Eastern Bank Lowers Holdings in AT&T Inc. $T

Eastern Bank decreased its holdings in AT&T Inc. (NYSE:T) by 4.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 98,819 shares of the technology company’s stock after selling 4,729 shares during the quarter. Eastern Bank’s holdings in AT&T were worth $2,860,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in T. Stone House Investment Management LLC purchased a new position in shares of AT&T in the first quarter valued at approximately $25,000. O Brien Wealth Partners LLC acquired a new stake in AT&T in the second quarter valued at approximately $26,000. Hager Investment Management Services LLC lifted its stake in AT&T by 182.1% in the first quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company’s stock worth $28,000 after acquiring an additional 641 shares during the last quarter. Kennebec Savings Bank lifted its stake in AT&T by 412.1% in the second quarter. Kennebec Savings Bank now owns 973 shares of the technology company’s stock worth $28,000 after acquiring an additional 783 shares during the last quarter. Finally, Core Alternative Capital lifted its stake in AT&T by 125.4% in the first quarter. Core Alternative Capital now owns 1,021 shares of the technology company’s stock worth $29,000 after acquiring an additional 568 shares during the last quarter. Hedge funds and other institutional investors own 57.10% of the company’s stock.

AT&T Stock Down 1.0%

T stock opened at $25.85 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 1.01. AT&T Inc. has a twelve month low of $21.05 and a twelve month high of $29.79. The company’s 50 day moving average is $28.45 and its two-hundred day moving average is $27.88. The stock has a market cap of $184.82 billion, a P/E ratio of 14.69, a PEG ratio of 2.12 and a beta of 0.42.

AT&T (NYSE:T) last released its quarterly earnings data on Wednesday, July 23rd. The technology company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. AT&T had a net margin of 10.29% and a return on equity of 13.36%. The company had revenue of $30.85 billion for the quarter, compared to analysts’ expectations of $30.44 billion. During the same quarter last year, the company earned $0.51 earnings per share. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. Research analysts expect that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

AT&T Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be given a dividend of $0.2775 per share. The ex-dividend date is Friday, October 10th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.3%. AT&T’s dividend payout ratio (DPR) is 63.07%.

Analyst Upgrades and Downgrades

T has been the subject of a number of recent research reports. Wells Fargo & Company lifted their price target on shares of AT&T from $30.00 to $31.00 and gave the stock an “overweight” rating in a research note on Thursday, July 10th. Sanford C. Bernstein lifted their price target on shares of AT&T from $31.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, September 4th. Morgan Stanley lifted their price target on shares of AT&T from $31.00 to $32.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 16th. Citigroup reiterated a “buy” rating on shares of AT&T in a research note on Tuesday, August 26th. Finally, The Goldman Sachs Group initiated coverage on shares of AT&T in a research note on Tuesday, September 2nd. They issued a “buy” rating and a $32.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.75.

About AT&T

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.