Cornercap Investment Counsel Inc. Sells 33,696 Shares of AT&T Inc. (NYSE:T)

Cornercap Investment Counsel Inc. decreased its holdings in AT&T Inc. (NYSE:T) by 46.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 38,837 shares of the technology company’s stock after selling 33,696 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in AT&T were worth $854,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Strategic Financial Concepts LLC boosted its holdings in shares of AT&T by 227.6% in the 2nd quarter. Strategic Financial Concepts LLC now owns 131,813 shares of the technology company’s stock worth $25,000 after buying an additional 91,578 shares during the last quarter. Riggs Asset Managment Co. Inc. grew its position in shares of AT&T by 356.5% during the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 1,429 shares of the technology company’s stock valued at $27,000 after acquiring an additional 1,116 shares during the period. American Capital Advisory LLC increased its stake in shares of AT&T by 107.5% during the 2nd quarter. American Capital Advisory LLC now owns 1,558 shares of the technology company’s stock worth $30,000 after purchasing an additional 807 shares during the last quarter. Altshuler Shaham Ltd bought a new stake in shares of AT&T in the 2nd quarter worth approximately $30,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its stake in AT&T by 176.6% in the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,867 shares of the technology company’s stock valued at $35,000 after purchasing an additional 1,192 shares during the last quarter. Institutional investors and hedge funds own 57.10% of the company’s stock.

AT&T Price Performance

Shares of NYSE T opened at $22.25 on Friday. The firm has a market capitalization of $159.61 billion, a P/E ratio of 18.09, a P/E/G ratio of 3.35 and a beta of 0.59. The company has a quick ratio of 0.67, a current ratio of 0.73 and a debt-to-equity ratio of 1.09. The stock’s 50-day simple moving average is $21.82 and its two-hundred day simple moving average is $19.65. AT&T Inc. has a twelve month low of $15.64 and a twelve month high of $22.73.

AT&T (NYSE:T) last posted its quarterly earnings data on Wednesday, October 23rd. The technology company reported $0.60 earnings per share 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 company had revenue of $30.20 billion for the quarter, compared to analysts’ expectations of $30.50 billion. During the same period in the prior year, the business earned $0.64 earnings per share. AT&T’s revenue for the quarter was down .5% compared to the same quarter last year. As a group, equities analysts anticipate that AT&T Inc. will post 2.22 EPS for the current fiscal year.

AT&T Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were issued a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.99%. The ex-dividend date was Thursday, October 10th. AT&T’s dividend payout ratio is currently 90.24%.

Analysts Set New Price Targets

Several analysts have issued reports on T shares. Moffett Nathanson boosted their target price on AT&T from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Redburn Atlantic upgraded AT&T to a “strong sell” rating in a research note on Monday, September 16th. JPMorgan Chase & Co. upped their price objective on shares of AT&T from $21.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Citigroup lifted their target price on shares of AT&T from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Finally, TD Cowen upped their price target on shares of AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, AT&T presently has an average rating of “Moderate Buy” and a consensus price target of $23.40.

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.