Cribstone Capital Management Lowers stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Cribstone Capital Management reduced its stake in Verizon Communications by 1.88% during the most recent quarter end. The investment management company now holds a total of 17,425 shares of Verizon Communications which is valued at $969,179 after selling 333 shares in Verizon Communications , the firm said in a disclosure report filed with the SEC on Jul 18, 2016.Verizon Communications makes up approximately 0.60% of Cribstone Capital Management’s portfolio.

Other Hedge Funds, Including , Highland Capital Management boosted its stake in VZ in the latest quarter, The investment management firm added 51,855 additional shares and now holds a total of 276,890 shares of Verizon Communications which is valued at $15,400,622. Verizon Communications makes up approx 1.29% of Highland Capital Management’s portfolio.Braver Wealth Management reduced its stake in VZ by selling 1,893 shares or 10.65% in the most recent quarter. The Hedge Fund company now holds 15,881 shares of VZ which is valued at $889,336. Verizon Communications makes up approx 0.15% of Braver Wealth Management’s portfolio.Creative Planning boosted its stake in VZ in the latest quarter, The investment management firm added 35,442 additional shares and now holds a total of 418,352 shares of Verizon Communications which is valued at $23,427,712. Verizon Communications makes up approx 0.17% of Creative Planning’s portfolio.Benjamin F. Edwards Company boosted its stake in VZ in the latest quarter, The investment management firm added 8,936 additional shares and now holds a total of 65,957 shares of Verizon Communications which is valued at $3,693,592. Verizon Communications makes up approx 0.70% of Benjamin F. Edwards Company’s portfolio.Macnealy Hoover Investment Management Inc reduced its stake in VZ by selling 934 shares or 4.72% in the most recent quarter. The Hedge Fund company now holds 18,861 shares of VZ which is valued at $1,054,330. Verizon Communications makes up approx 0.20% of Macnealy Hoover Investment Management Inc’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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