South State CORP. Cuts Stake in AT&T Inc. (NYSE:T)

South State CORP. lowered its position in shares of AT&T Inc. (NYSE:T) by 5.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 53,865 shares of the technology company’s stock after selling 3,019 shares during the quarter. South State CORP.’s holdings in AT&T were worth $1,631,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in T. OLD Mission Capital LLC purchased a new position in shares of AT&T in the 3rd quarter valued at about $453,000. Sage Mountain Advisors LLC purchased a new position in shares of AT&T in the 4th quarter valued at about $340,000. Ironwood Wealth Management LLC. increased its holdings in shares of AT&T by 1,413.8% in the 4th quarter. Ironwood Wealth Management LLC. now owns 3,391 shares of the technology company’s stock valued at $98,000 after purchasing an additional 3,167 shares in the last quarter. Camden National Bank purchased a new position in shares of AT&T in the 4th quarter valued at about $278,000. Finally, Almanack Investment Partners LLC. increased its holdings in shares of AT&T by 72.4% in the 4th quarter. Almanack Investment Partners LLC. now owns 16,384 shares of the technology company’s stock valued at $471,000 after purchasing an additional 6,882 shares in the last quarter. Institutional investors own 50.48% of the company’s stock.

In related news, CEO John T. Stankey purchased 34,614 shares of the stock in a transaction that occurred on Wednesday, May 19th. The stock was purchased at an average cost of $28.81 per share, for a total transaction of $997,229.34. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Pascal Desroches purchased 3,056 shares of the stock in a transaction that occurred on Wednesday, May 19th. The stock was bought at an average price of $29.06 per share, with a total value of $88,807.36. Following the completion of the acquisition, the chief financial officer now owns 173,871 shares in the company, valued at approximately $5,052,691.26. The disclosure for this purchase can be found here. 0.08% of the stock is currently owned by company insiders.

A number of equities research analysts recently commented on the stock. Morgan Stanley lowered their price objective on shares of AT&T from $34.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Monday, May 24th. UBS Group raised shares of AT&T from a “neutral” rating to a “buy” rating and increased their price objective for the company from $32.00 to $35.00 in a research note on Friday, May 21st. Oppenheimer reissued a “hold” rating on shares of AT&T in a research note on Monday, April 26th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of AT&T from $31.00 to $34.00 in a research note on Wednesday, April 28th. Finally, Barclays increased their price objective on shares of AT&T from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Friday, April 23rd. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $31.75.

Shares of T traded down $0.01 during mid-day trading on Friday, hitting $29.17. The company had a trading volume of 51,126 shares, compared to its average volume of 46,463,395. The business has a 50-day moving average of $30.45. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 0.88. AT&T Inc. has a 1-year low of $26.35 and a 1-year high of $33.88. The company has a market cap of $208.27 billion, a PE ratio of -83.37, a PEG ratio of 3.06 and a beta of 0.77.

AT&T (NYSE:T) last released its earnings results on Wednesday, April 21st. The technology company reported $0.86 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.08. AT&T had a negative net margin of 1.29% and a positive return on equity of 12.33%. The business had revenue of $43.90 billion for the quarter, compared to analysts’ expectations of $42.69 billion. During the same period last year, the company earned $0.84 earnings per share. The company’s quarterly revenue was up 2.6% on a year-over-year basis. Research analysts forecast that AT&T Inc. will post 3.16 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, May 3rd. Investors of record on Friday, April 9th were given a $0.52 dividend. The ex-dividend date was Thursday, April 8th. This represents a $2.08 annualized dividend and a dividend yield of 7.13%. AT&T’s dividend payout ratio is presently 65.41%.

About AT&T

AT&T Inc provides telecommunication, media, and technology services worldwide. The company operates through Communications, WarnerMedia, and Latin America segments. The Communications segment offers wireless voice and data communications services; video and targeted advertising services; broadband, including fiber, and legacy telephony internet and voice communication; and wireline telecom services.

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

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