Steel Grove Capital Advisors LLC Sells 22,837 Shares of AT&T Inc. $T

Key Points

• Steel Grove Capital Advisors LLC has reduced its holdings in AT&T Inc. by 23.6% in Q2, now owning 73,792 shares worth approximately $2.14 million.
• AT&T reported earnings per share of $0.54 for the last quarter, surpassing estimates of $0.53, with revenue rising by 3.4% year-over-year.
• The company announced a quarterly dividend of $0.2775 per share, representing an annualized yield of 4.3%.

Steel Grove Capital Advisors LLC decreased its holdings in AT&T Inc. (NYSE:T - Free Report) by 23.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 73,792 shares of the technology company's stock after selling 22,837 shares during the period. Steel Grove Capital Advisors LLC's holdings in AT&T were worth $2,136,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in T. Stone House Investment Management LLC bought a new position in shares of AT&T in the 1st quarter valued at about $25,000. O Brien Wealth Partners LLC bought a new position in shares of AT&T in the 2nd quarter valued at about $26,000. Hager Investment Management Services LLC lifted its holdings in shares of AT&T by 182.1% in the 1st quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company's stock valued at $28,000 after acquiring an additional 641 shares during the last quarter. Kennebec Savings Bank lifted its holdings in shares of AT&T by 412.1% in the 2nd quarter. Kennebec Savings Bank now owns 973 shares of the technology company's stock valued at $28,000 after acquiring an additional 783 shares during the last quarter. Finally, Core Alternative Capital lifted its stake in AT&T by 125.4% in the first quarter. Core Alternative Capital now owns 1,021 shares of the technology company's stock worth $29,000 after purchasing an additional 568 shares during the last quarter. Institutional investors own 57.10% of the company's stock.

AT&T Trading Down 0.3%

NYSE T opened at $26.01 on Wednesday. The company has a market capitalization of $185.98 billion, a PE ratio of 14.78, a P/E/G ratio of 2.12 and a beta of 0.42. The company has a fifty day moving average of $28.18 and a 200 day moving average of $27.78. AT&T Inc. has a 1 year low of $21.05 and a 1 year high of $29.79. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.81 and a quick ratio of 0.76.

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 for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $30.44 billion. During the same quarter in the previous year, the company earned $0.51 earnings per share. The firm's revenue for the quarter was up 3.4% on a year-over-year basis. Research analysts forecast that AT&T Inc. will post 2.14 earnings per share for the current year.

AT&T Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on T. 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. Raymond James Financial reissued a "strong-buy" rating and issued a $33.00 price objective (up previously from $31.00) on shares of AT&T in a research note on Thursday, September 18th. Morgan Stanley raised their price objective on shares of AT&T from $31.00 to $32.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Finally, Barclays reissued an "equal weight" rating and issued a $30.00 price objective on shares of AT&T in a research note on Wednesday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, AT&T has an average rating of "Moderate Buy" and a consensus target price 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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