Tower Bridge Advisors Sells 1,300 Shares of AT&T Inc. (NYSE:T)

Tower Bridge Advisors decreased its stake in AT&T Inc. (NYSE:T) by 6.1% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 20,125 shares of the technology company’s stock after selling 1,300 shares during the period. Tower Bridge Advisors’ holdings in AT&T were worth $443,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Patten & Patten Inc. TN lifted its holdings in shares of AT&T by 14.9% in the 1st quarter. Patten & Patten Inc. TN now owns 16,315 shares of the technology company’s stock worth $287,000 after acquiring an additional 2,116 shares during the last quarter. Covestor Ltd raised its holdings in AT&T by 30.3% during the 1st quarter. Covestor Ltd now owns 2,678 shares of the technology company’s stock valued at $48,000 after buying an additional 622 shares during the last quarter. Bahl & Gaynor Inc. raised its holdings in AT&T by 13.5% during the 1st quarter. Bahl & Gaynor Inc. now owns 40,623 shares of the technology company’s stock valued at $715,000 after buying an additional 4,841 shares during the last quarter. O Shaughnessy Asset Management LLC raised its holdings in AT&T by 36.8% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 698,491 shares of the technology company’s stock valued at $12,293,000 after buying an additional 187,829 shares during the last quarter. Finally, Thornburg Investment Management Inc. raised its holdings in AT&T by 8.6% during the 1st quarter. Thornburg Investment Management Inc. now owns 20,476,671 shares of the technology company’s stock valued at $360,389,000 after buying an additional 1,616,598 shares during the last quarter. Institutional investors own 57.10% of the company’s stock.

AT&T Stock Up 1.9 %

Shares of T opened at $22.68 on Monday. AT&T Inc. has a 52-week low of $15.75 and a 52-week high of $22.75. The company has a market cap of $162.74 billion, a PE ratio of 18.44, a P/E/G ratio of 3.40 and a beta of 0.59. The business has a fifty day moving average of $21.89 and a 200 day moving average of $19.75. The company has a quick ratio of 0.67, a current ratio of 0.73 and a debt-to-equity ratio of 1.09.

AT&T (NYSE:T) last released its quarterly earnings data on Wednesday, October 23rd. The technology company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.03. The firm had revenue of $30.20 billion during the quarter, compared to the consensus estimate of $30.50 billion. AT&T had a return on equity of 13.97% and a net margin of 7.42%. The firm’s quarterly revenue was down .5% on a year-over-year basis. During the same period in the previous year, the company posted $0.64 earnings per share. On average, sell-side analysts expect that AT&T Inc. will post 2.22 EPS for the current year.

AT&T Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were paid a $0.2775 dividend. The ex-dividend date of this dividend was Thursday, October 10th. This represents a $1.11 annualized dividend and a yield of 4.89%. AT&T’s dividend payout ratio (DPR) is presently 90.24%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on T shares. Redburn Atlantic raised shares of AT&T to a “strong sell” rating in a research report on Monday, September 16th. Scotiabank downgraded shares of AT&T from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Hsbc Global Res upgraded shares of AT&T to a “strong-buy” rating in a research note on Tuesday, October 1st. Citigroup upped their target price on shares of AT&T from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $22.00 price objective on shares of AT&T in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, AT&T currently has a consensus rating of “Moderate Buy” and an average target price of $23.40.

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.