Raymond James Trust N.A. Reduces Stock Position in AT&T Inc. (NYSE:T)

Raymond James Trust N.A. trimmed its stake in shares of AT&T Inc. (NYSE:T) by 3.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 442,101 shares of the technology company’s stock after selling 15,402 shares during the period. Raymond James Trust N.A.’s holdings in AT&T were worth $8,449,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in T. Frank Rimerman Advisors LLC bought a new stake in shares of AT&T during the 4th quarter valued at $25,000. Pineridge Advisors LLC purchased a new position in shares of AT&T in the fourth quarter valued at about $25,000. First Pacific Financial boosted its stake in shares of AT&T by 166.7% in the first quarter. First Pacific Financial now owns 1,600 shares of the technology company’s stock worth $28,000 after acquiring an additional 1,000 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its position in shares of AT&T by 176.6% during the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,867 shares of the technology company’s stock worth $35,000 after purchasing an additional 1,192 shares in the last quarter. Finally, Western Pacific Wealth Management LP bought a new stake in AT&T during the 4th quarter valued at approximately $39,000. Institutional investors own 57.10% of the company’s stock.

AT&T Price Performance

Shares of T stock traded up $0.22 during trading hours on Friday, reaching $19.73. The company had a trading volume of 21,519,295 shares, compared to its average volume of 35,880,934. AT&T Inc. has a 12-month low of $14.04 and a 12-month high of $19.99. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.66 and a current ratio of 0.70. The company has a market capitalization of $141.47 billion, a price-to-earnings ratio of 10.61, a PEG ratio of 3.26 and a beta of 0.58. The stock has a fifty day moving average of $18.96 and a 200-day moving average of $17.79.

AT&T (NYSE:T) last announced its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.57 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.57. AT&T had a net margin of 10.41% and a return on equity of 14.16%. The firm had revenue of $29.80 billion during the quarter, compared to analyst estimates of $30.05 billion. During the same quarter in the prior year, the firm posted $0.63 earnings per share. AT&T’s quarterly revenue was down .3% on a year-over-year basis. On average, equities analysts anticipate that AT&T Inc. will post 2.22 earnings per share for the current year.

AT&T Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were issued a $0.2775 dividend. The ex-dividend date of this dividend was Wednesday, July 10th. This represents a $1.11 annualized dividend and a yield of 5.63%. AT&T’s dividend payout ratio (DPR) is currently 59.68%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on T. TD Cowen upped their price objective on AT&T from $21.00 to $23.00 and gave the stock a “hold” rating in a report on Thursday, July 25th. Moffett Nathanson increased their price objective on shares of AT&T from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Royal Bank of Canada boosted their target price on shares of AT&T from $18.00 to $19.00 and gave the stock a “sector perform” rating in a report on Thursday, July 25th. BNP Paribas upgraded shares of AT&T from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 11th. Finally, Evercore ISI lifted their price target on AT&T from $18.00 to $19.00 and gave the stock an “in-line” rating in a research report on Thursday, July 25th. Nine research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $22.06.

AT&T Company Profile

AT&T Inc provides telecommunications and technology services worldwide. The company operates through two segments, Communications and Latin America. The Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores.