Laurel Grove Capital Lowers stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Laurel Grove Capital reduced its stake in Verizon Communications by 3.33% during the most recent quarter end. The investment management company now holds a total of 82,655 shares of Verizon Communications which is valued at $4,636,946 after selling 2,850 shares in Verizon Communications , the firm said in a disclosure report filed with the SEC on Jul 20, 2016.Verizon Communications makes up approximately 2.71% of Laurel Grove Capital’s portfolio.

Other Hedge Funds, Including , Duncker Streett Co Inc reduced its stake in VZ by selling 163 shares or 0.33% in the most recent quarter. The Hedge Fund company now holds 49,904 shares of VZ which is valued at $2,799,614. Verizon Communications makes up approx 0.97% of Duncker Streett Co Inc’s portfolio.Stewart Patten Co reduced its stake in VZ by selling 1,406 shares or 13.56% in the most recent quarter. The Hedge Fund company now holds 8,965 shares of VZ which is valued at $498,633. Verizon Communications makes up approx 0.10% of Stewart Patten Co’s portfolio.First Hawaiian Bank boosted its stake in VZ in the latest quarter, The investment management firm added 585 additional shares and now holds a total of 14,547 shares of Verizon Communications which is valued at $814,632. Verizon Communications makes up approx 0.14% of First Hawaiian Bank’s portfolio.Somerset Trust Co reduced its stake in VZ by selling 13,741 shares or 37.12% in the most recent quarter. The Hedge Fund company now holds 23,277 shares of VZ which is valued at $1,303,512. Verizon Communications makes up approx 0.78% of Somerset Trust Co’s portfolio.

Verizon Communications closed down -0.08 points or -0.14% at $55.62 with 1,20,08,672 shares getting traded on Wednesday. Post opening the session at $55.58, the shares hit an intraday low of $55.31 and an intraday high of $55.665 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. Verizon Communications was Downgraded by Oppenheimer to ” Perform” on Jul 20, 2016. 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 .

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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