Providence Capital Advisors LLC Grows Position in AT&T Inc. (NYSE:T)

Providence Capital Advisors LLC lifted its holdings in shares of AT&T Inc. (NYSE:T) by 1.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 182,140 shares of the technology company’s stock after buying an additional 3,078 shares during the period. Providence Capital Advisors LLC’s holdings in AT&T were worth $3,481,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Clearbridge Investments LLC boosted its position in AT&T by 250.3% in the fourth quarter. Clearbridge Investments LLC now owns 67,303 shares of the technology company’s stock worth $1,129,000 after purchasing an additional 48,091 shares during the last quarter. Davidson Kempner Capital Management LP bought a new position in shares of AT&T in the second quarter worth about $23,888,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of AT&T by 4.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 1,037,529 shares of the technology company’s stock worth $19,827,000 after buying an additional 43,062 shares during the period. M&G Plc bought a new position in shares of AT&T in the first quarter worth about $9,074,000. Finally, DRW Securities LLC raised its stake in shares of AT&T by 642.2% in the second quarter. DRW Securities LLC now owns 104,309 shares of the technology company’s stock worth $1,997,000 after buying an additional 90,255 shares during the period. 57.10% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. TD Cowen raised their price objective on AT&T from $21.00 to $23.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th. Royal Bank of Canada raised their price target on AT&T from $18.00 to $19.00 and gave the company a “sector perform” rating in a report on Thursday, July 25th. Scotiabank lowered AT&T from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 6th. JPMorgan Chase & Co. increased their price target on AT&T from $21.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Finally, Daiwa America raised AT&T to a “hold” rating in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $22.31.

AT&T Price Performance

Shares of T stock opened at $21.48 on Tuesday. AT&T Inc. has a 1-year low of $14.12 and a 1-year high of $22.34. The stock’s 50-day moving average is $19.94 and its 200 day moving average is $18.38. The company has a market cap of $154.02 billion, a P/E ratio of 11.55, a PEG ratio of 3.79 and a beta of 0.59. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.70 and a quick ratio of 0.66.

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

AT&T Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were paid a $0.2775 dividend. This represents a $1.11 dividend on an annualized basis and a yield of 5.17%. The ex-dividend date was Wednesday, July 10th. AT&T’s dividend payout ratio (DPR) is presently 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.