Beacon Financial Group Lowers stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Beacon Financial Group reduced its stake in Verizon Communications by 0.18% during the most recent quarter end. The investment management company now holds a total of 169,528 shares of Verizon Communications which is valued at $8,522,173 after selling 299 shares in Verizon Communications , the firm said in a disclosure report filed with the SEC on Oct 3, 2016.Verizon Communications makes up approximately 1.79% of Beacon Financial Group’s portfolio.

Other Hedge Funds, Including , Lvm Capital Management Ltdmi reduced its stake in VZ by selling 174,658 shares or 97.32% in the most recent quarter. The Hedge Fund company now holds 4,801 shares of VZ which is valued at $241,346. Verizon Communications makes up approx 0.08% of Lvm Capital Management Ltdmi’s portfolio.

Verizon Communications closed down -0.62 points or -1.20% at $51.26 with 1,37,53,265 shares getting traded on Tuesday. Post opening the session at $51.77, the shares hit an intraday low of $51 and an intraday high of $51.94 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, Verizon Communications reported $0.94 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jul 26, 2016. Analyst had a consensus of $0.93. The company had revenue of $30532.00 million for the quarter, compared to analysts expectations of $30968.11 million. The company’s revenue was down -5.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.04 EPS.

Many Wall Street Analysts have commented on Verizon Communications. Company shares were Reiterated by FBR Capital on Jul 27, 2016 to “Outperform”, Firm has raised the Price Target to $ 57 from a previous price target of $54 .Verizon Communications was Downgraded by Hilliard Lyons to ” Neutral” on Jul 27, 2016. Verizon Communications was Downgraded by Oppenheimer to ” Perform” on Jul 20, 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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