Bruce G. Allen Investments LLC Cuts Position in AT&T Inc. (NYSE:T)

Bruce G. Allen Investments LLC reduced its position in AT&T Inc. (NYSE:T) by 9.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 23,848 shares of the technology company’s stock after selling 2,517 shares during the period. AT&T accounts for about 0.5% of Bruce G. Allen Investments LLC’s holdings, making the stock its 20th biggest holding. Bruce G. Allen Investments LLC’s holdings in AT&T were worth $674,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Brighton Jones LLC raised its position in AT&T by 26.5% in the fourth quarter. Brighton Jones LLC now owns 48,579 shares of the technology company’s stock worth $1,106,000 after acquiring an additional 10,188 shares in the last quarter. Golden State Wealth Management LLC purchased a new position in AT&T in the fourth quarter valued at about $96,000. Appleton Partners Inc. MA lifted its position in shares of AT&T by 42.7% during the 4th quarter. Appleton Partners Inc. MA now owns 18,278 shares of the technology company’s stock valued at $416,000 after acquiring an additional 5,468 shares during the period. Vest Financial LLC boosted its stake in shares of AT&T by 20.3% during the 4th quarter. Vest Financial LLC now owns 80,656 shares of the technology company’s stock worth $1,837,000 after acquiring an additional 13,611 shares in the last quarter. Finally, Seelaus Asset Management LLC grew its holdings in shares of AT&T by 9.3% in the 4th quarter. Seelaus Asset Management LLC now owns 34,922 shares of the technology company’s stock worth $795,000 after acquiring an additional 2,975 shares during the period. Institutional investors and hedge funds own 57.10% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on T. Citigroup reiterated a “buy” rating on shares of AT&T in a research report on Monday, April 7th. Morgan Stanley reiterated an “overweight” rating and issued a $31.00 price target (up from $30.00) on shares of AT&T in a research report on Thursday, April 24th. Tigress Financial raised their price objective on shares of AT&T from $32.00 to $34.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Wells Fargo & Company upped their target price on AT&T from $27.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, April 24th. Finally, Oppenheimer increased their target price on AT&T from $27.00 to $32.00 and gave the company an “outperform” rating in a report on Tuesday, April 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $28.71.

AT&T Stock Up 1.2%

Shares of AT&T stock opened at $28.09 on Monday. AT&T Inc. has a 1-year low of $17.42 and a 1-year high of $29.03. The company has a market capitalization of $202.12 billion, a PE ratio of 18.85, a P/E/G ratio of 3.00 and a beta of 0.41. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.66 and a quick ratio of 0.62. The business has a 50-day moving average of $27.32 and a 200-day moving average of $25.49.

AT&T (NYSE:T) last released its earnings results on Wednesday, April 23rd. The technology company reported $0.51 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.01). The business had revenue of $30.63 billion for the quarter, compared to analysts’ expectations of $30.39 billion. AT&T had a net margin of 8.95% and a return on equity of 13.97%. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.55 earnings per share. As a group, equities analysts forecast that AT&T Inc. will post 2.14 EPS for the current fiscal year.

AT&T Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th were paid a dividend of $0.2775 per share. The ex-dividend date of this dividend was Thursday, April 10th. This represents a $1.11 annualized dividend and a yield of 3.95%. AT&T’s payout ratio is 68.10%.

AT&T Profile

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.