M&T Bank Corp Decreases Position in AT&T Inc. (NYSE:T)

M&T Bank Corp reduced its position in AT&T Inc. (NYSE:T - Free Report) by 3.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,006,647 shares of the technology company's stock after selling 38,992 shares during the period. M&T Bank Corp's holdings in AT&T were worth $28,468,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Keystone Financial Group boosted its stake in shares of AT&T by 196.3% in the 4th quarter. Keystone Financial Group now owns 216,980 shares of the technology company's stock worth $5,322,000 after buying an additional 143,744 shares during the last quarter. Capstone Wealth Management LLC purchased a new position in AT&T during the first quarter valued at $201,000. World Investment Advisors lifted its position in AT&T by 36.4% during the fourth quarter. World Investment Advisors now owns 237,477 shares of the technology company's stock valued at $5,407,000 after purchasing an additional 63,359 shares in the last quarter. DigitalBridge Group Inc. lifted its position in AT&T by 14.6% during the fourth quarter. DigitalBridge Group Inc. now owns 2,865,814 shares of the technology company's stock valued at $65,255,000 after purchasing an additional 365,776 shares in the last quarter. Finally, Huber Capital Management LLC lifted its position in AT&T by 2.7% during the fourth quarter. Huber Capital Management LLC now owns 577,985 shares of the technology company's stock valued at $13,161,000 after purchasing an additional 15,000 shares in the last quarter. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

AT&T Price Performance

Shares of NYSE:T traded down $0.50 during mid-day trading on Thursday, reaching $27.61. The stock had a trading volume of 25,030,281 shares, compared to its average volume of 36,440,534. The company has a current ratio of 0.70, a quick ratio of 0.65 and a debt-to-equity ratio of 0.98. The company has a market cap of $198.63 billion, a P/E ratio of 16.94, a price-to-earnings-growth ratio of 3.51 and a beta of 0.42. AT&T Inc. has a 1 year low of $18.14 and a 1 year high of $29.19. The business's 50 day moving average price is $27.84 and its 200 day moving average price is $26.24.

AT&T (NYSE:T - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The technology company reported $0.51 EPS for the quarter, missing analysts' consensus estimates of $0.52 by ($0.01). The firm had revenue of $30.63 billion during the quarter, compared to analysts' expectations of $30.39 billion. AT&T had a return on equity of 13.63% and a net margin of 9.64%. AT&T's quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.55 earnings per share. Research analysts expect that AT&T Inc. will post 2.14 EPS for the current fiscal year.

AT&T Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 10th will be given a $0.2775 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.02%. AT&T's dividend payout ratio is currently 68.10%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Morgan Stanley reiterated an "overweight" rating and set a $31.00 target price (up from $30.00) on shares of AT&T in a research report on Thursday, April 24th. Scotiabank reiterated an "outperform" rating on shares of AT&T in a research report on Thursday, April 24th. Wells Fargo & Company lifted their target price on AT&T from $30.00 to $31.00 and gave the company an "overweight" rating in a research report on Thursday. Bank of America initiated coverage on AT&T in a research report on Monday. They set a "buy" rating and a $32.00 target price on the stock. Finally, Evercore ISI raised their price target on AT&T from $25.00 to $27.00 and gave the company an "in-line" rating in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $29.10.

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.