Richardson Financial Services Inc. Sells 1,693 Shares of AT&T Inc. (NYSE:T)

Richardson Financial Services Inc. lessened its holdings in AT&T Inc. (NYSE:T) by 11.4% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,109 shares of the technology company’s stock after selling 1,693 shares during the period. Richardson Financial Services Inc.’s holdings in AT&T were worth $251,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Frank Rimerman Advisors LLC purchased a new position in shares of AT&T in the fourth quarter worth about $25,000. Pineridge Advisors LLC bought a new position in shares of AT&T during the fourth quarter valued at about $25,000. Strategic Financial Concepts LLC grew its stake in shares of AT&T by 227.6% in the second quarter. Strategic Financial Concepts LLC now owns 131,813 shares of the technology company’s stock worth $25,000 after purchasing an additional 91,578 shares during the last quarter. Riggs Asset Managment Co. Inc. increased its holdings in 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 period. Finally, American Capital Advisory LLC raised its position in AT&T by 107.5% during the 2nd quarter. American Capital Advisory LLC now owns 1,558 shares of the technology company’s stock valued at $30,000 after purchasing an additional 807 shares during the last quarter. Hedge funds and other institutional investors own 57.10% of the company’s stock.

AT&T Trading Down 0.2 %

NYSE:T opened at $21.74 on Thursday. AT&T Inc. has a 52 week low of $14.12 and a 52 week high of $22.34. The stock has a market cap of $155.84 billion, a price-to-earnings ratio of 11.69, a PEG ratio of 3.68 and a beta of 0.59. The company’s 50 day moving average price is $19.78 and its 200-day moving average price is $18.28. The company has a quick ratio of 0.66, a current ratio of 0.70 and a debt-to-equity ratio of 1.05.

AT&T (NYSE:T) last posted its earnings results on Wednesday, July 24th. The technology company reported $0.57 EPS for the quarter, hitting analysts’ consensus estimates of $0.57. The business 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 company’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter last year, the company earned $0.63 EPS. On average, equities research analysts forecast that AT&T Inc. will post 2.2 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were issued a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a dividend yield of 5.11%. The ex-dividend date of this dividend was Wednesday, July 10th. AT&T’s payout ratio is presently 59.68%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on T. Royal Bank of Canada upped their target price on AT&T from $18.00 to $19.00 and gave the company a “sector perform” rating in a report on Thursday, July 25th. Barclays lifted their price objective on AT&T from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft raised their target price on AT&T from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, June 28th. The Goldman Sachs Group began coverage on AT&T in a research note on Monday, July 1st. They issued a “buy” rating and a $22.00 price target on the stock. Finally, TD Cowen raised their price objective on AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $22.31.

About AT&T

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.