Summit Asset Management LLC Sells 4,295 Shares of AT&T Inc. (NYSE:T)

Summit Asset Management LLC decreased its stake in shares of AT&T Inc. (NYSE:T) by 10.0% during the 4th quarter, Holdings Channel reports. The firm owned 38,716 shares of the technology company’s stock after selling 4,295 shares during the period. Summit Asset Management LLC’s holdings in AT&T were worth $882,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Legacy Investment Solutions LLC acquired a new position in shares of AT&T during the 3rd quarter worth approximately $25,000. Marshall Investment Management LLC acquired a new position in shares of AT&T during the 4th quarter worth approximately $28,000. Ritter Daniher Financial Advisory LLC DE increased its holdings in shares of AT&T by 169.2% during the 3rd quarter. Ritter Daniher Financial Advisory LLC DE now owns 1,338 shares of the technology company’s stock worth $29,000 after acquiring an additional 841 shares during the last quarter. YANKCOM Partnership acquired a new position in shares of AT&T during the 4th quarter worth approximately $30,000. Finally, Tradewinds Capital Management LLC increased its holdings in shares of AT&T by 48.6% during the 4th quarter. Tradewinds Capital Management LLC now owns 1,314 shares of the technology company’s stock worth $30,000 after acquiring an additional 430 shares during the last quarter. Institutional investors and hedge funds own 57.10% of the company’s stock.

Analyst Ratings Changes

T has been the topic of a number of recent analyst reports. Oppenheimer assumed coverage on AT&T in a report on Tuesday, December 10th. They set an “outperform” rating and a $28.00 target price on the stock. Sanford C. Bernstein boosted their price target on AT&T from $28.00 to $29.00 and gave the company an “outperform” rating in a research note on Tuesday, January 28th. Tigress Financial boosted their price target on AT&T from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, February 4th. Barclays boosted their price target on AT&T from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Finally, The Goldman Sachs Group boosted their price target on AT&T from $25.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $26.33.

AT&T Price Performance

Shares of T stock opened at $26.64 on Friday. The company has a market cap of $191.19 billion, a P/E ratio of 17.88, a P/E/G ratio of 3.00 and a beta of 0.59. The business has a fifty day simple moving average of $23.50 and a 200 day simple moving average of $22.30. The company has a quick ratio of 0.62, a current ratio of 0.66 and a debt-to-equity ratio of 1.00. AT&T Inc. has a twelve month low of $15.94 and a twelve month high of $26.72.

AT&T (NYSE:T) last issued its quarterly earnings results on Monday, January 27th. The technology company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.06. AT&T had a return on equity of 13.97% and a net margin of 8.95%. On average, sell-side analysts forecast that AT&T Inc. will post 2.14 EPS for the current fiscal year.

AT&T Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Friday, January 10th were paid a dividend of $0.2775 per share. The ex-dividend date was Friday, January 10th. This represents a $1.11 annualized dividend and a yield of 4.17%. AT&T’s dividend payout ratio is currently 74.50%.

About AT&T

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.