1620 Investment Advisors Inc. Reduces Position in AT&T Inc. (NYSE:T)

1620 Investment Advisors Inc. cut its stake in AT&T Inc. (NYSE:T) by 1.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,740 shares of the technology company’s stock after selling 509 shares during the period. 1620 Investment Advisors Inc.’s holdings in AT&T were worth $566,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Hayek Kallen Investment Management raised its holdings in AT&T by 0.8% during the 3rd quarter. Hayek Kallen Investment Management now owns 60,271 shares of the technology company’s stock worth $1,326,000 after purchasing an additional 500 shares during the last quarter. Lake Street Advisors Group LLC boosted its holdings in shares of AT&T by 0.7% in the third quarter. Lake Street Advisors Group LLC now owns 73,562 shares of the technology company’s stock valued at $1,618,000 after buying an additional 513 shares during the period. Octavia Wealth Advisors LLC raised its holdings in shares of AT&T by 2.1% during the second quarter. Octavia Wealth Advisors LLC now owns 25,313 shares of the technology company’s stock worth $484,000 after acquiring an additional 519 shares during the period. Carolinas Wealth Consulting LLC raised its holdings in shares of AT&T by 2.3% during the second quarter. Carolinas Wealth Consulting LLC now owns 23,650 shares of the technology company’s stock worth $452,000 after acquiring an additional 521 shares during the period. Finally, WealthCare Investment Partners LLC lifted its position in AT&T by 2.2% in the 2nd quarter. WealthCare Investment Partners LLC now owns 24,138 shares of the technology company’s stock valued at $461,000 after acquiring an additional 525 shares in the last quarter. Hedge funds and other institutional investors own 57.10% of the company’s stock.

Analyst Upgrades and Downgrades

T has been the topic of a number of research reports. Citigroup boosted their price target on AT&T from $21.00 to $24.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. TD Cowen boosted their target price on AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. Scotiabank cut shares of AT&T from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Redburn Atlantic raised shares of AT&T to a “strong sell” rating in a research report on Monday, September 16th. Finally, Wells Fargo & Company decreased their target price on shares of AT&T from $25.00 to $24.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $23.40.

AT&T Trading Down 0.8 %

AT&T stock opened at $22.01 on Thursday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.67 and a current ratio of 0.73. The stock has a 50-day simple moving average of $21.36 and a 200 day simple moving average of $19.25. The stock has a market capitalization of $157.82 billion, a P/E ratio of 17.89, a PEG ratio of 3.74 and a beta of 0.60. AT&T Inc. has a 52 week low of $15.25 and a 52 week high of $22.58.

AT&T (NYSE:T) last posted its earnings results on Wednesday, October 23rd. The technology company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. AT&T had a return on equity of 13.97% and a net margin of 7.42%. The business had revenue of $30.20 billion for the quarter, compared to analyst estimates of $30.50 billion. During the same period in the previous year, the firm earned $0.64 EPS. The firm’s revenue was down .5% compared to the same quarter last year. Analysts expect that AT&T Inc. will post 2.21 earnings per share for the current year.

AT&T Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a dividend yield of 5.04%. The ex-dividend date is Thursday, October 10th. AT&T’s dividend payout ratio is presently 90.24%.

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.