Balboa Wealth Partners Lowers Stake in AT&T Inc. (NYSE:T)

Balboa Wealth Partners cut its position in AT&T Inc. (NYSE:T) by 8.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 56,760 shares of the technology company’s stock after selling 5,261 shares during the period. Balboa Wealth Partners’ holdings in AT&T were worth $1,249,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in T. OneDigital Investment Advisors LLC lifted its holdings in AT&T by 10.1% during the third quarter. OneDigital Investment Advisors LLC now owns 190,699 shares of the technology company’s stock valued at $4,195,000 after purchasing an additional 17,469 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. raised its stake in AT&T by 11.7% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 198,688 shares of the technology company’s stock valued at $4,371,000 after purchasing an additional 20,787 shares in the last quarter. Metis Global Partners LLC increased its position in AT&T by 2.1% during the third quarter. Metis Global Partners LLC now owns 254,212 shares of the technology company’s stock valued at $5,593,000 after acquiring an additional 5,335 shares during the last quarter. Curi RMB Capital LLC grew its holdings in shares of AT&T by 71.2% in the third quarter. Curi RMB Capital LLC now owns 22,453 shares of the technology company’s stock worth $494,000 after purchasing an additional 9,335 shares during the last quarter. Finally, Planning Capital Management Corp grew its holdings in shares of AT&T by 23.3% in the third quarter. Planning Capital Management Corp now owns 7,403 shares of the technology company’s stock worth $163,000 after purchasing an additional 1,399 shares during the last quarter. 57.10% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on T. JPMorgan Chase & Co. upped their price target 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 increased their price target on AT&T from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Scotiabank lowered AT&T from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Barclays increased their price objective on AT&T from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $22.00 target price on shares of AT&T in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.40.

AT&T Price Performance

Shares of NYSE:T opened at $22.25 on Friday. AT&T Inc. has a one year low of $15.64 and a one year high of $22.73. The firm has a market capitalization of $159.61 billion, a price-to-earnings ratio of 18.09, a PEG ratio of 3.35 and a beta of 0.59. The company’s fifty day moving average price is $21.82 and its 200-day moving average price is $19.65. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.73 and a quick ratio of 0.67.

AT&T (NYSE:T) last announced its quarterly earnings results on Wednesday, October 23rd. The technology company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. The firm had revenue of $30.20 billion during the quarter, compared to analyst estimates of $30.50 billion. AT&T had a net margin of 7.42% and a return on equity of 13.97%. The business’s revenue for the quarter was down .5% on a year-over-year basis. During the same period in the previous year, the business posted $0.64 earnings per share. On average, equities research analysts anticipate that AT&T Inc. will post 2.22 earnings per share for the current fiscal year.

AT&T Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend was Thursday, October 10th. This represents a $1.11 annualized dividend and a dividend yield of 4.99%. AT&T’s dividend payout ratio is presently 90.24%.

AT&T Company Profile

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.