Providence Wealth Advisors LLC Trims Stock Holdings in AT&T Inc. (NYSE:T)

Providence Wealth Advisors LLC reduced its stake in AT&T Inc. (NYSE:T) by 2.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 and hedge funds have also made changes to their positions in T. Mercer Global Advisors Inc. ADV lifted its position in shares of AT&T by 1,379.0% in the second quarter. Mercer Global Advisors Inc. ADV now owns 14,159,133 shares of the technology company’s stock valued at $270,581,000 after acquiring an additional 13,201,774 shares in the last quarter. AQR Capital Management LLC increased its stake 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 acquiring an additional 6,602,586 shares during the last quarter. Bank of New York Mellon Corp increased its stake 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 acquiring an additional 5,592,123 shares during the last quarter. Thornburg Investment Management Inc. increased its stake 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 acquiring an additional 4,511,725 shares during the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new stake in shares of AT&T in the second quarter valued at about $78,570,000. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

AT&T Price Performance

NYSE T opened at $23.27 on Friday. AT&T Inc. has a twelve month low of $15.94 and a twelve month high of $23.38. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.67 and a current ratio of 0.73. The stock 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 stock has a 50-day simple moving average of $22.14 and a 200 day simple moving average of $20.09.

AT&T (NYSE:T) last posted its quarterly earnings results on Wednesday, October 23rd. The technology company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.57 by $0.03. The firm had revenue of $30.20 billion during 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 company’s revenue for the quarter was down .5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.64 EPS. Research analysts anticipate that AT&T Inc. will post 2.22 EPS for the current year.

AT&T Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were issued a $0.2775 dividend. The ex-dividend date was Thursday, October 10th. This represents a $1.11 annualized dividend and a yield of 4.77%. AT&T’s dividend payout ratio (DPR) is 90.24%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on T. Redburn Atlantic raised AT&T to a “strong sell” rating in a report on Monday, September 16th. Wells Fargo & Company cut their price target on AT&T from $25.00 to $24.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Citigroup raised their price target on AT&T from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday. Scotiabank cut AT&T from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Finally, Barclays raised their target price 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 investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.53.

AT&T Company 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.