s portfolio. Gargoyle Investment Advisor L.l.c. added VZ to its portfolio by purchasing 47,484 company shares during the most recent quarter which is valued at $2.4 Million. Verizon Communications makes up approx 0.84% of Gargoyle Investment Advisor L.l.c.’s portfolio. Ipg Investment Advisors added VZ to its portfolio by purchasing 4,017 company shares during the most recent quarter which is valued at $204,626. Verizon Communications makes up approx 0.10% of Ipg Investment Advisors’s portfolio.Motco boosted its stake in VZ in the latest quarter, The investment management firm added 323 additional shares and now holds a total of 87,549 shares of Verizon Communications which is valued at $4.5 Million. Verizon Communications makes up approx 0.53% of Motco’s portfolio. Hanseatic Management Services Inc added VZ to its portfolio by purchasing 63,020 company shares during the most recent quarter which is valued at $3.2 Million. Verizon Communications makes up approx 1.18% of Hanseatic Management Services Inc’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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