Garden State Investment Advisory Services LLC Sells 3,382 Shares of AT&T Inc. (NYSE:T)

Garden State Investment Advisory Services LLC trimmed its stake in AT&T Inc. (NYSE:T) by 9.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 34,000 shares of the technology company’s stock after selling 3,382 shares during the period. Garden State Investment Advisory Services LLC’s holdings in AT&T were worth $650,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of T. Cantor Fitzgerald Investment Advisors L.P. acquired a new position in shares of AT&T in the 4th quarter worth approximately $11,554,000. Clearbridge Investments LLC grew its holdings in shares of AT&T by 250.3% during 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. Skopos Labs Inc. acquired a new stake in shares of AT&T in the fourth quarter valued at $839,000. Wealth Enhancement Advisory Services LLC raised its holdings 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 valued at $19,827,000 after buying an additional 43,062 shares during the last quarter. Finally, M&G Plc acquired a new position in AT&T during the 1st quarter worth about $9,074,000. 57.10% of the stock is currently owned by institutional investors and hedge funds.

AT&T Stock Up 0.7 %

Shares of NYSE:T opened at $21.52 on Friday. The company has a 50 day moving average price of $19.88 and a two-hundred day moving average price of $18.34. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.66 and a current ratio of 0.70. The company has a market capitalization of $154.30 billion, a PE ratio of 11.57, a PEG ratio of 3.79 and a beta of 0.59. AT&T Inc. has a 52 week low of $14.12 and a 52 week high of $22.34.

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

AT&T Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were given a $0.2775 dividend. The ex-dividend date was Wednesday, July 10th. This represents a $1.11 annualized dividend and a dividend yield of 5.16%. AT&T’s dividend payout ratio is presently 59.68%.

Analyst Ratings Changes

Several equities research analysts have weighed in on T shares. Redburn Atlantic upgraded shares of AT&T to a “strong sell” rating in a research report on Monday, September 16th. The Goldman Sachs Group assumed coverage on shares of AT&T in a research report on Monday, July 1st. They issued a “buy” rating and a $22.00 price objective for the company. Daiwa America upgraded AT&T to a “hold” rating in a research report on Friday, July 26th. UBS Group restated a “buy” rating and set a $24.00 target price on shares of AT&T in a research report on Tuesday, June 18th. Finally, TD Cowen lifted their price objective on AT&T from $21.00 to $23.00 and gave the stock 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 assigned a buy rating to the company. Based on data from MarketBeat, AT&T has a consensus rating of “Hold” and a consensus price target of $22.31.

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.