First American Trust FSB Lowers Stock Holdings in AT&T Inc. (NYSE:T)

First American Trust FSB lowered its stake in shares of AT&T Inc. (NYSE:T) by 1.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 161,605 shares of the technology company’s stock after selling 2,079 shares during the quarter. First American Trust FSB’s holdings in AT&T were worth $6,115,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in AT&T by 1.2% in the second quarter. Vanguard Group Inc. now owns 563,398,685 shares of the technology company’s stock valued at $18,879,489,000 after purchasing an additional 6,744,699 shares during the period. Northern Trust Corp lifted its position in AT&T by 2.0% in the second quarter. Northern Trust Corp now owns 86,817,291 shares of the technology company’s stock valued at $2,909,247,000 after purchasing an additional 1,729,145 shares during the period. Bank of New York Mellon Corp lifted its position in AT&T by 3.3% in the second quarter. Bank of New York Mellon Corp now owns 68,529,809 shares of the technology company’s stock valued at $2,296,433,000 after purchasing an additional 2,201,538 shares during the period. Morgan Stanley lifted its position in AT&T by 11.2% in the second quarter. Morgan Stanley now owns 59,058,549 shares of the technology company’s stock valued at $1,979,052,000 after purchasing an additional 5,931,167 shares during the period. Finally, Nuveen Asset Management LLC lifted its position in AT&T by 1,723.1% in the second quarter. Nuveen Asset Management LLC now owns 46,051,038 shares of the technology company’s stock valued at $1,543,169,000 after purchasing an additional 43,525,113 shares during the period. 53.02% of the stock is currently owned by hedge funds and other institutional investors.

Shares of T stock traded up $0.44 during midday trading on Thursday, reaching $37.49. 12,462,206 shares of the company traded hands, compared to its average volume of 33,945,016. The firm’s 50 day simple moving average is $36.62 and its two-hundred day simple moving average is $33.50. AT&T Inc. has a 1-year low of $26.80 and a 1-year high of $38.75. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.71 and a quick ratio of 0.71. The firm has a market cap of $273.75 billion, a PE ratio of 10.65, a price-to-earnings-growth ratio of 2.37 and a beta of 0.63.

AT&T (NYSE:T) last posted its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.89 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.89. AT&T had a net margin of 9.47% and a return on equity of 13.38%. The company had revenue of $44.96 billion during the quarter, compared to the consensus estimate of $44.97 billion. During the same period last year, the firm earned $0.91 EPS. The company’s revenue for the quarter was up 15.3% on a year-over-year basis. As a group, research analysts anticipate that AT&T Inc. will post 3.57 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 5.44%. AT&T’s payout ratio is 57.95%.

In related news, CEO John T. Stankey sold 4,024 shares of AT&T stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $34.15, for a total transaction of $137,419.60. Following the completion of the transaction, the chief executive officer now directly owns 2,366 shares in the company, valued at approximately $80,798.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.07% of the stock is currently owned by company insiders.

T has been the subject of a number of recent analyst reports. Credit Suisse Group upgraded shares of AT&T from an “underperform” rating to a “neutral” rating and set a $29.00 price objective for the company in a research report on Thursday, July 25th. Cowen set a $40.00 price objective on shares of AT&T and gave the company a “buy” rating in a research report on Friday, September 6th. DZ Bank restated a “hold” rating and issued a $38.00 price objective on shares of AT&T in a research report on Wednesday, September 18th. JPMorgan Chase & Co. set a $39.00 price target on shares of AT&T and gave the company a “buy” rating in a research report on Tuesday, September 10th. Finally, Barclays lifted their price target on shares of AT&T from $31.00 to $35.00 and gave the company an “equal weight” rating in a research report on Tuesday, September 10th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $38.43.

AT&T Company Profile

AT&T Inc provides telecommunication, media, and technology services worldwide. The company operates through four segments: Communications, WarnerMedia, Latin America, and Xandr. The Communications segment provides wireless and wireline telecom, video, and broadband and Internet services; video entertainment services using satellite, IP-based, and streaming options; and audio programming services under the AT&T, Cricket, AT&T PREPAID, and DIRECTV brands to residential and business customers.

Further Reading: SEC Filing

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Institutional Ownership by Quarter for AT&T (NYSE:T)

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