Beacon Financial Group Lowers stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Beacon Financial Group reduced its stake in Verizon Communications by 0.3% during the most recent quarter end. The investment management company now holds a total of 169,827 shares of Verizon Communications which is valued at $9,510,312 after selling 516 shares in Verizon Communications , the firm said in a disclosure report filed with the SEC on Jul 12, 2016.Verizon Communications makes up approximately 2.00% of Beacon Financial Group’s portfolio.

Other Hedge Funds, Including , Investment Partners Ltd Oh Adv reduced its stake in VZ by selling 32,096 shares or 50.4% in the most recent quarter. The Hedge Fund company now holds 31,584 shares of VZ which is valued at $1,768,704. Verizon Communications makes up approx 1.73% of Investment Partners Ltd Oh Adv’s portfolio.Peachtree Investment Advisors reduced its stake in VZ by selling 295 shares or 1.09% in the most recent quarter. The Hedge Fund company now holds 26,727 shares of VZ which is valued at $1,496,712. Verizon Communications makes up approx 1.49% of Peachtree Investment Advisors’s portfolio.Gw&k Investment Management boosted its stake in VZ in the latest quarter, The investment management firm added 21,280 additional shares and now holds a total of 373,637 shares of Verizon Communications which is valued at $20,923,672. Verizon Communications makes up approx 0.43% of Gw&k Investment Management’s portfolio.British Columbia Investment Management Corp boosted its stake in VZ in the latest quarter, The investment management firm added 5,707 additional shares and now holds a total of 2,493,392 shares of Verizon Communications which is valued at $139,380,613. Verizon Communications makes up approx 1.20% of British Columbia Investment Management Corp’s portfolio.

Verizon Communications (VZ) witnessed a volatile trading activity on Friday , and eventually ended flat at 0.00% or 0 points without letting the bulls or bears take much advantage. The trading began at $56.05 and reached the intraday high at $56.08. The bulls started the profit booking and pushed the shares to intraday low of $55.6. The trading session was marked by a volume range of 1,39,49,691 shares exchanging hands. The 52-week high of the shares is $56.95 and the 52-week low is $38.06. The market cap of the company stands at $227,620 M and there are 4,07,62,88,100 shares in public circulation.

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 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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