Mechanics Bank Trust Department Lowers Position in AT&T Inc. (T)
Mechanics Bank Trust Department trimmed its holdings in shares of AT&T Inc. (NYSE:T) by 0.8% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 160,322 shares of the technology company’s stock after selling 1,232 shares during the quarter. AT&T accounts for 1.4% of Mechanics Bank Trust Department’s holdings, making the stock its 18th biggest position. Mechanics Bank Trust Department’s holdings in AT&T were worth $6,049,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Ullmann Financial Group Inc. bought a new stake in shares of AT&T in the first quarter valued at about $101,000. Feltz Wealth PLAN Inc. acquired a new position in shares of AT&T during the first quarter worth about $104,000. Taylor Wealth Management Partners boosted its position in shares of AT&T by 0.4% during the first quarter. Taylor Wealth Management Partners now owns 2,550 shares of the technology company’s stock worth $106,000 after buying an additional 11 shares during the period. Almanack Investment Partners LLC. acquired a new position in shares of AT&T during the first quarter worth about $109,000. Finally, Sterling Investment Advisors Ltd. boosted its position in shares of AT&T by 289.1% during the first quarter. Sterling Investment Advisors Ltd. now owns 2,724 shares of the technology company’s stock worth $113,000 after buying an additional 2,024 shares during the period. 54.99% of the stock is owned by institutional investors and hedge funds.
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Shares of AT&T Inc. (NYSE T) traded up 0.33% during trading on Wednesday, hitting $39.61. The stock had a trading volume of 10,148,641 shares. AT&T Inc. has a 52 week low of $35.10 and a 52 week high of $43.03. The company has a market capitalization of $243.21 billion, a price-to-earnings ratio of 18.61 and a beta of 0.49. The company’s 50 day moving average price is $37.71 and its 200 day moving average price is $38.57.
AT&T (NYSE:T) last announced its quarterly earnings data on Tuesday, July 25th. The technology company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.74 by $0.05. The business had revenue of $39.84 billion for the quarter, compared to analyst estimates of $39.84 billion. AT&T had a net margin of 8.12% and a return on equity of 14.53%. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.72 earnings per share. Analysts predict that AT&T Inc. will post $2.94 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be paid a dividend of $0.49 per share. The ex-dividend date is Friday, October 6th. This represents a $1.96 annualized dividend and a dividend yield of 4.96%. AT&T’s payout ratio is currently 92.45%.
A number of brokerages recently issued reports on T. Vetr lowered AT&T from a “strong-buy” rating to a “buy” rating and set a $40.69 target price on the stock. in a research report on Wednesday, July 26th. Jefferies Group LLC restated a “buy” rating and issued a $48.00 target price on shares of AT&T in a research note on Thursday, August 24th. Macquarie reaffirmed a “buy” rating and set a $43.00 price target on shares of AT&T in a research report on Friday, September 1st. Barclays PLC reduced their price target on AT&T from $41.00 to $39.00 and set an “equal weight” rating for the company in a research report on Friday, July 14th. Finally, Morgan Stanley upped their price target on AT&T from $46.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 27th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. AT&T presently has a consensus rating of “Hold” and a consensus price target of $43.87.
AT&T Inc is a holding company. The Company is a provider of communications and digital entertainment services in the United States and the world. The Company operates through four segments: Business Solutions, Entertainment Group, Consumer Mobility and International. The Company offers its services and products to consumers in the United States, Mexico and Latin America and to businesses and other providers of telecommunications services worldwide.
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