Norway Savings Bank Cuts Stake in AT&T Inc. (NYSE:T)

Norway Savings Bank lessened its stake in AT&T Inc. (NYSE:T) by 18.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,060 shares of the technology company’s stock after selling 2,250 shares during the quarter. Norway Savings Bank’s holdings in AT&T were worth $177,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Pineridge Advisors LLC bought a new position in shares of AT&T in the fourth quarter worth approximately $25,000. Frank Rimerman Advisors LLC bought a new position in AT&T in the 4th quarter valued at approximately $25,000. Ramirez Asset Management Inc. purchased a new stake in AT&T during the 3rd quarter valued at $30,000. Western Pacific Wealth Management LP bought a new stake in shares of AT&T in the 4th quarter worth $39,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA raised its stake in shares of AT&T by 35.3% in the fourth quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 2,322 shares of the technology company’s stock worth $39,000 after purchasing an additional 606 shares during the last quarter. Institutional investors own 57.10% of the company’s stock.

AT&T Price Performance

NYSE T opened at $19.11 on Friday. The stock has a market cap of $137.02 billion, a price-to-earnings ratio of 10.27, a PEG ratio of 4.34 and a beta of 0.60. AT&T Inc. has a 12 month low of $13.43 and a 12 month high of $19.13. The company’s 50 day moving average is $17.57 and its two-hundred day moving average is $17.18. 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 released its earnings results on Wednesday, April 24th. The technology company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.02. The company had revenue of $30.03 billion for the quarter, compared to analysts’ expectations of $30.62 billion. AT&T had a net margin of 11.13% and a return on equity of 14.63%. AT&T’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.60 EPS. As a group, research analysts anticipate that AT&T Inc. will post 2.24 earnings per share for the current year.

AT&T Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Wednesday, July 10th will be issued a $0.2775 dividend. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $1.11 dividend on an annualized basis and a yield of 5.81%. AT&T’s dividend payout ratio is presently 59.68%.

Analyst Ratings Changes

Several equities research analysts recently commented on T shares. Deutsche Bank Aktiengesellschaft lifted their price objective on AT&T from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Friday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $17.00 price target on shares of AT&T in a research note on Thursday, April 11th. Wolfe Research upgraded 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 research report on Tuesday, March 5th. UBS Group reaffirmed a “buy” rating and issued a $24.00 target price on shares of AT&T in a research report on Tuesday, June 18th. Finally, StockNews.com cut AT&T from a “buy” rating to a “hold” rating in a report on Friday, May 3rd. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, AT&T currently has a consensus rating of “Moderate Buy” and an average target price of $21.71.

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.