Griffin Asset Management Inc. Sells 1,939 Shares of AT&T Inc. (NYSE:T)

Griffin Asset Management Inc. cut its holdings in shares of AT&T Inc. (NYSE:T) by 1.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 116,592 shares of the technology company’s stock after selling 1,939 shares during the period. Griffin Asset Management Inc.’s holdings in AT&T were worth $2,228,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in T. Tennessee Valley Asset Management Partners purchased a new position in AT&T during the fourth quarter worth about $61,000. abrdn plc boosted its holdings in AT&T by 47.4% during the fourth quarter. abrdn plc now owns 3,305,871 shares of the technology company’s stock worth $55,473,000 after purchasing an additional 1,063,274 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in AT&T by 30.8% during the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 21,808 shares of the technology company’s stock worth $365,000 after purchasing an additional 5,136 shares during the last quarter. Capital Investment Advisory Services LLC boosted its stake in AT&T by 4.6% in the fourth quarter. Capital Investment Advisory Services LLC now owns 89,513 shares of the technology company’s stock valued at $1,502,000 after acquiring an additional 3,943 shares during the last quarter. Finally, GUNN & Co INVESTMENT MANAGEMENT INC. purchased a new position in AT&T in the fourth quarter valued at about $258,000. 57.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

T has been the topic of a number of research analyst reports. BNP Paribas upgraded shares of AT&T from an “underperform” rating to a “neutral” rating in a research note on Tuesday, June 11th. Moffett Nathanson boosted their target price on shares of AT&T from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Scotiabank cut shares of AT&T from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 6th. JPMorgan Chase & Co. boosted their target price on shares of AT&T from $21.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of AT&T from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Nine research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, AT&T currently has an average rating of “Moderate Buy” and a consensus target price of $22.06.

AT&T Price Performance

AT&T stock traded down $0.02 during midday trading on Thursday, reaching $19.52. 17,595,920 shares of the stock were exchanged, compared to its average volume of 35,969,734. The company’s fifty day moving average is $18.89 and its 200-day moving average is $17.76. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.66 and a current ratio of 0.70. The firm has a market cap of $139.93 billion, a PE ratio of 10.47, a PEG ratio of 3.26 and a beta of 0.58. AT&T Inc. has a 52 week low of $14.04 and a 52 week high of $19.99.

AT&T (NYSE:T) last posted its earnings results on Wednesday, July 24th. The technology company reported $0.57 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.57. The business had revenue of $29.80 billion for the quarter, compared to analyst estimates of $30.05 billion. AT&T had a net margin of 10.41% and a return on equity of 14.16%. AT&T’s revenue was down .3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.63 EPS. On average, sell-side analysts forecast that AT&T Inc. will post 2.22 EPS for the current year.

AT&T Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were issued a $0.2775 dividend. This represents a $1.11 dividend on an annualized basis and a dividend yield of 5.69%. The ex-dividend date of this dividend was Wednesday, July 10th. AT&T’s payout ratio is 59.68%.

AT&T Profile

AT&T Inc provides telecommunications and technology services worldwide. The company operates through two segments, Communications and Latin America. The Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores.