Probity Advisors Inc. Sells 2,767 Shares of AT&T Inc. (NYSE:T)

Probity Advisors Inc. reduced its position in shares of AT&T Inc. (NYSE:T) by 7.0% in the first quarter, Holdings Channel reports. The fund owned 36,486 shares of the technology company’s stock after selling 2,767 shares during the quarter. Probity Advisors Inc.’s holdings in AT&T were worth $1,032,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Keystone Financial Group lifted its position in AT&T by 196.3% in the fourth quarter. Keystone Financial Group now owns 216,980 shares of the technology company’s stock worth $5,322,000 after buying an additional 143,744 shares during the last quarter. Capstone Wealth Management LLC purchased a new stake in shares of AT&T in the first quarter valued at $201,000. DigitalBridge Group Inc. lifted its holdings in shares of AT&T by 14.6% in the 4th quarter. DigitalBridge Group Inc. now owns 2,865,814 shares of the technology company’s stock worth $65,255,000 after acquiring an additional 365,776 shares during the last quarter. Wedmont Private Capital boosted its stake in shares of AT&T by 7.9% during the 1st quarter. Wedmont Private Capital now owns 123,247 shares of the technology company’s stock worth $3,302,000 after purchasing an additional 9,027 shares during the period. Finally, Xponance Inc. grew its holdings in AT&T by 10.2% during the 1st quarter. Xponance Inc. now owns 1,109,933 shares of the technology company’s stock valued at $31,389,000 after purchasing an additional 102,419 shares during the last quarter. 57.10% of the stock is currently owned by institutional investors.

AT&T Price Performance

Shares of NYSE T opened at $27.76 on Monday. AT&T Inc. has a fifty-two week low of $18.64 and a fifty-two week high of $29.19. The company has a market cap of $198.49 billion, a PE ratio of 15.77, a P/E/G ratio of 3.44 and a beta of 0.42. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.76 and a current ratio of 0.81. The business has a 50-day simple moving average of $27.80 and a two-hundred day simple moving average of $26.88.

AT&T (NYSE:T) last announced its quarterly earnings data on Wednesday, July 23rd. The technology company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. The firm had revenue of $30.85 billion during the quarter, compared to analyst estimates of $30.44 billion. AT&T had a net margin of 10.29% and a return on equity of 13.36%. AT&T’s revenue was up 3.4% on a year-over-year basis. During the same period last year, the firm posted $0.51 EPS. As a group, equities analysts expect that AT&T Inc. will post 2.14 EPS for the current fiscal year.

AT&T Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 10th were given a $0.2775 dividend. This represents a $1.11 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Thursday, July 10th. AT&T’s dividend payout ratio is presently 63.07%.

Analysts Set New Price Targets

Several research analysts have issued reports on T shares. Morgan Stanley boosted their target price on AT&T from $31.00 to $32.00 and gave the company an “overweight” rating in a research report on Wednesday, July 16th. JPMorgan Chase & Co. boosted their price objective on AT&T from $31.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, July 24th. Bank of America initiated coverage on AT&T in a research report on Monday, July 7th. They issued a “buy” rating and a $32.00 price objective on the stock. Tigress Financial lifted their target price on AT&T from $32.00 to $34.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Finally, Hsbc Global Res lowered shares of AT&T from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 24th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $29.66.

About AT&T

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.