Cape Ann Savings Bank Lowers stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Cape Ann Savings Bank reduced its stake in Verizon Communications by 12.61% during the most recent quarter end. The investment management company now holds a total of 7,962 shares of Verizon Communications which is valued at $442,846 after selling 1,149 shares in Verizon Communications , the firm said in a disclosure report filed with the SEC on Jul 19, 2016.Verizon Communications makes up approximately 0.59% of Cape Ann Savings Bank’s portfolio.

Other Hedge Funds, Including , Osborne Partners Capital Management reduced its stake in VZ by selling 2,975 shares or 10.22% in the most recent quarter. The Hedge Fund company now holds 26,126 shares of VZ which is valued at $1,453,128. Verizon Communications makes up approx 0.21% of Osborne Partners Capital Management’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. Maple Securities Usa Inc sold out all of its stake in VZ during the most recent quarter. The investment firm sold 37,247 shares of VZ which is valued $2,085,832.Capstone Asset Management Co boosted its stake in VZ in the latest quarter, The investment management firm added 160,498 additional shares and now holds a total of 542,447 shares of Verizon Communications which is valued at $30,377,032. Verizon Communications makes up approx 0.89% of Capstone Asset Management 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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