Douglas Lane & Associates LLC Sells 23,522 Shares of AT&T Inc. (NYSE:T)

Douglas Lane & Associates LLC lowered its position in shares of AT&T Inc. (NYSE:T - Free Report) by 7.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 295,287 shares of the technology company's stock after selling 23,522 shares during the period. Douglas Lane & Associates LLC's holdings in AT&T were worth $6,496,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of AT&T by 0.4% during the first 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 last quarter. Bank of New York Mellon Corp grew its position 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 during the last quarter. Legal & General Group Plc increased its stake in 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 worth $1,148,689,000 after purchasing an additional 1,569,374 shares during the period. Ameriprise Financial Inc. increased its stake 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 during the period. Finally, LSV Asset Management lifted 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 currently owned by hedge funds and other institutional investors.

AT&T Stock Performance

AT&T stock traded down $0.11 during midday trading on Monday, reaching $21.26. 33,502,266 shares of the company traded hands, compared to its average volume of 35,688,285. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.70 and a quick ratio of 0.66. AT&T Inc. has a 12 month low of $14.23 and a 12 month high of $22.34. The firm has a market capitalization of $152.44 billion, a price-to-earnings ratio of 11.48, a price-to-earnings-growth ratio of 3.62 and a beta of 0.60. The business has a 50 day moving average of $20.71 and a two-hundred day moving average of $18.84.

AT&T (NYSE:T - Get Free Report) last announced its earnings results on Wednesday, July 24th. The technology company reported $0.57 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.57. AT&T had a return on equity of 14.16% and a net margin of 10.41%. The business had revenue of $29.80 billion for the quarter, compared to analysts' expectations of $30.05 billion. During the same period last year, the firm posted $0.63 earnings per share. The business's revenue for the quarter was down .3% on a year-over-year basis. As a group, research analysts predict that AT&T Inc. will post 2.22 earnings per share for the current year.

AT&T Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a $0.2775 dividend. This represents a $1.11 annualized dividend and a dividend yield of 5.22%. The ex-dividend date is Thursday, October 10th. AT&T's dividend payout ratio (DPR) is currently 59.68%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on T shares. Scotiabank downgraded shares of AT&T from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 6th. Royal Bank of Canada lifted their price objective on AT&T from $18.00 to $19.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 25th. Hsbc Global Res upgraded AT&T to a "strong-buy" rating in a report on Tuesday, October 1st. The Goldman Sachs Group initiated coverage on AT&T in a research note on Monday, July 1st. They issued a "buy" rating and a $22.00 price target for the company. Finally, Daiwa America upgraded shares of AT&T to a "hold" rating in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, nine have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $22.69.

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.