Bangor Savings Bank Lowers stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Bangor Savings Bank reduced its stake in Verizon Communications by 24.74% during the most recent quarter end. The investment management company now holds a total of 50,994 shares of Verizon Communications which is valued at $2.6 Million after selling 16,767 shares in Verizon Communications , the firm said in a disclosure report filed with the SEC on May 26, 2016.Verizon Communications makes up approximately 0.64% of Bangor Savings Bank’s portfolio.

Other Hedge Funds, Including , Hodges Capital Management boosted its stake in VZ in the latest quarter, The investment management firm added 5,589 additional shares and now holds a total of 51,828 shares of Verizon Communications which is valued at $2.6 Million. Verizon Communications makes up approx 0.12% of Hodges Capital Management’s portfolio.National Pension Service boosted its stake in VZ in the latest quarter, The investment management firm added 83,642 additional shares and now holds a total of 2,078,863 shares of Verizon Communications which is valued at $103.2 Million. Verizon Communications makes up approx 1.04% of National Pension Service’s portfolio.Fiduciary Financial Services Of The Southwest Inc Tx boosted its stake in VZ in the latest quarter, The investment management firm added 538 additional shares and now holds a total of 99,764 shares of Verizon Communications which is valued at $5.1 Million. Verizon Communications makes up approx 1.77% of Fiduciary Financial Services Of The Southwest Inc Tx’s portfolio.Riggs Asset Managment reduced its stake in VZ by selling 1,055 shares or 12.31% in the most recent quarter. The Hedge Fund company now holds 7,512 shares of VZ which is valued at $382,661. Verizon Communications makes up approx 0.28% of Riggs Asset Managment’s portfolio.

Verizon Communications closed down -0.47 points or -0.92% at $50.43 with 1,06,70,751 shares getting traded on Wednesday. Post opening the session at $50.87, the shares hit an intraday low of $50.22 and an intraday high of $50.98 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

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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