1St Source Bank Has Upped Holding in Patrick Inds (PATK) by $535,647; Financial Advisory Service Has Cut Verizon Communications I (VZ) Stake as Stock Value Declined

May 22, 2018 - By Linda Rogers

Verizon Communications Inc. (NYSE:VZ) Logo

1St Source Bank increased its stake in Patrick Inds Inc (PATK) by 33.94% based on its latest 2017Q4 regulatory filing with the SEC. 1St Source Bank bought 7,763 shares as the company’s stock declined 10.78% with the market. The institutional investor held 30,639 shares of the basic industries company at the end of 2017Q4, valued at $2.13M, up from 22,876 at the end of the previous reported quarter. 1St Source Bank who had been investing in Patrick Inds Inc for a number of months, seems to be bullish on the $1.58B market cap company. The stock increased 1.35% or $0.85 during the last trading session, reaching $63.6. About 251,286 shares traded. Patrick Industries, Inc. (NASDAQ:PATK) has risen 34.42% since May 22, 2017 and is uptrending. It has outperformed by 22.87% the S&P500.

Financial Advisory Service Inc decreased its stake in Verizon Communications I (VZ) by 25.51% based on its latest 2017Q4 regulatory filing with the SEC. Financial Advisory Service Inc sold 5,790 shares as the company’s stock declined 11.05% with the market. The institutional investor held 16,906 shares of the telecommunications equipment company at the end of 2017Q4, valued at $895,000, down from 22,696 at the end of the previous reported quarter. Financial Advisory Service Inc who had been investing in Verizon Communications I for a number of months, seems to be less bullish one the $200.11B market cap company. The stock increased 1.45% or $0.69 during the last trading session, reaching $48.43. About 8.59M shares traded. Verizon Communications Inc. (NYSE:VZ) has declined 3.72% since May 22, 2017 and is downtrending. It has underperformed by 15.27% the S&P500.

More recent Patrick Industries, Inc. (NASDAQ:PATK) news were published by: Seekingalpha.com which released: “Patrick Industries’ (PATK) CEO Todd Cleveland on Q1 2018 Results – Earnings Call Transcript” on April 26, 2018. Also Investorplace.com published the news titled: “3 Top Value Stocks to Buy Now” on May 03, 2018. Seekingalpha.com‘s news article titled: “Patrick Industries announces increased share repurchase authorization” with publication date: May 18, 2018 was also an interesting one.

Investors sentiment increased to 7.26 in 2017 Q4. Its up 6.23, from 1.03 in 2017Q3. It is positive, as 12 investors sold PATK shares while 11 reduced holdings. 37 funds opened positions while 130 raised stakes. 44.28 million shares or 197.84% more from 14.87 million shares in 2017Q3 were reported. Jpmorgan Chase holds 554,540 shares. Legal & General Grp Public Limited, United Kingdom-based fund reported 43,500 shares. Parametrica Mngmt Ltd reported 4,131 shares. New Amsterdam Ptnrs Lc Ny owns 142,289 shares for 1.98% of their portfolio. Susquehanna Intll Grp Inc Ltd Liability Partnership owns 3,364 shares. Invesco stated it has 104,834 shares. State Board Of Administration Of Florida Retirement holds 0% of its portfolio in Patrick Industries, Inc. (NASDAQ:PATK) for 14,724 shares. Arizona State Retirement invested in 40,138 shares or 0.03% of the stock. Waratah Cap Advsrs Ltd, Ontario – Canada-based fund reported 115,342 shares. The Wisconsin-based Northwestern Mutual Wealth Management has invested 0% in Patrick Industries, Inc. (NASDAQ:PATK). Bancshares Of Mellon Corp reported 295,232 shares. Pitcairn Company owns 3,611 shares. Hood River has 240,213 shares for 0.97% of their portfolio. State Of New Jersey Common Pension Fund D holds 0.15% in Patrick Industries, Inc. (NASDAQ:PATK) or 570,000 shares. Stone Ridge Asset Ltd Liability Co stated it has 8,625 shares.

Among 6 analysts covering Patrick Industries (NASDAQ:PATK), 5 have Buy rating, 0 Sell and 1 Hold. Therefore 83% are positive. Patrick Industries had 12 analyst reports since March 31, 2016 according to SRatingsIntel. Bank of America maintained Patrick Industries, Inc. (NASDAQ:PATK) rating on Thursday, March 15. Bank of America has “Buy” rating and $85 target. The stock of Patrick Industries, Inc. (NASDAQ:PATK) earned “Buy” rating by Sidoti on Thursday, June 16. On Thursday, March 31 the stock rating was downgraded by CL King to “Neutral”. On Tuesday, April 10 the stock rating was maintained by Wells Fargo with “Hold”. CL King upgraded the stock to “Buy” rating in Wednesday, August 17 report. Bank of America maintained the stock with “Buy” rating in Tuesday, October 24 report. As per Thursday, December 14, the company rating was maintained by Wells Fargo. The company was maintained on Wednesday, January 24 by Bank of America. The stock of Patrick Industries, Inc. (NASDAQ:PATK) has “Buy” rating given on Thursday, February 15 by Robert W. Baird. Robert W. Baird maintained it with “Buy” rating and $72.0 target in Friday, December 22 report.

