Adirondack Trust Co. Sells 1,752 Shares of AT&T Inc. $T

Adirondack Trust Co. trimmed its stake in AT&T Inc. (NYSE:T) by 7.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,586 shares of the technology company’s stock after selling 1,752 shares during the period. Adirondack Trust Co.’s holdings in AT&T were worth $653,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in AT&T by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 651,044,650 shares of the technology company’s stock worth $18,411,543,000 after purchasing an additional 8,185,006 shares during the period. Kingstone Capital Partners Texas LLC purchased a new stake in AT&T during the 2nd quarter valued at about $5,266,758,000. GQG Partners LLC lifted its holdings in shares of AT&T by 17.7% in the 1st quarter. GQG Partners LLC now owns 113,957,259 shares of the technology company’s stock valued at $3,222,711,000 after buying an additional 17,177,874 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of AT&T by 3.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 55,216,190 shares of the technology company’s stock valued at $1,561,514,000 after buying an additional 1,783,363 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of AT&T by 2.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 53,339,376 shares of the technology company’s stock valued at $1,508,411,000 after buying an additional 1,307,009 shares during the period. 57.10% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Morgan Stanley upped their price target on AT&T from $31.00 to $32.00 and gave the stock an “overweight” rating in a report on Wednesday, July 16th. HSBC lowered AT&T from a “buy” rating to a “hold” rating and set a $30.00 price target for the company. in a research report on Thursday, July 24th. Citigroup restated a “buy” rating on shares of AT&T in a research report on Tuesday, August 26th. Sanford C. Bernstein increased their price objective on AT&T from $31.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, September 4th. Finally, Wells Fargo & Company raised their price target on AT&T from $30.00 to $31.00 and gave the stock an “overweight” rating in a research report on Thursday, July 10th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $30.74.

AT&T Price Performance

Shares of T opened at $29.04 on Friday. AT&T Inc. has a twelve month low of $21.05 and a twelve month high of $29.79. The stock’s 50 day moving average is $28.45 and its two-hundred day moving average is $27.81. The firm has a market capitalization of $207.65 billion, a PE ratio of 16.50, a P/E/G ratio of 3.61 and a beta of 0.44. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 1.01.

AT&T (NYSE:T) last announced its quarterly earnings data on Wednesday, July 23rd. The technology company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $30.85 billion for the quarter, compared to analyst estimates of $30.44 billion. AT&T had a return on equity of 13.36% and a net margin of 10.29%.The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.51 EPS. Research analysts anticipate that AT&T Inc. will post 2.14 earnings per share for the current year.

AT&T Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 10th were paid a dividend of $0.2775 per share. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $1.11 annualized dividend and a dividend yield of 3.8%. AT&T’s payout ratio is 63.07%.

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.