AT&T Inc. $T Shares Sold by Cullen Frost Bankers Inc.

Key Points

• Cullen Frost Bankers Inc. reduced its stake in AT&T by 5.3%, selling 34,944 shares in the second quarter, resulting in holdings worth $18,012,000.
• Several institutional investors, including Sentry Investment Management and CHURCHILL MANAGEMENT Corp., have increased their stakes in AT&T, with 57.10% of the stock now owned by institutional investors and hedge funds.
• AT&T announced a quarterly dividend of $0.2775 per share, representing an annualized dividend of $1.11 and a yield of 4.3%, payable on November 3rd.

Cullen Frost Bankers Inc. cut its holdings in shares of AT&T Inc. (NYSE:T - Free Report) by 5.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 622,405 shares of the technology company's stock after selling 34,944 shares during the period. Cullen Frost Bankers Inc.'s holdings in AT&T were worth $18,012,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. CHURCHILL MANAGEMENT Corp lifted its stake in AT&T by 1.5% during the second quarter. CHURCHILL MANAGEMENT Corp now owns 324,104 shares of the technology company's stock valued at $9,380,000 after purchasing an additional 4,793 shares during the last quarter. Kickstand Ventures LLC. purchased a new stake in shares of AT&T in the 2nd quarter valued at approximately $489,000. Sentry Investment Management LLC boosted its stake in AT&T by 153.2% in the 2nd quarter. Sentry Investment Management LLC now owns 22,095 shares of the technology company's stock worth $625,000 after purchasing an additional 13,370 shares during the period. ASR Vermogensbeheer N.V. boosted its stake in AT&T by 1.4% in the 2nd quarter. ASR Vermogensbeheer N.V. now owns 722,568 shares of the technology company's stock worth $20,910,000 after purchasing an additional 9,970 shares during the period. Finally, Simplicity Wealth LLC boosted its stake in AT&T by 180.5% in the 2nd quarter. Simplicity Wealth LLC now owns 114,091 shares of the technology company's stock worth $3,302,000 after purchasing an additional 73,417 shares during the period. 57.10% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on T shares. Citigroup reaffirmed a "buy" rating on shares of AT&T in a research note on Tuesday, August 26th. JPMorgan Chase & Co. raised their price objective on shares of AT&T from $31.00 to $33.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Wells Fargo & Company decreased their price objective on shares of AT&T from $31.00 to $29.00 and set an "overweight" rating for the company in a research note on Thursday, October 16th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of AT&T in a research note on Wednesday, October 8th. Finally, The Goldman Sachs Group started coverage on shares of AT&T in a research note on Tuesday, September 2nd. They issued a "buy" rating and a $32.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, AT&T currently has an average rating of "Moderate Buy" and an average target price of $30.65.

AT&T Price Performance

NYSE:T opened at $26.01 on Wednesday. The company has a 50-day moving average of $28.18 and a 200-day moving average of $27.78. The company has a market capitalization of $185.98 billion, a price-to-earnings ratio of 14.78, a PEG ratio of 2.12 and a beta of 0.42. AT&T Inc. has a 52 week low of $21.05 and a 52 week high of $29.79. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.76 and a current ratio of 0.81.

AT&T (NYSE:T - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The technology company reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.53 by $0.01. The company had revenue of $30.85 billion during the quarter, compared to the consensus estimate of $30.44 billion. AT&T had a net margin of 10.29% and a return on equity of 13.36%. The firm's revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period last year, the firm earned $0.51 EPS. As a group, equities research analysts anticipate that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be issued a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend is Friday, October 10th. AT&T's dividend payout ratio (DPR) is presently 63.07%.

AT&T Profile

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.

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