SouthState Corp Sells 1,143 Shares of AT&T Inc. (NYSE:T)

SouthState Corp reduced its stake in AT&T Inc. (NYSE:T) by 5.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,445 shares of the technology company’s stock after selling 1,143 shares during the period. SouthState Corp’s holdings in AT&T were worth $428,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fifth Third Wealth Advisors LLC increased its position in shares of AT&T by 8.7% during the third quarter. Fifth Third Wealth Advisors LLC now owns 125,081 shares of the technology company’s stock valued at $2,752,000 after acquiring an additional 9,964 shares in the last quarter. Prospera Financial Services Inc increased its holdings in shares of AT&T by 25.4% in the 3rd quarter. Prospera Financial Services Inc now owns 281,643 shares of the technology company’s stock worth $6,197,000 after purchasing an additional 57,047 shares in the last quarter. Chesapeake Wealth Management raised its stake in shares of AT&T by 1.9% in the third quarter. Chesapeake Wealth Management now owns 24,304 shares of the technology company’s stock worth $535,000 after purchasing an additional 460 shares during the last quarter. Vertex Planning Partners LLC bought a new position in shares of AT&T during the third quarter valued at $243,000. Finally, Caprock Group LLC boosted its position in shares of AT&T by 18.3% during the third quarter. Caprock Group LLC now owns 195,991 shares of the technology company’s stock valued at $4,312,000 after buying an additional 30,281 shares during the last quarter. 57.10% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on T shares. JPMorgan Chase & Co. boosted their target price on AT&T from $21.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Barclays increased their price objective on shares of AT&T from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Tigress Financial raised their target price on shares of AT&T from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, September 27th. Daiwa America upgraded shares of AT&T to a “hold” rating in a research note on Friday, July 26th. Finally, Wells Fargo & Company dropped their price target on AT&T from $25.00 to $24.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, AT&T presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.40.

AT&T Price Performance

Shares of NYSE:T opened at $22.73 on Wednesday. The company has a market capitalization of $163.09 billion, a P/E ratio of 18.48, a P/E/G ratio of 3.40 and a beta of 0.59. AT&T Inc. has a 1-year low of $15.85 and a 1-year high of $23.20. The firm’s 50 day simple moving average is $21.94 and its two-hundred day simple moving average is $19.84. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.73 and a quick ratio of 0.67.

AT&T (NYSE:T) last released its earnings results on Wednesday, October 23rd. The technology company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. AT&T had a net margin of 7.42% and a return on equity of 13.97%. The company had revenue of $30.20 billion for the quarter, compared to analysts’ expectations of $30.50 billion. During the same quarter in the previous year, the company earned $0.64 EPS. AT&T’s revenue for the quarter was down .5% on a year-over-year basis. Research analysts expect that AT&T Inc. will post 2.22 EPS for the current fiscal year.

AT&T Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were given a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a dividend yield of 4.88%. The ex-dividend date of this dividend was Thursday, October 10th. AT&T’s dividend payout ratio is currently 90.24%.

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.