AT&T Inc. (NYSE:T) Shares Sold by Providence Capital Advisors LLC

Key Points

• Providence Capital Advisors LLC has reduced its stake in AT&T Inc. by 28.2%, now holding 132,588 shares valued at $3,750,000 after selling 52,160 shares in the first quarter.
• AT&T recently reported a quarterly earnings per share (EPS) of $0.54, slightly beating analyst expectations, and achieved a 3.4% revenue increase year-over-year.
• AT&T declared a quarterly dividend of $0.2775, resulting in an annualized dividend yield of 3.9% for shareholders as of the ex-dividend date.

Providence Capital Advisors LLC cut its position in shares of AT&T Inc. (NYSE:T - Free Report) by 28.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 132,588 shares of the technology company's stock after selling 52,160 shares during the period. Providence Capital Advisors LLC's holdings in AT&T were worth $3,750,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Inspire Trust Co. N.A. lifted its stake in shares of AT&T by 10.0% in the 1st quarter. Inspire Trust Co. N.A. now owns 165,000 shares of the technology company's stock valued at $4,666,000 after purchasing an additional 15,000 shares during the last quarter. OneAscent Investment Solutions LLC bought a new stake in shares of AT&T during the 1st quarter worth approximately $438,000. Vestmark Advisory Solutions Inc. lifted its stake in shares of AT&T by 150.6% during the 1st quarter. Vestmark Advisory Solutions Inc. now owns 43,914 shares of the technology company's stock worth $1,242,000 after acquiring an additional 26,388 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in shares of AT&T by 0.7% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 1,519,470 shares of the technology company's stock worth $42,971,000 after acquiring an additional 10,100 shares during the last quarter. Finally, William B. Walkup & Associates Inc. lifted its stake in shares of AT&T by 3.0% during the 1st quarter. William B. Walkup & Associates Inc. now owns 35,488 shares of the technology company's stock worth $1,004,000 after acquiring an additional 1,019 shares during the last quarter. 57.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on T. Tigress Financial raised their price target on AT&T from $32.00 to $34.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Raymond James Financial reissued a "strong-buy" rating and set a $31.00 price target (up from $30.00) on shares of AT&T in a research note on Thursday, July 24th. Citigroup restated a "buy" rating on shares of AT&T in a report on Tuesday, June 17th. Scotiabank raised their price objective on AT&T from $29.50 to $30.00 and gave the stock a "sector outperform" rating in a report on Friday, July 11th. Finally, Morgan Stanley raised their price objective on AT&T from $31.00 to $32.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. One analyst has rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $30.21.

AT&T Stock Performance

T traded up $0.14 on Friday, reaching $28.89. 37,018,071 shares of the stock were exchanged, compared to its average volume of 33,399,430. The company's 50-day moving average price is $27.90 and its 200 day moving average price is $27.21. AT&T Inc. has a fifty-two week low of $19.08 and a fifty-two week high of $29.19. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.81 and a quick ratio of 0.76. The firm has a market capitalization of $206.57 billion, a PE ratio of 16.41, a PEG ratio of 3.57 and a beta of 0.42.

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

AT&T Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 10th were issued a $0.2775 dividend. This represents a $1.11 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend was Thursday, July 10th. AT&T's payout ratio is 63.07%.

AT&T Company 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.