Ropes Wealth Advisors buys $2,760,433 stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Ropes Wealth Advisors scooped up 645 additional shares in Verizon Communications during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 8, 2016. The investment management firm now holds a total of 51,252 shares of Verizon Communications which is valued at $2,760,433.Verizon Communications makes up approximately 0.94% of Ropes Wealth Advisors’s portfolio.

Other Hedge Funds, Including , Athena Global Investors reduced its stake in VZ by selling 45,902 shares or 38.01% in the most recent quarter. The Hedge Fund company now holds 74,862 shares of VZ which is valued at $4,032,067. Verizon Communications makes up approx 6.03% of Athena Global Investors’s portfolio.Gerber Kawasaki Wealth Investment Management boosted its stake in VZ in the latest quarter, The investment management firm added 3,678 additional shares and now holds a total of 26,011 shares of Verizon Communications which is valued at $1,441,270. Verizon Communications makes up approx 0.88% of Gerber Kawasaki Wealth Investment Management’s portfolio.Eagle Asset Management Inc reduced its stake in VZ by selling 1,948 shares or 0.86% in the most recent quarter. The Hedge Fund company now holds 224,799 shares of VZ which is valued at $12,503,320. Verizon Communications makes up approx 0.08% of Eagle Asset Management Inc’s portfolio.Baker Boyer National Bank reduced its stake in VZ by selling 217 shares or 3.11% in the most recent quarter. The Hedge Fund company now holds 6,753 shares of VZ which is valued at $378,168. Verizon Communications makes up approx 1.69% of Baker Boyer National Bank’s portfolio.Atria Investments boosted its stake in VZ in the latest quarter, The investment management firm added 7,635 additional shares and now holds a total of 70,201 shares of Verizon Communications which is valued at $3,931,256. Verizon Communications makes up approx 0.42% of Atria Investments’s portfolio.

Verizon Communications closed down -0.04 points or -0.07% at $53.61 with 82,50,875 shares getting traded on Monday. Post opening the session at $53.66, the shares hit an intraday low of $53.53 and an intraday high of $53.85 and the price fluctuated in this range throughout the day.Shares ended Monday 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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