Since December 13, 2017, it had 3 insider purchases, and 4 insider sales for $428,193 activity. $336,338 worth of stock was bought by WELCH M SCOTT on Thursday, March 1. On Wednesday, December 13 the insider Kitson Michael A sold $172,370. Blosser Courtney sold $134,648 worth of stock. 814 shares were sold by Boone Joshua A, worth $54,644.

1St Source Bank, which manages about $1.22 billion US Long portfolio, decreased its stake in Spdr S&P Midcap 400 Etf Trust (MDY) by 6,985 shares to 52,136 shares, valued at $18.01M in 2017Q4, according to the filing. It also reduced its holding in Spdr S&P 500 Etf Trust (SPY) by 18,789 shares in the quarter, leaving it with 163,376 shares, and cut its stake in General Electric Corp (NYSE:GE).

Analysts await Verizon Communications Inc. (NYSE:VZ) to report earnings on July, 26. They expect $1.14 EPS, up 18.75% or $0.18 from last year’s $0.96 per share. VZ’s profit will be $4.71 billion for 10.62 P/E if the $1.14 EPS becomes a reality. After $1.17 actual EPS reported by Verizon Communications Inc. for the previous quarter, Wall Street now forecasts -2.56% negative EPS growth.

More notable recent Verizon Communications Inc. (NYSE:VZ) news were published by: 247Wallst.com which released: “Is Verizon Back on Track?” on April 24, 2018, also Benzinga.com with their article: “JPMorgan: Verizon On ‘Stable Footing’ As 5G Opportunity Crystallizes” published on May 11, 2018, Globenewswire.com published: “Verizon holds sellside analyst meeting” on May 21, 2018. More interesting news about Verizon Communications Inc. (NYSE:VZ) were released by: Benzinga.com and their article: “How The GDPR’s Data Portability Rules Could Affect Client Churn” published on May 21, 2018 as well as Seekingalpha.com‘s news article titled: “Verizon Communications (VZ) Presents at MoffettNathanson 5th Annual Media & Communications Summit Conference …” with publication date: May 16, 2018.

Since February 13, 2018, it had 0 insider buys, and 2 insider sales for $444,552 activity.

Investors sentiment increased to 1.02 in 2017 Q4. Its up 0.14, from 0.88 in 2017Q3. It is positive, as 57 investors sold VZ shares while 662 reduced holdings. 141 funds opened positions while 592 raised stakes. 2.54 billion shares or 0.48% more from 2.53 billion shares in 2017Q3 were reported. Woodmont Inv Counsel Ltd Company has 2.45% invested in Verizon Communications Inc. (NYSE:VZ) for 179,600 shares. Hall Laurie J Trustee invested in 3,373 shares or 0.1% of the stock. Virginia Retirement Systems Et Al owns 1.44 million shares. Villere St Denis J And Limited Liability Co invested in 177,555 shares or 0.59% of the stock. Jpmorgan Chase And has invested 0.3% of its portfolio in Verizon Communications Inc. (NYSE:VZ). Marble Harbor Investment Counsel Llc reported 0.04% stake. Northstar Grp has invested 0.6% of its portfolio in Verizon Communications Inc. (NYSE:VZ). 41,626 were accumulated by Stearns Group. Dnb Asset Mngmt As holds 2.24M shares. Griffin Asset Management Inc owns 105,433 shares for 0.99% of their portfolio. Congress Asset Mngmt Ma owns 10,924 shares. At Bancorp holds 0.14% of its portfolio in Verizon Communications Inc. (NYSE:VZ) for 25,383 shares. Omers Administration Corporation has invested 0.05% of its portfolio in Verizon Communications Inc. (NYSE:VZ). 5,500 are owned by Dodge & Cox. Telos Cap Incorporated holds 0.3% of its portfolio in Verizon Communications Inc. (NYSE:VZ) for 16,027 shares.

Financial Advisory Service Inc, which manages about $817.05M and $380.72M US Long portfolio, upped its stake in Schwab Strategic Tr (SCHF) by 12,435 shares to 190,086 shares, valued at $6.48M in 2017Q4, according to the filing. It also increased its holding in Spdr Series Trust (ITR) by 9,548 shares in the quarter, for a total of 151,755 shares, and has risen its stake in Ishares Tr (EFV).

Among 31 analysts covering Verizon Communications Inc. (NYSE:VZ), 15 have Buy rating, 0 Sell and 16 Hold. Therefore 48% are positive. Verizon Communications Inc. had 84 analyst reports since July 22, 2015 according to SRatingsIntel. As per Tuesday, April 24, the company rating was maintained by Cowen & Co. The rating was maintained by RBC Capital Markets with “Hold” on Monday, April 24. The rating was maintained by Cowen & Co with “Hold” on Tuesday, July 18. As per Tuesday, January 3, the company rating was upgraded by Citigroup. The firm earned “Neutral” rating on Friday, October 16 by Nomura. On Wednesday, December 6 the stock rating was maintained by SunTrust with “Hold”. The stock of Verizon Communications Inc. (NYSE:VZ) earned “Hold” rating by Cowen & Co on Tuesday, January 23. MoffettNathanson upgraded the shares of VZ in report on Tuesday, August 11 to “Neutral” rating. The stock has “Buy” rating by Drexel Hamilton on Monday, October 24. Cowen & Co maintained Verizon Communications Inc. (NYSE:VZ) rating on Friday, July 28. Cowen & Co has “Hold” rating and $5200 target.

Patrick Industries, Inc. (NASDAQ:PATK) Institutional Positions Chart

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