WFA Asset Management Corp Cuts Stock Holdings in AT&T Inc. (NYSE:T)

WFA Asset Management Corp reduced its position in shares of AT&T Inc. (NYSE:T) by 3.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 199,914 shares of the technology company’s stock after selling 6,977 shares during the period. AT&T accounts for about 1.8% of WFA Asset Management Corp’s portfolio, making the stock its 11th largest holding. WFA Asset Management Corp’s holdings in AT&T were worth $3,518,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of T. Pineridge Advisors LLC purchased a new stake in AT&T in the fourth quarter valued at approximately $25,000. Frank Rimerman Advisors LLC purchased a new stake in shares of AT&T during the fourth quarter worth $25,000. Ramirez Asset Management Inc. purchased a new stake in shares of AT&T during the third quarter worth $30,000. Western Pacific Wealth Management LP purchased a new stake in shares of AT&T during the fourth quarter worth $39,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA increased its position in shares of AT&T by 35.3% during the fourth quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 2,322 shares of the technology company’s stock worth $39,000 after acquiring an additional 606 shares during the period. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

AT&T Stock Down 0.4 %

Shares of T traded down $0.07 during midday trading on Wednesday, hitting $18.75. The company had a trading volume of 8,490,784 shares, compared to its average volume of 36,632,004. The company’s 50 day moving average price is $17.67 and its 200 day moving average price is $17.21. The stock has a market cap of $134.44 billion, a price-to-earnings ratio of 10.13, a PEG ratio of 4.34 and a beta of 0.58. AT&T Inc. has a 52 week low of $13.43 and a 52 week high of $19.32. The company has a quick ratio of 0.63, a current ratio of 0.68 and a debt-to-equity ratio of 1.06.

AT&T (NYSE:T) last released its earnings results on Wednesday, April 24th. The technology company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.02. The company had revenue of $30.03 billion during the quarter, compared to the consensus estimate of $30.62 billion. AT&T had a net margin of 11.13% and a return on equity of 14.63%. The company’s revenue was down .4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.60 EPS. On average, equities research analysts predict that AT&T Inc. will post 2.24 EPS for the current year.

AT&T Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Wednesday, July 10th will be given a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a dividend yield of 5.92%. The ex-dividend date of this dividend is Wednesday, July 10th. AT&T’s dividend payout ratio is presently 59.68%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on T shares. BNP Paribas raised AT&T from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 11th. UBS Group restated a “buy” rating and issued a $24.00 price objective on shares of AT&T in a research note on Tuesday, June 18th. Scotiabank increased their target price on shares of AT&T from $22.00 to $22.50 and gave the stock a “sector outperform” rating in a research note on Thursday, April 25th. Wolfe Research upgraded shares of AT&T from a “peer perform” rating to an “outperform” rating and set a $21.00 target price for the company in a research note on Tuesday, March 5th. Finally, StockNews.com downgraded shares of AT&T from a “buy” rating to a “hold” rating in a research note on Friday, May 3rd. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $21.73.

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.