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

Grove Bank & Trust cut its holdings in AT&T Inc. (NYSE:T) by 11.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,281 shares of the technology company’s stock after selling 1,393 shares during the quarter. Grove Bank & Trust’s holdings in AT&T were worth $248,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of T. Strategic Financial Concepts LLC increased its holdings in shares of AT&T by 227.6% in the second quarter. Strategic Financial Concepts LLC now owns 131,813 shares of the technology company’s stock valued at $25,000 after purchasing an additional 91,578 shares during the period. Riggs Asset Managment Co. Inc. raised its position in AT&T by 356.5% during the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 1,429 shares of the technology company’s stock worth $27,000 after buying an additional 1,116 shares during the last quarter. American Capital Advisory LLC lifted its stake in AT&T by 107.5% during the 2nd quarter. American Capital Advisory LLC now owns 1,558 shares of the technology company’s stock valued at $30,000 after acquiring an additional 807 shares during the period. Altshuler Shaham Ltd acquired a new stake in AT&T during the 2nd quarter valued at approximately $30,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its stake in shares of AT&T by 176.6% in the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,867 shares of the technology company’s stock worth $35,000 after acquiring an additional 1,192 shares during the period. 57.10% of the stock is currently owned by institutional investors and hedge funds.

AT&T Trading Down 0.5 %

T opened at $21.26 on Tuesday. AT&T Inc. has a 52 week low of $14.23 and a 52 week high of $22.34. The company has a quick ratio of 0.66, a current ratio of 0.70 and a debt-to-equity ratio of 1.05. The business has a fifty day simple moving average of $20.76 and a 200-day simple moving average of $18.86. The firm has a market cap of $152.44 billion, a P/E ratio of 11.43, a P/E/G ratio of 3.62 and a beta of 0.60.

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

AT&T Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a dividend of $0.2775 per share. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 5.22%. AT&T’s payout ratio is 59.68%.

Analysts Set New Price Targets

Several brokerages recently weighed in on T. Citigroup lifted their price target on AT&T from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. The Goldman Sachs Group assumed coverage on shares of AT&T in a research note on Monday, July 1st. They issued a “buy” rating and a $22.00 target price for the company. TD Cowen raised their price target on shares of AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. JPMorgan Chase & Co. upped their price objective on shares of AT&T from $21.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Finally, Scotiabank cut AT&T from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, AT&T has an average rating of “Moderate Buy” and a consensus price target of $22.69.

AT&T Company 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.