City State Bank Cuts Stock Position in AT&T Inc. (NYSE:T)

City State Bank lessened its holdings in AT&T Inc. (NYSE:T) by 5.8% during the first quarter, HoldingsChannel.com reports. The fund owned 19,345 shares of the technology company’s stock after selling 1,198 shares during the quarter. City State Bank’s holdings in AT&T were worth $547,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Minot DeBlois Advisors LLC purchased a new position in shares of AT&T in the 4th quarter valued at $25,000. Capital A Wealth Management LLC purchased a new stake in AT&T during the 4th quarter worth $25,000. Putney Financial Group LLC purchased a new stake in AT&T during the 4th quarter worth $27,000. Marshall Investment Management LLC purchased a new stake in AT&T during the 4th quarter worth $28,000. Finally, YANKCOM Partnership purchased a new stake in AT&T during the 4th quarter worth $30,000. Hedge funds and other institutional investors own 57.10% of the company’s stock.

AT&T Trading Up 1.2%

NYSE T opened at $28.09 on Friday. AT&T Inc. has a one year low of $17.42 and a one year high of $29.03. The company has a 50-day simple moving average of $27.32 and a 200-day simple moving average of $25.45. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.62 and a current ratio of 0.66. The firm has a market capitalization of $202.12 billion, a PE ratio of 18.85, a price-to-earnings-growth ratio of 3.00 and a beta of 0.41.

AT&T (NYSE:T) last posted its quarterly 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). AT&T had a net margin of 8.95% and a return on equity of 13.97%. The business had revenue of $30.63 billion during the quarter, compared to analyst estimates of $30.39 billion. During the same period last year, the firm posted $0.55 earnings per share. The company’s quarterly revenue was up 2.0% on a year-over-year basis. On average, equities analysts forecast that AT&T Inc. will post 2.14 earnings per share for the current year.

AT&T Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Thursday, April 10th were issued a $0.2775 dividend. This represents a $1.11 annualized dividend and a dividend yield of 3.95%. The ex-dividend date was Thursday, April 10th. AT&T’s dividend payout ratio (DPR) is presently 68.10%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on T shares. Morgan Stanley reaffirmed an “overweight” rating and set a $31.00 price target (up previously from $30.00) on shares of AT&T in a research note on Thursday, April 24th. Citigroup reaffirmed a “buy” rating on shares of AT&T in a research note on Monday, April 7th. BNP Paribas raised shares of AT&T from a “neutral” rating to an “outperform” rating and set a $28.50 price target on the stock in a research note on Thursday, February 13th. Williams Trading set a $30.00 price target on shares of AT&T in a research note on Thursday, April 24th. Finally, Wells Fargo & Company lifted their price target on shares of AT&T from $27.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, AT&T has a consensus rating of “Moderate Buy” and an average price target of $28.71.

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.