Founders Financial Alliance LLC Sells 12,168 Shares of AT&T Inc. (NYSE:T)

Founders Financial Alliance LLC lessened its stake in shares of AT&T Inc. (NYSE:T) by 11.8% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 91,152 shares of the technology company’s stock after selling 12,168 shares during the period. Founders Financial Alliance LLC’s holdings in AT&T were worth $1,742,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Davidson Kempner Capital Management LP bought a new stake in shares of AT&T in the 2nd quarter worth $23,888,000. Mackenzie Financial Corp raised its position in AT&T by 12.2% in the 2nd quarter. Mackenzie Financial Corp now owns 2,641,856 shares of the technology company’s stock worth $50,486,000 after buying an additional 288,093 shares during the last quarter. DRW Securities LLC raised its position in AT&T by 642.2% in the 2nd 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 last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in AT&T by 4.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 1,037,529 shares of the technology company’s stock valued at $19,827,000 after acquiring an additional 43,062 shares during the period. Finally, M&G Plc purchased a new stake in shares of AT&T during the 1st quarter valued at about $9,074,000. Hedge funds and other institutional investors own 57.10% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on T. TD Cowen increased their price objective on shares of AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Daiwa America upgraded AT&T to a “hold” rating in a research note on Friday, July 26th. The Goldman Sachs Group began coverage on AT&T in a report on Monday, July 1st. They issued a “buy” rating and a $22.00 target price on the stock. Redburn Atlantic upgraded AT&T to a “strong sell” rating in a research note on Monday, September 16th. Finally, Tigress Financial raised their price objective on shares of AT&T from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat, AT&T presently has an average rating of “Hold” and an average price target of $22.38.

AT&T Trading Up 0.4 %

T stock opened at $21.99 on Tuesday. 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 Inc. has a 1-year low of $14.12 and a 1-year high of $22.34. The business has a 50 day simple moving average of $20.21 and a two-hundred day simple moving average of $18.54. The company has a market capitalization of $157.64 billion, a price-to-earnings ratio of 11.82, a PEG ratio of 3.68 and a beta of 0.59.

AT&T (NYSE:T) last announced 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 for the quarter, compared to the consensus estimate of $30.05 billion. During the same period in the previous year, the firm posted $0.63 EPS. AT&T’s revenue for the quarter was down .3% compared to the same quarter last year. Research analysts anticipate that AT&T Inc. will post 2.2 EPS for the current fiscal year.

AT&T Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a $0.2775 dividend. This represents a $1.11 annualized dividend and a yield of 5.05%. The ex-dividend date of this dividend is Thursday, October 10th. AT&T’s dividend payout ratio 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.