Grove Bank & Trust Decreases Holdings in AT&T Inc. (NYSE:T)

Grove Bank & Trust reduced its position in AT&T Inc. (NYSE:T) by 9.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,674 shares of the technology company’s stock after selling 1,330 shares during the quarter. Grove Bank & Trust’s holdings in AT&T were worth $242,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the business. Cantor Fitzgerald Investment Advisors L.P. acquired a new stake in AT&T in the 4th quarter worth approximately $11,554,000. Provence Wealth Management Group grew its holdings in shares of AT&T by 55.8% during the fourth quarter. Provence Wealth Management Group now owns 16,217 shares of the technology company’s stock valued at $272,000 after buying an additional 5,807 shares during the last quarter. Clearbridge Investments LLC increased its position in shares of AT&T by 250.3% in the 4th quarter. Clearbridge Investments LLC now owns 67,303 shares of the technology company’s stock valued at $1,129,000 after acquiring an additional 48,091 shares during the period. Brighton Jones LLC raised its stake in AT&T by 12.6% in the 4th quarter. Brighton Jones LLC now owns 46,265 shares of the technology company’s stock worth $776,000 after acquiring an additional 5,161 shares during the last quarter. Finally, Summa Corp. acquired a new stake in AT&T during the 4th quarter worth about $395,000. 57.10% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently weighed in on T. Barclays increased their price objective on AT&T from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft raised their price target on shares of AT&T from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Moffett Nathanson upped their price objective on shares of AT&T from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. JPMorgan Chase & Co. raised their target price on shares of AT&T from $21.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Finally, TD Cowen increased their price target on AT&T from $21.00 to $23.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. Nine investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $22.06.

AT&T Price Performance

NYSE T traded up $0.22 during trading hours on Friday, reaching $19.73. The company’s stock had a trading volume of 21,519,295 shares, compared to its average volume of 35,880,934. The firm has a market capitalization of $141.47 billion, a price-to-earnings ratio of 10.61, a P/E/G ratio of 3.26 and a beta of 0.58. The company’s 50-day moving average is $18.96 and its two-hundred day moving average is $17.79. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.70 and a quick ratio of 0.66. AT&T Inc. has a 1-year low of $14.04 and a 1-year high of $19.99.

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

AT&T Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were issued a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a yield of 5.63%. 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.