Providence Wealth Advisors LLC Sells 2,703 Shares of AT&T Inc. (NYSE:T)

Providence Wealth Advisors LLC reduced its holdings in shares of AT&T Inc. (NYSE:T) by 4.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 54,823 shares of the technology company’s stock after selling 2,703 shares during the quarter. AT&T makes up approximately 1.7% of Providence Wealth Advisors LLC’s holdings, making the stock its 17th biggest position. Providence Wealth Advisors LLC’s holdings in AT&T were worth $1,840,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of T. Nordea Investment Management AB grew its stake in shares of AT&T by 16.9% during the 4th quarter. Nordea Investment Management AB now owns 21,383,855 shares of the technology company’s stock worth $610,299,000 after acquiring an additional 3,097,958 shares in the last quarter. Oregon Public Employees Retirement Fund grew its stake in shares of AT&T by 140.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,387,550 shares of the technology company’s stock worth $96,681,000 after acquiring an additional 1,978,124 shares in the last quarter. State of New Jersey Common Pension Fund D grew its stake in shares of AT&T by 15.8% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 10,869,000 shares of the technology company’s stock worth $310,201,000 after acquiring an additional 1,485,000 shares in the last quarter. Thoroughbred Financial Services LLC grew its stake in shares of AT&T by 3,227.3% in the second quarter. Thoroughbred Financial Services LLC now owns 1,265,484 shares of the technology company’s stock valued at $126,548,000 after buying an additional 1,227,451 shares in the last quarter. Finally, QV Investors Inc. grew its stake in shares of AT&T by 28.9% in the fourth quarter. QV Investors Inc. now owns 3,684,706 shares of the technology company’s stock valued at $105,161,000 after buying an additional 826,700 shares in the last quarter. 52.91% of the stock is owned by institutional investors.

In other AT&T news, CEO John T. Stankey sold 4,024 shares of the firm’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $34.15, for a total transaction of $137,419.60. Following the completion of the sale, the chief executive officer now owns 2,366 shares of the company’s stock, valued at approximately $80,798.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.07% of the company’s stock.

Several equities analysts recently weighed in on the stock. Raymond James raised their target price on shares of AT&T from $34.00 to $35.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Cowen raised their target price on shares of AT&T from $34.00 to $40.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Credit Suisse Group raised shares of AT&T from an “underperform” rating to a “neutral” rating and set a $29.00 target price for the company in a research note on Thursday, July 25th. Bank of America reissued a “buy” rating and issued a $37.00 target price on shares of AT&T in a research note on Monday, June 24th. Finally, Morgan Stanley reissued a “buy” rating and issued a $37.00 target price on shares of AT&T in a research note on Thursday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $36.78.

AT&T stock traded up $0.05 during mid-day trading on Friday, hitting $34.17. 36,474,488 shares of the company’s stock traded hands, compared to its average volume of 29,702,800. The company has a 50 day moving average of $33.30. AT&T Inc. has a fifty-two week low of $26.80 and a fifty-two week high of $34.64. The stock has a market capitalization of $248.50 billion, a PE ratio of 9.71, a price-to-earnings-growth ratio of 2.13 and a beta of 0.62. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.72 and a current ratio of 0.71.

AT&T (NYSE:T) last announced its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.89 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.89. AT&T had a return on equity of 13.38% and a net margin of 9.47%. The business had revenue of $44.96 billion during the quarter, compared to the consensus estimate of $44.97 billion. During the same quarter last year, the firm posted $0.91 EPS. The company’s quarterly revenue was up 15.3% on a year-over-year basis. Equities research analysts forecast that AT&T Inc. will post 3.57 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 5.97%. The ex-dividend date was Tuesday, July 9th. AT&T’s dividend payout ratio is 57.95%.

About AT&T

AT&T Inc provides telecommunication, media, and technology services worldwide. The company operates through four segments: Communications, WarnerMedia, Latin America, and Xandr. The Communications segment provides wireless and wireline telecom, video, and broadband and Internet services; video entertainment services using satellite, IP-based, and streaming options; and audio programming services under the AT&T, Cricket, AT&T PREPAID, and DIRECTV brands to residential and business customers.

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Institutional Ownership by Quarter for AT&T (NYSE:T)

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