Garner Asset Management Corp Sells 3,993 Shares of AT&T Inc. (NYSE:T)

Garner Asset Management Corp decreased its holdings in shares of AT&T Inc. (NYSE:T) by 2.8% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 139,311 shares of the technology company’s stock after selling 3,993 shares during the quarter. AT&T makes up approximately 1.4% of Garner Asset Management Corp’s holdings, making the stock its 16th largest holding. Garner Asset Management Corp’s holdings in AT&T were worth $3,065,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in T. Bank of New York Mellon Corp increased its position in shares of AT&T by 7.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 81,076,641 shares of the technology company’s stock valued at $1,549,375,000 after buying an additional 5,592,123 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of AT&T by 2.7% during the 2nd quarter. Legal & General Group Plc now owns 60,109,127 shares of the technology company’s stock worth $1,148,689,000 after buying an additional 1,569,374 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in shares of AT&T by 2.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 51,558,884 shares of the technology company’s stock worth $985,307,000 after buying an additional 1,007,228 shares during the last quarter. LSV Asset Management raised its holdings in shares of AT&T by 1.1% in the 2nd quarter. LSV Asset Management now owns 30,092,610 shares of the technology company’s stock valued at $575,070,000 after purchasing an additional 315,580 shares during the period. Finally, Pacer Advisors Inc. raised its holdings in shares of AT&T by 2.5% in the 2nd quarter. Pacer Advisors Inc. now owns 28,113,880 shares of the technology company’s stock valued at $537,256,000 after purchasing an additional 675,082 shares during the period. Institutional investors own 57.10% of the company’s stock.

AT&T Stock Up 0.9 %

Shares of T opened at $23.18 on Friday. AT&T Inc. has a 12 month low of $15.94 and a 12 month high of $23.29. The firm’s 50 day moving average is $22.02 and its 200-day moving average is $19.94. The stock has a market capitalization of $166.32 billion, a PE ratio of 18.85, a P/E/G ratio of 3.45 and a beta of 0.59. The company has a current ratio of 0.73, a quick ratio of 0.67 and a debt-to-equity ratio of 1.09.

AT&T (NYSE:T) last posted its quarterly earnings results on Wednesday, October 23rd. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.03. The business had revenue of $30.20 billion for the quarter, compared to analyst estimates of $30.50 billion. AT&T had a net margin of 7.42% and a return on equity of 13.97%. The firm’s revenue for the quarter was down .5% on a year-over-year basis. During the same quarter last year, the business posted $0.64 EPS. Equities research analysts forecast that AT&T Inc. will post 2.22 EPS for the current year.

AT&T Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors 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 annualized dividend and a dividend yield of 4.79%. AT&T’s dividend payout ratio is 90.24%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on T shares. Evercore ISI upped their target price on shares of AT&T from $19.00 to $21.00 and gave the company an “in-line” rating in a report on Thursday, October 24th. Redburn Atlantic raised shares of AT&T to a “strong sell” rating in a report on Monday, September 16th. Tigress Financial upped their target price on shares of AT&T from $29.00 to $30.00 and gave the company a “buy” rating in a report on Friday, September 27th. Citigroup upped their target price on shares of AT&T from $21.00 to $24.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Finally, Barclays upped their target price on shares of AT&T from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.40.

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.