M&T Bank Corp Reduces Holdings in AT&T Inc. (NYSE:T)

M&T Bank Corp lowered its position in AT&T Inc. (NYSE:T) by 13.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,062,596 shares of the technology company’s stock after selling 172,097 shares during the quarter. M&T Bank Corp’s holdings in AT&T were worth $17,830,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in T. Miracle Mile Advisors LLC lifted its holdings in AT&T by 46.0% during the 3rd quarter. Miracle Mile Advisors LLC now owns 38,075 shares of the technology company’s stock valued at $572,000 after buying an additional 11,989 shares in the last quarter. Concord Wealth Partners boosted its holdings in shares of AT&T by 41.3% in the third quarter. Concord Wealth Partners now owns 17,955 shares of the technology company’s stock valued at $270,000 after purchasing an additional 5,246 shares during the period. Lindbrook Capital LLC grew its stake in AT&T by 21.0% in the third quarter. Lindbrook Capital LLC now owns 35,817 shares of the technology company’s stock worth $538,000 after purchasing an additional 6,213 shares in the last quarter. BluePath Capital Management LLC purchased a new position in AT&T during the 3rd quarter worth $136,000. Finally, Jeppson Wealth Management LLC increased its holdings in AT&T by 33.4% during the 3rd quarter. Jeppson Wealth Management LLC now owns 181,408 shares of the technology company’s stock worth $2,725,000 after purchasing an additional 45,444 shares during the period. Institutional investors own 57.10% of the company’s stock.

AT&T Price Performance

Shares of T stock traded up $0.03 on Friday, reaching $16.85. 24,023,192 shares of the company were exchanged, compared to its average volume of 41,324,028. AT&T Inc. has a 1 year low of $13.43 and a 1 year high of $18.16. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.63 and a current ratio of 0.68. The business has a 50-day moving average price of $16.97 and a 200 day moving average price of $16.64. The company has a market cap of $120.52 billion, a price-to-earnings ratio of 9.06, a P/E/G ratio of 3.32 and a beta of 0.57.

AT&T (NYSE:T) last issued its quarterly earnings results on Wednesday, April 24th. The technology company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. AT&T had a return on equity of 14.63% and a net margin of 11.13%. The firm had revenue of $30.03 billion for the quarter, compared to analyst estimates of $30.62 billion. During the same period in the previous year, the company posted $0.60 earnings per share. The business’s revenue was down .4% on a year-over-year basis. Equities research analysts forecast that AT&T Inc. will post 2.24 earnings per share for the current fiscal year.

AT&T Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th were issued a $0.2775 dividend. The ex-dividend date was Tuesday, April 9th. This represents a $1.11 annualized dividend and a dividend yield of 6.59%. AT&T’s dividend payout ratio is presently 59.68%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on T. JPMorgan Chase & Co. upgraded AT&T from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $18.00 to $21.00 in a report on Thursday, February 1st. Tigress Financial increased their price target on shares of AT&T from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Wednesday, January 31st. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $17.00 price objective on shares of AT&T in a research report on Thursday, April 11th. Citigroup increased their target price on shares of AT&T from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, February 1st. Finally, Wolfe Research raised AT&T from a “peer perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a research report on Tuesday, March 5th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.81.

AT&T Profile

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.