AT&T Inc. (NYSE:T) Shares Sold by Synovus Financial Corp

Synovus Financial Corp reduced its position in AT&T Inc. (NYSE:T - Free Report) by 12.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 837,588 shares of the technology company's stock after selling 123,331 shares during the quarter. Synovus Financial Corp's holdings in AT&T were worth $18,427,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Chesapeake Wealth Management boosted its holdings in AT&T by 1.9% in the 3rd quarter. Chesapeake Wealth Management now owns 24,304 shares of the technology company's stock valued at $535,000 after purchasing an additional 460 shares during the last quarter. Socha Financial Group LLC raised its position in shares of AT&T by 2.5% during the 3rd 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 period. Garden State Investment Advisory Services LLC raised its position in shares of AT&T by 1.4% during the 3rd quarter. Garden State Investment Advisory Services LLC now owns 34,468 shares of the technology company's stock valued at $759,000 after buying an additional 468 shares during the period. Essex Savings Bank lifted its holdings in AT&T by 2.3% in the third quarter. Essex Savings Bank now owns 21,636 shares of the technology company's stock valued at $476,000 after acquiring an additional 480 shares during the last quarter. Finally, Hayek Kallen Investment Management grew its position in AT&T by 0.8% in the third quarter. Hayek Kallen Investment Management now owns 60,271 shares of the technology company's stock worth $1,326,000 after acquiring an additional 500 shares during the period. 57.10% of the stock is owned by hedge funds and other institutional investors.

AT&T Stock Up 1.1 %

AT&T stock traded up $0.25 during trading on Friday, reaching $23.61. The stock had a trading volume of 24,807,452 shares, compared to its average volume of 35,476,273. 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 Inc. has a 52-week low of $15.94 and a 52-week high of $24.03. The stock has a market cap of $169.41 billion, a PE ratio of 19.18, a P/E/G ratio of 3.57 and a beta of 0.59. The business has a 50 day moving average price of $22.47 and a 200 day moving average price of $20.51.

AT&T (NYSE:T - Get Free Report) last released its quarterly earnings data on Wednesday, October 23rd. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.03. AT&T had a net margin of 7.42% and a return on equity of 13.97%. The business had revenue of $30.20 billion during the quarter, compared to analysts' expectations of $30.50 billion. During the same period in the previous year, the company earned $0.64 EPS. The company's revenue for the quarter was down .5% on a year-over-year basis. On average, analysts predict that AT&T Inc. will post 2.19 EPS for the current year.

AT&T Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, January 10th will be given a $0.2775 dividend. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.70%. AT&T's dividend payout ratio (DPR) is 90.24%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Oppenheimer started coverage on AT&T in a research report on Tuesday. They issued an "outperform" rating and a $28.00 target price on the stock. The Goldman Sachs Group upped their target price on shares of AT&T from $25.00 to $28.00 and gave the company a "buy" rating in a research report on Thursday, December 5th. Wells Fargo & Company dropped their price target on shares of AT&T from $25.00 to $24.00 and set an "overweight" rating for the company in a research report on Thursday, October 24th. New Street Research upgraded shares of AT&T from a "neutral" rating to a "buy" rating in a report on Tuesday, December 3rd. Finally, Moffett Nathanson lifted their target price on shares of AT&T from $17.00 to $18.00 and gave the company a "neutral" rating in a report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, AT&T presently has an average rating of "Moderate Buy" and an average price target of $25.00.

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.