Palo Capital buys $9,727,516 stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Palo Capital scooped up 99,311 additional shares in Verizon Communications during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Jul 20, 2016. The investment management firm now holds a total of 173,396 shares of Verizon Communications which is valued at $9,727,516.Verizon Communications makes up approximately 3.22% of Palo Capital’s portfolio.

Other Hedge Funds, Including , Rockland Trust Co boosted its stake in VZ in the latest quarter, The investment management firm added 2,252 additional shares and now holds a total of 310,688 shares of Verizon Communications which is valued at $17,429,597. Verizon Communications makes up approx 2.88% of Rockland Trust Co’s portfolio.Evanson Asset Management reduced its stake in VZ by selling 1,083 shares or 12.44% in the most recent quarter. The Hedge Fund company now holds 7,624 shares of VZ which is valued at $424,047. Verizon Communications makes up approx 0.12% of Evanson Asset Management’s portfolio.Vigilant Capital Management boosted its stake in VZ in the latest quarter, The investment management firm added 206 additional shares and now holds a total of 173,175 shares of Verizon Communications which is valued at $9,631,994. Verizon Communications makes up approx 1.79% of Vigilant Capital Management’s portfolio.Nn Investment Partners Holdings N.v. reduced its stake in VZ by selling 3,707 shares or 0.35% in the most recent quarter. The Hedge Fund company now holds 1,044,005 shares of VZ which is valued at $58,464,280. Verizon Communications makes up approx 0.54% of Nn Investment Partners Holdings N.v.’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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