Sax Wealth Advisors LLC Sells 1,934 Shares of AT&T Inc. (NYSE:T)

Sax Wealth Advisors LLC trimmed its stake in shares of AT&T Inc. (NYSE:T) by 5.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,136 shares of the technology company’s stock after selling 1,934 shares during the quarter. Sax Wealth Advisors LLC’s holdings in AT&T were worth $751,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Strategic Financial Concepts LLC lifted its holdings in shares of AT&T by 227.6% during the second quarter. Strategic Financial Concepts LLC now owns 131,813 shares of the technology company’s stock worth $25,000 after buying an additional 91,578 shares in the last quarter. Riggs Asset Managment Co. Inc. lifted its holdings in shares of AT&T by 356.5% during the second quarter. Riggs Asset Managment Co. Inc. now owns 1,429 shares of the technology company’s stock worth $27,000 after buying an additional 1,116 shares in the last quarter. American Capital Advisory LLC raised its stake in AT&T by 107.5% in the second quarter. American Capital Advisory LLC now owns 1,558 shares of the technology company’s stock valued at $30,000 after purchasing an additional 807 shares in the last quarter. Altshuler Shaham Ltd acquired a new position in AT&T in the second quarter valued at about $30,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its stake in AT&T by 176.6% in the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,867 shares of the technology company’s stock valued at $35,000 after purchasing an additional 1,192 shares in the last quarter. 57.10% of the stock is owned by institutional investors.

AT&T Stock Performance

Shares of T stock opened at $21.68 on Friday. The business’s 50 day simple moving average is $20.90 and its 200 day simple moving average is $18.93. AT&T Inc. has a one year low of $14.74 and a one year high of $22.34. The stock has a market capitalization of $155.45 billion, a PE ratio of 11.69, a PEG ratio of 3.63 and a beta of 0.60. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.70 and a quick ratio of 0.66.

AT&T (NYSE:T) last announced its earnings results on Wednesday, July 24th. The technology company reported $0.57 EPS for the quarter, meeting the consensus estimate of $0.57. AT&T had a return on equity of 14.16% and a net margin of 10.41%. The business had revenue of $29.80 billion for the quarter, compared to analysts’ expectations of $30.05 billion. During the same period in the prior year, the business posted $0.63 earnings per share. The firm’s revenue was down .3% on a year-over-year basis. As a group, research analysts forecast that AT&T Inc. will post 2.22 earnings per share for the current year.

AT&T Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a $0.2775 dividend. This represents a $1.11 annualized dividend and a yield of 5.12%. The ex-dividend date of this dividend is Thursday, October 10th. AT&T’s payout ratio is presently 59.68%.

Wall Street Analyst Weigh In

A number of research firms recently commented on T. TD Cowen boosted their price target on AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. Barclays boosted their price target on AT&T from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Citigroup lifted their target price on AT&T from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Hsbc Global Res upgraded AT&T to a “strong-buy” rating in a research report on Tuesday, October 1st. Finally, Redburn Atlantic upgraded AT&T to a “strong sell” rating in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, AT&T currently has a consensus rating of “Moderate Buy” and an average price target of $22.69.

AT&T 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.