Providence Wealth Advisors LLC Decreases Position in AT&T Inc. (NYSE:T)

Providence Wealth Advisors LLC decreased its holdings in shares of AT&T Inc. (NYSE:T) by 2.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 23,884 shares of the technology company’s stock after selling 495 shares during the quarter. Providence Wealth Advisors LLC’s holdings in AT&T were worth $527,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in T. Mercer Global Advisors Inc. ADV lifted its stake in AT&T by 1,379.0% during the second quarter. Mercer Global Advisors Inc. ADV now owns 14,159,133 shares of the technology company’s stock worth $270,581,000 after purchasing an additional 13,201,774 shares during the last quarter. AQR Capital Management LLC increased its position in AT&T by 43.3% during the second quarter. AQR Capital Management LLC now owns 21,853,624 shares of the technology company’s stock worth $414,563,000 after buying an additional 6,602,586 shares during the period. Bank of New York Mellon Corp increased its position in AT&T by 7.4% during the second quarter. Bank of New York Mellon Corp now owns 81,076,641 shares of the technology company’s stock worth $1,549,375,000 after buying an additional 5,592,123 shares during the period. Thornburg Investment Management Inc. increased its position in AT&T by 22.0% during the second quarter. Thornburg Investment Management Inc. now owns 24,988,396 shares of the technology company’s stock worth $477,528,000 after buying an additional 4,511,725 shares during the period. Finally, Jupiter Asset Management Ltd. acquired a new position in AT&T during the second quarter worth approximately $78,570,000. Hedge funds and other institutional investors own 57.10% of the company’s stock.

AT&T Trading Up 0.8 %

Shares of T stock opened at $23.27 on Friday. The business’s fifty day moving average price is $22.14 and its 200 day moving average price is $20.09. AT&T Inc. has a 1-year low of $15.94 and a 1-year high of $23.38. The firm has a market capitalization of $166.97 billion, a PE ratio of 18.92, a P/E/G ratio of 3.49 and a beta of 0.59. 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 announced its quarterly earnings data on Wednesday, October 23rd. The technology company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. AT&T had a return on equity of 13.97% and a net margin of 7.42%. The firm had revenue of $30.20 billion for the quarter, compared to analyst estimates of $30.50 billion. During the same quarter in the prior year, the company posted $0.64 earnings per share. AT&T’s quarterly revenue was down .5% on a year-over-year basis. As a group, sell-side analysts forecast that AT&T Inc. will post 2.22 EPS for the current fiscal year.

AT&T Announces Dividend

The company also recently announced 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 of this dividend was Thursday, October 10th. This represents a $1.11 dividend on an annualized basis and a yield of 4.77%. AT&T’s payout ratio is 90.24%.

Analyst Upgrades and Downgrades

Several research analysts have commented on T shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $22.00 price target on shares of AT&T in a research report on Thursday, October 24th. Scotiabank lowered AT&T from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Barclays lifted their price target on AT&T from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Oppenheimer boosted their target price on AT&T from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Finally, Wells Fargo & Company dropped their target price on AT&T from $25.00 to $24.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.53.

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.