United Bank Sells 8,460 Shares of AT&T Inc. (NYSE:T)

United Bank reduced its position in shares of AT&T Inc. (NYSE:T) by 16.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,636 shares of the technology company’s stock after selling 8,460 shares during the quarter. United Bank’s holdings in AT&T were worth $938,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in T. Socha Financial Group LLC boosted its position in shares of 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 acquiring an additional 461 shares during the period. Hayek Kallen Investment Management boosted its position in shares of AT&T by 0.8% in the third 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 period. Lake Street Advisors Group LLC lifted its position in AT&T by 0.7% during the third 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 last quarter. Spinnaker Trust lifted its position in AT&T by 0.4% during the third quarter. Spinnaker Trust now owns 124,593 shares of the technology company’s stock valued at $2,741,000 after purchasing an additional 515 shares during the last quarter. Finally, Octavia Wealth Advisors LLC increased its stake in shares of AT&T by 2.1% in the second quarter. Octavia Wealth Advisors LLC now owns 25,313 shares of the technology company’s stock worth $484,000 after buying an additional 519 shares during the period. 57.10% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Oppenheimer boosted their price objective on shares of AT&T from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. boosted their price objective on shares of AT&T from $21.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Citigroup boosted their price objective on shares of AT&T from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Royal Bank of Canada restated a “sector perform” rating and set a $22.00 target price on shares of AT&T in a report on Thursday, October 24th. Finally, Tigress Financial boosted their target price on shares of AT&T from $29.00 to $30.00 and gave the company a “buy” rating in a report on Friday, September 27th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.40.

AT&T Price Performance

Shares of NYSE:T opened at $22.37 on Friday. The business has a 50-day simple moving average of $21.70 and a two-hundred day simple moving average of $19.52. AT&T Inc. has a fifty-two week low of $15.46 and a fifty-two week high of $22.73. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.67 and a current ratio of 0.73. The firm has a market cap of $160.48 billion, a price-to-earnings ratio of 18.18, a price-to-earnings-growth ratio of 3.35 and a beta of 0.59.

AT&T (NYSE:T) last issued its quarterly earnings data on Wednesday, October 23rd. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. AT&T had a net margin of 7.42% and a return on equity of 13.97%. The firm had revenue of $30.20 billion during the quarter, compared to the consensus estimate of $30.50 billion. During the same quarter in the previous year, the firm posted $0.64 EPS. The company’s revenue for the quarter was down .5% compared to the same quarter last year. On average, 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 declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were given a $0.2775 dividend. The ex-dividend date was Thursday, October 10th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.96%. AT&T’s payout ratio is currently 90.24%.

About AT&T

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.