M&T Bank Corp Cuts Position in AT&T Inc. (NYSE:T)

M&T Bank Corp lowered its holdings in AT&T Inc. (NYSE:T) by 13.9% in the fourth quarter, Holdings Channel.com reports. The fund 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 also recently made changes to their positions in T. Miracle Mile Advisors LLC boosted its holdings in AT&T by 46.0% during the third quarter. Miracle Mile Advisors LLC now owns 38,075 shares of the technology company’s stock worth $572,000 after buying an additional 11,989 shares in the last quarter. Concord Wealth Partners boosted its stake in shares of AT&T by 41.3% during the 3rd quarter. Concord Wealth Partners now owns 17,955 shares of the technology company’s stock worth $270,000 after acquiring an additional 5,246 shares in the last quarter. Lindbrook Capital LLC grew its holdings in shares of AT&T by 21.0% in the 3rd quarter. Lindbrook Capital LLC now owns 35,817 shares of the technology company’s stock worth $538,000 after acquiring an additional 6,213 shares during the period. BluePath Capital Management LLC purchased a new position in AT&T in the 3rd quarter valued at approximately $136,000. Finally, Jeppson Wealth Management LLC raised its holdings in AT&T by 33.4% during the third 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 last quarter. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

AT&T Stock Up 0.2 %

Shares of T traded up $0.03 during midday trading 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 stock has a 50-day moving average price of $16.97 and a 200-day moving average price of $16.64. The company has a current ratio of 0.68, a quick ratio of 0.63 and a debt-to-equity ratio of 1.06. 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 released its quarterly earnings results on Wednesday, April 24th. The technology company reported $0.55 EPS for the quarter, topping the consensus estimate 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 EPS. AT&T’s revenue for the quarter was down .4% on a year-over-year basis. Research analysts expect that AT&T Inc. will post 2.24 earnings per share for the current year.

AT&T Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on T shares. StockNews.com cut AT&T from a “buy” rating to a “hold” rating in a research report on Friday. TheStreet upgraded shares of AT&T from a “c” rating to a “b-” rating in a research report on Wednesday, January 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $17.00 price target on shares of AT&T in a research report on Thursday, April 11th. Wolfe Research raised AT&T from a “peer perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a research note on Tuesday, March 5th. Finally, Tigress Financial raised their price target on AT&T from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Wednesday, January 31st. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target 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.