Ford Financial Group LLC cut its position in shares of AT&T Inc. (NYSE:T) by 24.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,962 shares of the technology company’s stock after selling 4,883 shares during the quarter. Ford Financial Group LLC’s holdings in AT&T were worth $426,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Livingston Group Asset Management CO operating as Southport Capital Management raised its holdings in AT&T by 0.4% in the 2nd quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 83,862 shares of the technology company’s stock worth $2,535,000 after purchasing an additional 345 shares in the last quarter. Pioneer Trust Bank N A OR raised its holdings in AT&T by 3.0% in the 2nd quarter. Pioneer Trust Bank N A OR now owns 12,016 shares of the technology company’s stock worth $363,000 after purchasing an additional 352 shares in the last quarter. KFA Private Wealth Group LLC raised its holdings in AT&T by 2.9% in the 2nd quarter. KFA Private Wealth Group LLC now owns 12,747 shares of the technology company’s stock worth $385,000 after purchasing an additional 356 shares in the last quarter. Cordatus Wealth Management LLC raised its holdings in AT&T by 0.8% in the 2nd quarter. Cordatus Wealth Management LLC now owns 44,302 shares of the technology company’s stock worth $1,339,000 after purchasing an additional 361 shares in the last quarter. Finally, Ferris Capital LLC raised its holdings in AT&T by 1.9% in the 2nd quarter. Ferris Capital LLC now owns 19,424 shares of the technology company’s stock worth $587,000 after purchasing an additional 362 shares in the last quarter. 52.29% of the stock is currently owned by institutional investors and hedge funds.
T stock traded down $0.12 during trading on Friday, hitting $27.33. 29,326,146 shares of the stock traded hands, compared to its average volume of 39,136,250. The firm’s 50 day moving average is $28.84 and its two-hundred day moving average is $29.74. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market cap of $194.73 billion, a price-to-earnings ratio of 16.77, a price-to-earnings-growth ratio of 1.64 and a beta of 0.69. AT&T Inc. has a 1 year low of $26.08 and a 1 year high of $39.70.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Monday, October 12th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 7.61%. The ex-dividend date of this dividend is Thursday, October 8th. AT&T’s payout ratio is presently 58.26%.
T has been the subject of several research reports. Bank of America restated a “buy” rating and issued a $36.00 price objective on shares of AT&T in a report on Friday, July 24th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of AT&T from $38.00 to $37.00 and set a “buy” rating for the company in a research note on Tuesday, August 4th. Barclays initiated coverage on shares of AT&T in a research note on Friday, October 2nd. They issued an “overweight” rating for the company. Scotiabank lowered shares of AT&T from a “sector perform” rating to a “sector underperform” rating and decreased their price target for the stock from $34.00 to $30.00 in a research note on Monday, August 31st. Finally, Royal Bank of Canada increased their price target on shares of AT&T from $24.00 to $25.00 and gave the stock an “outperform” rating in a research note on Monday, August 3rd. Six investment analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $33.56.
In related news, Director Stephen J. Luczo purchased 100,000 shares of the company’s stock in a transaction dated Thursday, July 23rd. The shares were purchased at an average price of $29.69 per share, with a total value of $2,969,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company 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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