Comerica Bank Trims Position in AT&T Inc. $T

Key Points

• Comerica Bank has reduced its stock holdings in AT&T Inc. by 3.7%, now owning over 2 million shares valued at approximately $58 million.
• Several hedge funds and institutional investors have also established or increased their stakes in AT&T, with 57.10% of the stock currently owned by these entities.
• AT&T has received mixed ratings from analysts, with one strong buy, seventeen buys, and five holds, reflecting a general sentiment of a "Moderate Buy" with an average target price of $30.21.

Comerica Bank lowered its stake in shares of AT&T Inc. (NYSE:T - Free Report) by 3.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,061,877 shares of the technology company's stock after selling 78,474 shares during the quarter. Comerica Bank's holdings in AT&T were worth $58,310,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Capstone Wealth Management LLC purchased a new stake in shares of AT&T during the first quarter worth $201,000. DigitalBridge Group Inc. increased its position in shares of AT&T by 14.6% during the fourth quarter. DigitalBridge Group Inc. now owns 2,865,814 shares of the technology company's stock worth $65,255,000 after acquiring an additional 365,776 shares during the period. Wedmont Private Capital increased its position in shares of AT&T by 7.9% during the first quarter. Wedmont Private Capital now owns 123,247 shares of the technology company's stock worth $3,302,000 after acquiring an additional 9,027 shares during the period. Xponance Inc. increased its position in shares of AT&T by 10.2% during the first quarter. Xponance Inc. now owns 1,109,933 shares of the technology company's stock worth $31,389,000 after acquiring an additional 102,419 shares during the period. Finally, NBT Bank N A NY increased its position in shares of AT&T by 7.5% during the first quarter. NBT Bank N A NY now owns 129,428 shares of the technology company's stock worth $3,660,000 after acquiring an additional 8,989 shares during the period. Hedge funds and other institutional investors own 57.10% of the company's stock.

AT&T Stock Performance

NYSE T remained flat at $28.77 during trading hours on Monday. 19,326,142 shares of the company's stock traded hands, compared to its average volume of 30,015,808. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 1.01. AT&T Inc. has a one year low of $19.59 and a one year high of $29.65. The stock has a market cap of $205.72 billion, a P/E ratio of 16.35, a PEG ratio of 3.56 and a beta of 0.42. The firm has a fifty day moving average of $28.01 and a 200 day moving average of $27.43.

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

AT&T Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Thursday, July 10th were paid a $0.2775 dividend. This represents a $1.11 annualized dividend and a yield of 3.9%. The ex-dividend date was Thursday, July 10th. AT&T's dividend payout ratio is currently 63.07%.

Analysts Set New Price Targets

A number of brokerages recently commented on T. Tigress Financial boosted their target price on shares of AT&T from $32.00 to $34.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Citigroup reiterated a "buy" rating on shares of AT&T in a research note on Tuesday, June 17th. Hsbc Global Res downgraded shares of AT&T from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 24th. HSBC downgraded shares of AT&T from a "buy" rating to a "hold" rating and set a $30.00 target price for the company. in a research note on Thursday, July 24th. Finally, Raymond James Financial reiterated a "strong-buy" rating and set a $31.00 target price (up previously from $30.00) on shares of AT&T in a research note on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $30.21.

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.