Cullen Frost Bankers Inc. Sells 258,664 Shares of AT&T Inc. (NYSE:T)

Cullen Frost Bankers Inc. lowered its stake in AT&T Inc. (NYSE:T) by 25.3% in the 4th quarter, HoldingsChannel.com reports. The fund owned 764,769 shares of the technology company’s stock after selling 258,664 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in AT&T were worth $12,833,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of T. Carmel Capital Partners LLC grew its position in AT&T by 16,250.0% in the 3rd quarter. Carmel Capital Partners LLC now owns 1,635 shares of the technology company’s stock valued at $25,000 after purchasing an additional 1,625 shares during the period. Lipe & Dalton acquired a new stake in AT&T in the 3rd quarter valued at $30,000. Ramirez Asset Management Inc. acquired a new stake in AT&T in the 3rd quarter valued at $30,000. Farmers & Merchants Trust Co of Chambersburg PA grew its position in AT&T by 35.3% in the 4th quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 2,322 shares of the technology company’s stock valued at $39,000 after purchasing an additional 606 shares during the period. Finally, Financial Gravity Asset Management Inc. boosted its holdings in AT&T by 3,202.4% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 2,708 shares of the technology company’s stock worth $41,000 after acquiring an additional 2,626 shares during the last quarter. Institutional investors own 57.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on T. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of AT&T from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. JPMorgan Chase & Co. raised shares of AT&T from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $18.00 to $21.00 in a report on Thursday, February 1st. TheStreet raised shares of AT&T from a “c” rating to a “b-” rating in a report on Wednesday, January 24th. Wolfe Research raised shares of AT&T from a “peer perform” rating to an “outperform” rating and set a $21.00 price objective on the stock in a report on Tuesday, March 5th. Finally, Citigroup lifted their price objective on shares of AT&T from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, AT&T has an average rating of “Moderate Buy” and an average target price of $20.81.

AT&T Stock Performance

Shares of NYSE:T traded up $0.03 during midday trading on Wednesday, reaching $17.11. The company had a trading volume of 24,716,345 shares, compared to its average volume of 38,659,590. AT&T Inc. has a 52-week low of $13.43 and a 52-week high of $18.16. The company’s 50 day moving average price is $16.98 and its 200 day moving average price is $16.69. The stock has a market cap of $122.68 billion, a P/E ratio of 9.20, a P/E/G ratio of 3.32 and a beta of 0.57. The company has a current ratio of 0.68, a quick ratio of 0.63 and a debt-to-equity ratio of 1.06.

AT&T (NYSE:T) last announced its quarterly earnings data 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 business had revenue of $30.03 billion for the quarter, compared to analysts’ expectations of $30.62 billion. During the same period in the previous year, the business posted $0.60 EPS. The firm’s quarterly revenue was down .4% compared to the same quarter last year. As a group, sell-side analysts anticipate that AT&T Inc. will post 2.24 EPS for the current fiscal year.

AT&T Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th were paid a $0.2775 dividend. This represents a $1.11 dividend on an annualized basis and a yield of 6.49%. The ex-dividend date was Tuesday, April 9th. AT&T’s dividend payout ratio is currently 59.68%.

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.