Atlantic Union Bankshares Corp Sells 7,689 Shares of AT&T Inc. (NYSE:T)

Atlantic Union Bankshares Corp reduced its holdings in shares of AT&T Inc. (NYSE:T) by 13.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 49,585 shares of the technology company’s stock after selling 7,689 shares during the period. Atlantic Union Bankshares Corp’s holdings in AT&T were worth $1,091,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of T. Bank of New York Mellon Corp grew its stake in shares of 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 buying an additional 5,592,123 shares during the last quarter. FMR LLC grew its position in AT&T by 1.9% during the 3rd quarter. FMR LLC now owns 60,986,064 shares of the technology company’s stock worth $1,341,693,000 after acquiring an additional 1,149,688 shares during the last quarter. Legal & General Group Plc grew its position in 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 acquiring an additional 1,569,374 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in AT&T by 2.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 51,558,884 shares of the technology company’s stock worth $985,307,000 after purchasing an additional 1,007,228 shares in the last quarter. Finally, LSV Asset Management raised its position in AT&T by 1.1% in the second 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 last quarter. 57.10% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Moffett Nathanson boosted their price target on AT&T from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Royal Bank of Canada reissued a “sector perform” rating and set a $22.00 target price on shares of AT&T in a report on Thursday, October 24th. Tigress Financial upped their price target on shares of AT&T from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, September 27th. Redburn Atlantic upgraded shares of AT&T to a “strong sell” rating in a report on Monday, September 16th. Finally, Citigroup boosted their price objective on shares of AT&T from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $23.53.

AT&T Trading Down 0.5 %

NYSE T opened at $23.16 on Friday. AT&T Inc. has a one year low of $15.94 and a one year high of $23.38. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.73 and a quick ratio of 0.67. The business has a 50 day simple moving average of $22.17 and a 200 day simple moving average of $20.13. The stock has a market capitalization of $166.18 billion, a P/E ratio of 18.83, a P/E/G ratio of 3.49 and a beta of 0.59.

AT&T (NYSE:T) last released its quarterly earnings data on Wednesday, October 23rd. The technology company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.03. The company had revenue of $30.20 billion during 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%. AT&T’s revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.64 EPS. Research analysts expect that AT&T Inc. will post 2.22 earnings per share for the current year.

AT&T Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were paid a $0.2775 dividend. 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 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.