Sovereign Financial Group Inc. Sells 533 Shares of AT&T Inc. $T

Sovereign Financial Group Inc. decreased its position in shares of AT&T Inc. (NYSE:T) by 1.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,386 shares of the technology company’s stock after selling 533 shares during the quarter. Sovereign Financial Group Inc.’s holdings in AT&T were worth $1,169,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC raised its holdings in AT&T by 26.5% during the 4th quarter. Brighton Jones LLC now owns 48,579 shares of the technology company’s stock worth $1,106,000 after buying an additional 10,188 shares during the period. GAMMA Investing LLC raised its holdings in AT&T by 15.5% during the 1st quarter. GAMMA Investing LLC now owns 165,258 shares of the technology company’s stock worth $4,673,000 after buying an additional 22,195 shares during the period. NorthCrest Asset Manangement LLC raised its holdings in AT&T by 10.8% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 87,262 shares of the technology company’s stock worth $2,468,000 after buying an additional 8,532 shares during the period. Salem Investment Counselors Inc. raised its holdings in AT&T by 4.5% during the 1st quarter. Salem Investment Counselors Inc. now owns 32,427 shares of the technology company’s stock worth $917,000 after buying an additional 1,409 shares during the period. Finally, West Branch Capital LLC raised its holdings in AT&T by 42.3% during the 1st quarter. West Branch Capital LLC now owns 6,041 shares of the technology company’s stock worth $171,000 after buying an additional 1,797 shares during the period. Institutional investors own 57.10% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on T. Weiss Ratings restated a “buy (b)” rating on shares of AT&T in a report on Wednesday. Bank of America assumed coverage on shares of AT&T in a report on Monday, July 7th. They issued a “buy” rating and a $32.00 price objective on the stock. Wells Fargo & Company lifted their price objective on shares of AT&T from $30.00 to $31.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. Citigroup reiterated a “buy” rating on shares of AT&T in a report on Tuesday, August 26th. Finally, UBS Group set a $33.00 price objective on shares of AT&T in a report on Thursday, September 18th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, AT&T currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.75.

AT&T Price Performance

Shares of T opened at $25.85 on Friday. The company has a market cap of $184.82 billion, a price-to-earnings ratio of 14.69, a PEG ratio of 2.10 and a beta of 0.42. AT&T Inc. has a 1-year low of $21.05 and a 1-year high of $29.79. The company’s fifty day simple moving average is $28.45 and its 200 day simple moving average is $27.88. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 1.01.

AT&T (NYSE:T) last issued its earnings results on Wednesday, July 23rd. The technology company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $30.85 billion for the quarter, compared to the consensus estimate of $30.44 billion. AT&T had a net margin of 10.29% and a return on equity of 13.36%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.51 earnings per share. On average, research analysts forecast that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be issued a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Friday, October 10th. AT&T’s payout ratio is presently 63.07%.

About AT&T

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.