Argus Investors’ Counsel Lowers stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Argus Investors’ Counsel reduced its stake in Verizon Communications by 2.03% during the most recent quarter end. The investment management company now holds a total of 98,800 shares of Verizon Communications which is valued at $5,465,616 after selling 2,050 shares in Verizon Communications , the firm said in a disclosure report filed with the SEC on Jul 25, 2016.Verizon Communications makes up approximately 2.22% of Argus Investors’ Counsel’s portfolio.

Other Hedge Funds, Including , High Point Bank Trust Co boosted its stake in VZ in the latest quarter, The investment management firm added 1,090 additional shares and now holds a total of 29,410 shares of Verizon Communications which is valued at $1,626,961. Verizon Communications makes up approx 0.44% of High Point Bank Trust Co’s portfolio.Old Second National Bank Of Aurora boosted its stake in VZ in the latest quarter, The investment management firm added 2,208 additional shares and now holds a total of 81,591 shares of Verizon Communications which is valued at $4,577,255. Verizon Communications makes up approx 2.06% of Old Second National Bank Of Aurora’s portfolio.Btr Capital Management Inc reduced its stake in VZ by selling 150 shares or 0.34% in the most recent quarter. The Hedge Fund company now holds 43,472 shares of VZ which is valued at $2,431,389. Verizon Communications makes up approx 0.54% of Btr Capital Management Inc’s portfolio.Grassi Investment Management reduced its stake in VZ by selling 1,397 shares or 0.9% in the most recent quarter. The Hedge Fund company now holds 153,168 shares of VZ which is valued at $8,577,408. Verizon Communications makes up approx 1.59% of Grassi Investment Management’s portfolio.Stokes Hubbell Capital Management boosted its stake in VZ in the latest quarter, The investment management firm added 1,566 additional shares and now holds a total of 43,494 shares of Verizon Communications which is valued at $2,431,315. Verizon Communications makes up approx 1.04% of Stokes Hubbell Capital Management’s portfolio.

Verizon Communications opened for trading at $54.99 and hit $55.72 on the upside on Friday, eventually ending the session at $55.41, with a gain of 1.00% or 0.55 points. The heightened volatility saw the trading volume jump to 1,55,08,926 shares. Company has a market cap of $225,867 M.

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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