First City Capital Management Inc. Lowers Position in AT&T Inc. (NYSE:T)

First City Capital Management Inc. decreased its holdings in shares of AT&T Inc. (NYSE:T) by 25.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 also recently modified their holdings of the stock. Frank Rimerman Advisors LLC bought a new stake in AT&T during the fourth quarter worth about $25,000. Pineridge Advisors LLC purchased a new position in shares of AT&T during the 4th quarter valued at about $25,000. Strategic Financial Concepts LLC lifted its position in AT&T by 227.6% in the 2nd quarter. Strategic Financial Concepts LLC now owns 131,813 shares of the technology company’s stock worth $25,000 after buying an additional 91,578 shares during the last quarter. Riggs Asset Managment Co. Inc. boosted its stake in AT&T by 356.5% in the second quarter. Riggs Asset Managment Co. Inc. now owns 1,429 shares of the technology company’s stock worth $27,000 after buying an additional 1,116 shares in the last quarter. Finally, American Capital Advisory LLC grew its position in AT&T by 107.5% during the second quarter. American Capital Advisory LLC now owns 1,558 shares of the technology company’s stock valued at $30,000 after acquiring an additional 807 shares during the last quarter. 57.10% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Moffett Nathanson upped their price objective on shares of AT&T from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Barclays raised their price objective on AT&T from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. JPMorgan Chase & Co. increased their target price on AT&T from $21.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. BNP Paribas raised AT&T from an “underperform” rating to a “neutral” rating in a research note on Tuesday, June 11th. Finally, Royal Bank of Canada increased their price objective on AT&T from $18.00 to $19.00 and gave the company a “sector perform” rating in a research note 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, the stock currently has a consensus rating of “Hold” and an average price target of $22.31.

AT&T Trading Up 0.8 %

NYSE T opened at $21.54 on Friday. The stock’s 50 day moving average is $19.88 and its 200 day moving average is $18.34. 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 firm has a market capitalization of $154.45 billion, a PE ratio of 11.58, a P/E/G ratio of 3.79 and a beta of 0.59. AT&T Inc. has a twelve month low of $14.12 and a twelve month high of $22.34.

AT&T (NYSE:T) last issued its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.57 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.57. AT&T had a net margin of 10.41% and a return on equity of 14.16%. 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 company posted $0.63 EPS. AT&T’s revenue was down .3% on a year-over-year basis. 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. The ex-dividend date was Wednesday, July 10th. This represents a $1.11 annualized dividend and a dividend yield of 5.15%. AT&T’s payout ratio is presently 59.68%.

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.