MAI Capital Management Sells 29,184 Shares of AT&T Inc. (NYSE:T)

MAI Capital Management lowered its stake in shares of AT&T Inc. (NYSE:T - Free Report) by 9.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 287,498 shares of the technology company's stock after selling 29,184 shares during the quarter. MAI Capital Management's holdings in AT&T were worth $6,325,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Socha Financial Group LLC increased its holdings in AT&T by 2.5% in the third quarter. Socha Financial Group LLC now owns 18,847 shares of the technology company's stock valued at $415,000 after buying an additional 461 shares during the last quarter. Essex Savings Bank lifted its position in AT&T by 2.3% in the third quarter. Essex Savings Bank now owns 21,636 shares of the technology company's stock worth $476,000 after purchasing an additional 480 shares during the period. Hayek Kallen Investment Management lifted its position in shares of AT&T by 0.8% during the 3rd quarter. Hayek Kallen Investment Management now owns 60,271 shares of the technology company's stock valued at $1,326,000 after acquiring an additional 500 shares during the last quarter. Lake Street Advisors Group LLC raised its stake in AT&T by 0.7% during the 3rd quarter. Lake Street Advisors Group LLC now owns 73,562 shares of the technology company's stock valued at $1,618,000 after purchasing an additional 513 shares during the period. Finally, Spinnaker Trust increased its stake in shares of AT&T by 0.4% in the third quarter. Spinnaker Trust now owns 124,593 shares of the technology company's stock worth $2,741,000 after acquiring an additional 515 shares during the last quarter. Institutional investors own 57.10% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on T. TD Cowen increased their target price on shares of AT&T from $21.00 to $23.00 and gave the stock a "hold" rating in a research report on Thursday, July 25th. Royal Bank of Canada reissued a "sector perform" rating and set a $22.00 target price on shares of AT&T in a research report on Thursday, October 24th. Citigroup increased their target price on shares of AT&T from $21.00 to $24.00 and gave the stock a "buy" rating in a research report on Wednesday, September 11th. Redburn Atlantic upgraded shares of AT&T to a "strong sell" rating in a report on Monday, September 16th. Finally, Evercore ISI upped their price target 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. 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 given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $23.40.

AT&T Price Performance

Shares of AT&T stock traded down $0.26 during midday trading on Tuesday, reaching $22.73. The company had a trading volume of 24,627,732 shares, compared to its average volume of 35,466,930. The company has a current ratio of 0.73, a quick ratio of 0.67 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $163.09 billion, a price-to-earnings ratio of 18.54, a price-to-earnings-growth ratio of 3.40 and a beta of 0.59. The stock has a fifty day simple moving average of $21.92 and a 200 day simple moving average of $19.79. AT&T Inc. has a 1-year low of $15.85 and a 1-year high of $23.20.

AT&T (NYSE:T - Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The technology company reported $0.60 earnings per share for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. The business 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 last year, the business posted $0.64 earnings per share. As a group, equities research analysts forecast that AT&T Inc. will post 2.22 earnings per share for the current year.

AT&T Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were paid a $0.2775 dividend. The ex-dividend date was Thursday, October 10th. This represents a $1.11 dividend on an annualized basis and a yield of 4.88%. AT&T's 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.