Park Place Capital Corp Lowers Holdings in AT&T Inc. (NYSE:T)

Park Place Capital Corp reduced its stake in shares of AT&T Inc. (NYSE:T) by 25.2% during the 4th quarter, HoldingsChannel reports. The fund owned 19,688 shares of the technology company’s stock after selling 6,621 shares during the period. Park Place Capital Corp’s holdings in AT&T were worth $448,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Chesapeake Wealth Management raised its position in shares of AT&T by 1.9% in the 3rd quarter. Chesapeake Wealth Management now owns 24,304 shares of the technology company’s stock valued at $535,000 after buying an additional 460 shares in the last quarter. Luts & Greenleigh Group Inc. grew its position in AT&T by 2.8% in the fourth quarter. Luts & Greenleigh Group Inc. now owns 16,905 shares of the technology company’s stock valued at $385,000 after acquiring an additional 460 shares during the last quarter. Socha Financial Group LLC grew its position in 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 last quarter. Garden State Investment Advisory Services LLC lifted its holdings in shares of AT&T by 1.4% in the third quarter. Garden State Investment Advisory Services LLC now owns 34,468 shares of the technology company’s stock worth $759,000 after acquiring an additional 468 shares during the last quarter. Finally, Essex Savings Bank lifted its holdings in shares of AT&T by 2.3% in the third quarter. Essex Savings Bank now owns 21,636 shares of the technology company’s stock worth $476,000 after acquiring an additional 480 shares during the last quarter. 57.10% of the stock is owned by institutional investors and hedge funds.

AT&T Stock Performance

Shares of T opened at $22.17 on Wednesday. AT&T Inc. has a one year low of $15.94 and a one year high of $24.03. The company has a market cap of $159.04 billion, a PE ratio of 18.02, a P/E/G ratio of 3.50 and a beta of 0.59. The stock has a 50-day moving average of $22.80 and a 200-day moving average of $21.40. 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 posted its quarterly earnings results on Wednesday, October 23rd. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.03. The business had revenue of $30.20 billion during the quarter, compared to the consensus estimate of $30.50 billion. AT&T had a net margin of 7.42% and a return on equity of 13.97%. AT&T’s revenue was down .5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.64 EPS. On average, equities research analysts predict that AT&T Inc. will post 2.21 EPS for the current fiscal year.

AT&T Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, January 10th will be given a dividend of $0.2775 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $1.11 annualized dividend and a dividend yield of 5.01%. AT&T’s payout ratio is 90.24%.

Wall Street Analyst Weigh In

T has been the subject of a number of research analyst reports. Sanford C. Bernstein initiated coverage on shares of AT&T in a research report on Tuesday, December 10th. They set an “outperform” rating and a $28.00 price objective for the company. Barclays increased their price target on AT&T from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Royal Bank of Canada upgraded AT&T from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $22.00 to $26.00 in a research report on Monday, January 6th. UBS Group increased their target price on AT&T from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Finally, New Street Research raised AT&T from a “neutral” rating to a “buy” rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $25.83.

AT&T Profile

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.