Sanders Morris Harris LLC Sells 39,801 Shares of AT&T Inc. $T

Key Points

• Sanders Morris Harris LLC significantly cut its holdings in AT&T, reducing its shares by 76.3% during the second quarter.
• AT&T's recent earnings report showed a profit of $0.54 per share, exceeding expectations, with quarterly revenue of $30.85 billion, up 3.4% year-over-year.
• The company announced a quarterly dividend of $0.2775 per share, representing an annualized yield of 4.3%, with a payout ratio of 63.07%.

Sanders Morris Harris LLC reduced its position in shares of AT&T Inc. (NYSE:T - Free Report) by 76.3% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 12,359 shares of the technology company's stock after selling 39,801 shares during the quarter. Sanders Morris Harris LLC's holdings in AT&T were worth $358,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Stone House Investment Management LLC bought a new position in AT&T in the 1st quarter worth approximately $25,000. O Brien Wealth Partners LLC bought a new position in AT&T in the 2nd quarter worth approximately $26,000. Kennebec Savings Bank boosted its stake in AT&T by 412.1% in the 2nd quarter. Kennebec Savings Bank now owns 973 shares of the technology company's stock worth $28,000 after purchasing an additional 783 shares during the period. Hager Investment Management Services LLC increased its stake in AT&T by 182.1% in the first quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company's stock worth $28,000 after purchasing an additional 641 shares during the period. Finally, IMA Advisory Services Inc. purchased a new stake in AT&T in the first quarter worth $29,000. 57.10% of the stock is currently owned by institutional investors.

AT&T Price Performance

Shares of NYSE T opened at $26.08 on Tuesday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.76 and a current ratio of 0.81. The company has a market cap of $186.45 billion, a PE ratio of 14.82, a P/E/G ratio of 2.13 and a beta of 0.42. The business has a 50-day simple moving average of $28.23 and a two-hundred day simple moving average of $27.80. AT&T Inc. has a fifty-two week low of $21.05 and a fifty-two week high of $29.79.

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

AT&T Dividend Announcement

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

Wall Street Analysts Forecast Growth

T has been the topic of several research reports. Morgan Stanley raised their price target on AT&T from $31.00 to $32.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. UBS Group set a $33.00 price target on AT&T in a research note on Thursday, September 18th. Bank of America initiated coverage on AT&T in a research note on Monday, July 7th. They set a "buy" rating and a $32.00 price target on the stock. Sanford C. Bernstein raised their price target on AT&T from $31.00 to $32.00 and gave the company an "outperform" rating in a research note on Thursday, September 4th. Finally, HSBC lowered AT&T from a "buy" rating to a "hold" rating and set a $30.00 price target on the stock. in a research note on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $30.65.

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.

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