Cornercap Investment Counsel Inc. Sells 33,696 Shares of AT&T Inc. (NYSE:T)

Cornercap Investment Counsel Inc. lessened its holdings in shares of AT&T Inc. (NYSE:T) by 46.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,837 shares of the technology company’s stock after selling 33,696 shares during the period. Cornercap Investment Counsel Inc.’s holdings in AT&T were worth $854,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of T. Strategic Financial Concepts LLC boosted its position in shares of AT&T by 227.6% during the second quarter. Strategic Financial Concepts LLC now owns 131,813 shares of the technology company’s stock worth $25,000 after buying an additional 91,578 shares during the period. Riggs Asset Managment Co. Inc. grew its stake in shares of AT&T by 356.5% during the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 1,429 shares of the technology company’s stock worth $27,000 after acquiring an additional 1,116 shares in the last quarter. American Capital Advisory LLC boosted its holdings in AT&T by 107.5% during the second quarter. American Capital Advisory LLC now owns 1,558 shares of the technology company’s stock worth $30,000 after purchasing an additional 807 shares during the last quarter. Altshuler Shaham Ltd acquired a new stake in AT&T in the 2nd quarter valued at $30,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in shares of AT&T by 176.6% during the 2nd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,867 shares of the technology company’s stock worth $35,000 after buying an additional 1,192 shares during the last quarter. 57.10% of the stock is currently owned by institutional investors and hedge funds.

AT&T Stock Performance

AT&T stock opened at $22.25 on Friday. The company has a quick ratio of 0.67, a current ratio of 0.73 and a debt-to-equity ratio of 1.09. The stock has a market cap of $159.61 billion, a PE ratio of 18.09, a P/E/G ratio of 3.35 and a beta of 0.59. AT&T Inc. has a 12-month low of $15.64 and a 12-month high of $22.73. The business’s 50-day moving average price is $21.82 and its two-hundred day moving average price is $19.65.

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

AT&T Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were given a dividend of $0.2775 per share. The ex-dividend date was Thursday, October 10th. This represents a $1.11 dividend on an annualized basis and a yield of 4.99%. AT&T’s dividend payout ratio (DPR) is currently 90.24%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on T. Evercore ISI boosted their target price on shares of AT&T from $19.00 to $21.00 and gave the stock an “in-line” rating in a report on Thursday, October 24th. TD Cowen upped their target price on shares of AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a report on Thursday, July 25th. Redburn Atlantic upgraded AT&T to a “strong sell” rating in a report on Monday, September 16th. Wells Fargo & Company lowered their price target on AT&T from $25.00 to $24.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Finally, Barclays raised their price objective on AT&T from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, AT&T has an average rating of “Moderate Buy” and an average target price of $23.40.

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.