Horizon Bancorp Inc. IN Cuts Stock Holdings in AT&T Inc. (NYSE:T)

Horizon Bancorp Inc. IN reduced its position in AT&T Inc. (NYSE:T) by 24.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,617 shares of the technology company’s stock after selling 2,185 shares during the period. Horizon Bancorp Inc. IN’s holdings in AT&T were worth $116,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Pineridge Advisors LLC acquired a new stake in AT&T in the 4th quarter valued at $25,000. Frank Rimerman Advisors LLC purchased a new stake in shares of AT&T during the fourth quarter worth about $25,000. Ramirez Asset Management Inc. acquired a new position in shares of AT&T during the 3rd quarter worth about $30,000. Western Pacific Wealth Management LP acquired a new position in shares of AT&T during the 4th quarter worth about $39,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA lifted its stake in AT&T by 35.3% in the 4th quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 2,322 shares of the technology company’s stock valued at $39,000 after buying an additional 606 shares in the last quarter. 57.10% of the stock is owned by hedge funds and other institutional investors.

AT&T Stock Down 0.7 %

Shares of NYSE T traded down $0.14 during midday trading on Thursday, hitting $18.68. 19,462,997 shares of the company’s stock were exchanged, compared to its average volume of 33,098,884. The firm’s fifty day simple moving average is $17.71 and its 200-day simple moving average is $17.22. The company has a market cap of $133.94 billion, a PE ratio of 10.04, a P/E/G ratio of 4.27 and a beta of 0.58. AT&T Inc. has a twelve month low of $13.43 and a twelve month high of $19.32. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.68 and a quick ratio of 0.63.

AT&T (NYSE:T) last posted its earnings results on Wednesday, April 24th. The technology company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.02. AT&T had a net margin of 11.13% and a return on equity of 14.63%. The firm had revenue of $30.03 billion for the quarter, compared to the consensus estimate of $30.62 billion. During the same period last year, the firm posted $0.60 EPS. The company’s revenue was down .4% on a year-over-year basis. Research analysts predict that AT&T Inc. will post 2.24 EPS for the current fiscal year.

AT&T Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be given a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a yield of 5.94%. The ex-dividend date of this dividend is Wednesday, July 10th. AT&T’s payout ratio is currently 59.68%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on T shares. UBS Group reissued a “buy” rating and issued a $24.00 price target on shares of AT&T in a research note on Tuesday, June 18th. BNP Paribas upgraded AT&T from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 11th. The Goldman Sachs Group assumed coverage on AT&T in a report on Monday. They issued a “buy” rating and a $22.00 price target for the company. Oppenheimer reiterated an “outperform” rating and set a $21.00 price objective on shares of AT&T in a research report on Tuesday, June 25th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on AT&T from $24.00 to $26.00 and gave the company a “buy” rating in a report on Friday, June 28th. Five equities 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.com, the stock 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.