Armbruster Capital Management Inc. lowered its position in AT&T Inc. (NYSE:T) by 5.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,035 shares of the technology company’s stock after selling 405 shares during the quarter. Armbruster Capital Management Inc.’s holdings in AT&T were worth $236,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Hamilton Point Investment Advisors LLC lifted its position in shares of AT&T by 1.4% in the 2nd quarter. Hamilton Point Investment Advisors LLC now owns 95,901 shares of the technology company’s stock valued at $3,214,000 after acquiring an additional 1,302 shares in the last quarter. MainStreet Investment Advisors LLC increased its stake in AT&T by 2.4% in the 2nd quarter. MainStreet Investment Advisors LLC now owns 126,809 shares of the technology company’s stock valued at $4,249,000 after buying an additional 2,945 shares during the period. Guidant Wealth Advisors increased its stake in AT&T by 35.4% in the 2nd quarter. Guidant Wealth Advisors now owns 7,142 shares of the technology company’s stock valued at $239,000 after buying an additional 1,869 shares during the period. Leavell Investment Management Inc. increased its stake in AT&T by 13.5% in the 2nd quarter. Leavell Investment Management Inc. now owns 99,298 shares of the technology company’s stock valued at $3,327,000 after buying an additional 11,804 shares during the period. Finally, Resource Planning Group increased its stake in AT&T by 34.9% in the 2nd quarter. Resource Planning Group now owns 10,251 shares of the technology company’s stock valued at $344,000 after buying an additional 2,652 shares during the period. Hedge funds and other institutional investors own 53.05% of the company’s stock.
Shares of NYSE:T opened at $34.34 on Friday. The company has a 50 day moving average of $33.77 and a 200-day moving average of $31.87. AT&T Inc. has a one year low of $26.80 and a one year high of $34.96. The stock has a market cap of $254.72 billion, a price-to-earnings ratio of 9.76, a P/E/G ratio of 2.18 and a beta of 0.62. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.71 and a quick ratio of 0.71.
AT&T (NYSE:T) last released its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.89 earnings per share for the quarter, hitting the consensus estimate of $0.89. AT&T had a net margin of 9.47% and a return on equity of 13.38%. The business had revenue of $44.96 billion for the quarter, compared to analyst estimates of $44.97 billion. During the same quarter last year, the firm earned $0.91 EPS. AT&T’s quarterly revenue was up 15.3% compared to the same quarter last year. Equities research analysts anticipate that AT&T Inc. will post 3.57 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 5.94%. The ex-dividend date was Tuesday, July 9th. AT&T’s payout ratio is currently 57.95%.
Several research analysts have weighed in on T shares. Desjardins reiterated an “average” rating and issued a $55.50 price objective on shares of AT&T in a research note on Tuesday, August 6th. Cowen increased their price target on shares of AT&T from $34.00 to $40.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Bank of America restated a “buy” rating and set a $37.00 price target on shares of AT&T in a research note on Monday, June 24th. Raymond James raised their target price on shares of AT&T from $34.00 to $35.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Finally, Morgan Stanley reiterated a “buy” rating and issued a $37.00 target price on shares of AT&T in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the stock. AT&T currently has an average rating of “Buy” and a consensus target price of $36.72.
In other news, CEO John T. Stankey sold 4,024 shares of the business’s stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $34.15, for a total value of $137,419.60. Following the sale, the chief executive officer now owns 2,366 shares of the company’s stock, valued at $80,798.90. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.07% of the company’s stock.
AT&T Inc provides telecommunication, media, and technology services worldwide. The company operates through four segments: Communications, WarnerMedia, Latin America, and Xandr. The Communications segment provides wireless and wireline telecom, video, and broadband and Internet services; video entertainment services using satellite, IP-based, and streaming options; and audio programming services under the AT&T, Cricket, AT&T PREPAID, and DIRECTV brands to residential and business customers.
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