Orrstown Financial Services Inc. Cuts Stake in AT&T Inc. (NYSE:T)


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Orrstown Financial Services Inc. cut its stake in AT&T Inc. (NYSE:T) by 12.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,335 shares of the technology company’s stock after selling 2,916 shares during the quarter. Orrstown Financial Services Inc.’s holdings in AT&T were worth $584,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. United Bank raised its position in shares of AT&T by 49.3% during the 2nd quarter. United Bank now owns 34,035 shares of the technology company’s stock valued at $1,029,000 after acquiring an additional 11,242 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of AT&T by 3.8% during the 2nd quarter. Principal Financial Group Inc. now owns 11,294,810 shares of the technology company’s stock valued at $341,442,000 after acquiring an additional 411,034 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of AT&T by 998.5% during the 2nd quarter. Jacobs Levy Equity Management Inc. now owns 81,852 shares of the technology company’s stock valued at $2,474,000 after acquiring an additional 74,401 shares in the last quarter. AdvisorNet Financial Inc raised its position in shares of AT&T by 12.1% during the 2nd quarter. AdvisorNet Financial Inc now owns 76,462 shares of the technology company’s stock valued at $2,311,000 after acquiring an additional 8,278 shares in the last quarter. Finally, WFA of San Diego LLC acquired a new stake in AT&T in the second quarter worth $527,000. 52.29% of the stock is currently owned by institutional investors.

NYSE:T opened at $28.61 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.79. AT&T Inc. has a 1-year low of $26.08 and a 1-year high of $39.14. The firm has a market capitalization of $203.87 billion, a price-to-earnings ratio of 17.55, a price-to-earnings-growth ratio of 1.52 and a beta of 0.69. The stock has a fifty day simple moving average of $29.36 and a 200 day simple moving average of $29.09.

AT&T (NYSE:T) last released its quarterly earnings results on Thursday, October 22nd. The technology company reported $0.76 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.77 by ($0.01). AT&T had a net margin of 6.84% and a return on equity of 13.03%. The company had revenue of $42.43 billion during the quarter, compared to analyst estimates of $41.66 billion. During the same quarter last year, the business earned $0.94 EPS. The company’s revenue for the quarter was down 4.8% compared to the same quarter last year. Equities analysts predict that AT&T Inc. will post 3.2 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, February 1st. Investors of record on Monday, January 11th will be given a $0.52 dividend. The ex-dividend date is Friday, January 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 7.27%. AT&T’s dividend payout ratio (DPR) is 58.26%.

Several brokerages have weighed in on T. Oppenheimer reaffirmed a “buy” rating and issued a $38.00 target price on shares of AT&T in a research report on Thursday, October 1st. Morgan Stanley lowered AT&T from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $36.00 to $34.00 in a research report on Thursday, December 17th. Raymond James raised AT&T from a “market perform” rating to an “outperform” rating and set a $32.00 target price on the stock in a research report on Monday, January 4th. Royal Bank of Canada dropped their target price on AT&T from $32.00 to $30.00 in a research report on Monday, October 26th. Finally, Barclays began coverage on AT&T in a research report on Friday, October 2nd. They issued an “overweight” rating on the stock. Six investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and thirteen have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $32.40.

About AT&T

AT&T Inc provides telecommunication, media, and technology services worldwide. The company operates through four segments: Communications, WarnerMedia, Latin America, and Xandr. The Communications segment provides wireless and wireline telecom, video, and broadband and Internet services; video entertainment services using satellite, IP-based, and streaming options; and audio programming services under the AT&T, Cricket, AT&T PREPAID, and DIRECTV brands to residential and business customers.

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Institutional Ownership by Quarter for AT&T (NYSE:T)

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