Confluence Wealth Services Inc. Decreases Stake in AT&T Inc. (NYSE:T)

Confluence Wealth Services Inc. cut its holdings in AT&T Inc. (NYSE:T) by 11.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,733 shares of the technology company’s stock after selling 5,988 shares during the quarter. Confluence Wealth Services Inc.’s holdings in AT&T were worth $822,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Sora Investors LLC acquired a new position in AT&T during the third quarter worth $11,265,000. Robeco Institutional Asset Management B.V. raised its holdings in AT&T by 2.3% during the third quarter. Robeco Institutional Asset Management B.V. now owns 17,258,265 shares of the technology company’s stock worth $259,219,000 after purchasing an additional 383,015 shares during the last quarter. Checchi Capital Advisers LLC raised its holdings in AT&T by 3.1% during the third quarter. Checchi Capital Advisers LLC now owns 38,929 shares of the technology company’s stock worth $585,000 after purchasing an additional 1,178 shares during the last quarter. Retireful LLC acquired a new position in AT&T during the fourth quarter worth $1,163,000. Finally, Terril Brothers Inc. raised its holdings in AT&T by 51.6% during the third quarter. Terril Brothers Inc. now owns 594,974 shares of the technology company’s stock worth $8,937,000 after purchasing an additional 202,637 shares during the last quarter. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

AT&T Trading Down 0.7 %

Shares of NYSE:T traded down $0.12 during midday trading on Tuesday, reaching $16.90. The company’s stock had a trading volume of 31,792,882 shares, compared to its average volume of 39,373,371. The business has a 50 day moving average price of $16.97 and a 200 day moving average price of $16.62. AT&T Inc. has a 1 year low of $13.43 and a 1 year high of $18.16. The company has a quick ratio of 0.63, a current ratio of 0.68 and a debt-to-equity ratio of 1.06. The firm has a market cap of $120.85 billion, a price-to-earnings ratio of 9.08, a price-to-earnings-growth ratio of 3.32 and a beta of 0.57.

AT&T (NYSE:T) last posted its quarterly earnings results on Wednesday, April 24th. The technology company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.02. AT&T had a return on equity of 14.63% and a net margin of 11.13%. The firm had revenue of $30.03 billion during the quarter, compared to the consensus estimate of $30.62 billion. During the same quarter in the previous year, the business earned $0.60 earnings per share. The firm’s quarterly revenue was down .4% compared to the same quarter last year. Research analysts forecast that AT&T Inc. will post 2.22 EPS for the current year.

AT&T Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be given a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a yield of 6.57%. The ex-dividend date of this dividend is Tuesday, April 9th. AT&T’s dividend payout ratio (DPR) is presently 59.68%.

Analyst Upgrades and Downgrades

T has been the subject of a number of analyst reports. Tigress Financial boosted their price target on AT&T from $28.00 to $29.00 and gave the stock a “buy” rating in a report on Wednesday, January 31st. Citigroup boosted their price target on AT&T from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Scotiabank boosted their price target on AT&T from $22.00 to $22.50 and gave the stock a “sector outperform” rating in a report on Thursday, April 25th. Oppenheimer raised AT&T from a “market perform” rating to an “outperform” rating and set a $21.00 price target for the company in a report on Friday, January 19th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $17.00 price target on shares of AT&T in a report on Thursday, April 11th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.81.

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.