Convergence Investment Partners LLC Sells 12,310 Shares of AT&T Inc. (NYSE:T)

Convergence Investment Partners LLC lowered its position in AT&T Inc. (NYSE:T) by 6.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 182,584 shares of the technology company’s stock after selling 12,310 shares during the quarter. AT&T makes up about 0.9% of Convergence Investment Partners LLC’s investment portfolio, making the stock its 25th largest holding. Convergence Investment Partners LLC’s holdings in AT&T were worth $4,157,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Legacy Investment Solutions LLC acquired a new stake in shares of AT&T during the 3rd quarter worth $25,000. Ritter Daniher Financial Advisory LLC DE lifted its stake in shares of AT&T by 169.2% in the third quarter. Ritter Daniher Financial Advisory LLC DE now owns 1,338 shares of the technology company’s stock worth $29,000 after acquiring an additional 841 shares during the period. YANKCOM Partnership acquired a new stake in AT&T during the 4th quarter worth about $30,000. Endeavor Private Wealth Inc. acquired a new position in shares of AT&T during the 4th quarter valued at $34,000. Finally, Reston Wealth Management LLC acquired a new stake in AT&T in the third quarter valued at approximately $35,000. 57.10% of the stock is owned by institutional investors and hedge funds.

AT&T Stock Up 0.8 %

Shares of T stock opened at $26.07 on Wednesday. The company has a 50 day simple moving average of $23.33 and a two-hundred day simple moving average of $22.17. The company has a current ratio of 0.66, a quick ratio of 0.62 and a debt-to-equity ratio of 1.00. AT&T Inc. has a 12 month low of $15.94 and a 12 month high of $26.18. The stock has a market cap of $187.16 billion, a P/E ratio of 17.50, a P/E/G ratio of 2.96 and a beta of 0.59.

AT&T (NYSE:T) last posted its quarterly earnings results on Monday, January 27th. The technology company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.06. AT&T had a return on equity of 13.97% and a net margin of 8.95%. On average, research analysts expect that AT&T Inc. will post 2.15 earnings per share for the current year.

AT&T Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, January 10th were paid a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.26%. The ex-dividend date was Friday, January 10th. AT&T’s dividend payout ratio is currently 74.50%.

Analyst Ratings Changes

T has been the topic of several recent analyst reports. Barclays raised their price objective on AT&T from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Wells Fargo & Company decreased their price target on shares of AT&T from $25.00 to $24.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. DZ Bank upgraded shares of AT&T from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a report on Wednesday, January 29th. JPMorgan Chase & Co. lifted their price objective on AT&T from $25.00 to $28.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Finally, Citigroup raised their price objective on AT&T from $26.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, five have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $26.33.

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.