Arrow Financial Corp Cuts Stock Position in AT&T Inc. (NYSE:T)

Arrow Financial Corp lessened its position in AT&T Inc. (NYSE:T) by 18.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,263 shares of the technology company’s stock after selling 2,033 shares during the quarter. Arrow Financial Corp’s holdings in AT&T were worth $204,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of AT&T by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 624,994,998 shares of the technology company’s stock valued at $10,999,912,000 after buying an additional 2,588,539 shares during the period. Bank of New York Mellon Corp grew its holdings in AT&T by 7.4% during the 2nd 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 in the last quarter. Legal & General Group Plc increased its position in shares of AT&T by 2.7% in the 2nd quarter. Legal & General Group Plc now owns 60,109,127 shares of the technology company’s stock valued at $1,148,689,000 after purchasing an additional 1,569,374 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of AT&T by 2.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 51,558,884 shares of the technology company’s stock valued at $985,307,000 after purchasing an additional 1,007,228 shares in the last quarter. Finally, 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 in the last quarter. Hedge funds and other institutional investors own 57.10% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on T. JPMorgan Chase & Co. raised their target price on AT&T from $21.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Evercore ISI increased their target price on shares of AT&T from $19.00 to $21.00 and gave the company an “in-line” rating in a research report on Thursday, October 24th. Hsbc Global Res raised shares of AT&T to a “strong-buy” rating in a research report on Tuesday, October 1st. Barclays upped their price objective on shares of AT&T from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Finally, Citigroup increased their price objective on AT&T from $21.00 to $24.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.40.

AT&T Stock Up 1.4 %

NYSE T opened at $22.34 on Monday. The stock has a market cap of $160.30 billion, a PE ratio of 18.16, a P/E/G ratio of 3.35 and a beta of 0.59. AT&T Inc. has a fifty-two week low of $15.46 and a fifty-two week high of $22.73. The business has a 50 day moving average price of $21.70 and a two-hundred day moving average price of $19.54. The company has a quick ratio of 0.67, a current ratio of 0.73 and a debt-to-equity ratio of 1.09.

AT&T (NYSE:T) last released its quarterly earnings results 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. 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%. AT&T’s quarterly revenue was down .5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.64 EPS. As a group, sell-side analysts predict that AT&T Inc. will post 2.22 EPS for the current fiscal year.

AT&T Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were paid a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a yield of 4.97%. The ex-dividend date was Thursday, October 10th. AT&T’s dividend payout ratio (DPR) is presently 90.24%.

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.