First City Capital Management Inc. Decreases Stock Holdings in AT&T Inc. (NYSE:T)

First City Capital Management Inc. lowered its stake in AT&T Inc. (NYSE:T) by 25.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 46,905 shares of the technology company’s stock after selling 15,911 shares during the quarter. First City Capital Management Inc.’s holdings in AT&T were worth $896,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in T. Riggs Asset Managment Co. Inc. increased its position in shares of AT&T by 356.5% during the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 1,429 shares of the technology company’s stock valued at $27,000 after purchasing an additional 1,116 shares during the last quarter. Pineridge Advisors LLC bought a new stake in AT&T during the fourth quarter valued at approximately $25,000. Frank Rimerman Advisors LLC purchased a new stake in AT&T during the fourth quarter valued at approximately $25,000. American Capital Advisory LLC raised its position in AT&T by 107.5% in the second quarter. American Capital Advisory LLC now owns 1,558 shares of the technology company’s stock worth $30,000 after acquiring an additional 807 shares during the period. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in shares of AT&T by 176.6% during the 2nd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,867 shares of the technology company’s stock worth $35,000 after acquiring an additional 1,192 shares during the last quarter. Hedge funds and other institutional investors own 57.10% of the company’s stock.

Wall Street Analysts Forecast Growth

T has been the topic of a number of analyst reports. Citigroup lifted their price objective on AT&T from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. JPMorgan Chase & Co. increased their price objective on shares of AT&T from $21.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Scotiabank cut shares of AT&T from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 6th. TD Cowen raised their price target on AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a report on Thursday, July 25th. Finally, Barclays upped their price objective on AT&T from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, AT&T currently has a consensus rating of “Hold” and an average price target of $22.31.

AT&T Stock Performance

Shares of NYSE:T opened at $21.54 on Friday. The firm has a fifty day simple moving average of $19.88 and a two-hundred day simple moving average of $18.34. AT&T Inc. has a 52 week low of $14.12 and a 52 week high of $22.34. The company has a quick ratio of 0.66, a current ratio of 0.70 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $154.45 billion, a P/E ratio of 11.58, a PEG ratio of 3.79 and a beta of 0.59.

AT&T (NYSE:T) last released its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.57 EPS for the quarter, hitting the consensus estimate of $0.57. The company had revenue of $29.80 billion during the quarter, compared to analyst estimates of $30.05 billion. AT&T had a return on equity of 14.16% and a net margin of 10.41%. The firm’s revenue was down .3% on a year-over-year basis. During the same quarter last year, the business posted $0.63 earnings per share. On average, analysts expect that AT&T Inc. will post 2.2 earnings per share for the current fiscal year.

AT&T Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were issued a dividend of $0.2775 per share. The ex-dividend date of this dividend was Wednesday, July 10th. This represents a $1.11 annualized dividend and a yield of 5.15%. AT&T’s payout ratio is presently 59.68%.

AT&T Company 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.