Parsons Capital Management Inc. RI Trims Position in AT&T Inc. (NYSE:T)

Parsons Capital Management Inc. RI decreased its position in shares of AT&T Inc. (NYSE:T) by 1.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 50,074 shares of the technology company’s stock after selling 848 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in AT&T were worth $957,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of T. WealthCare Investment Partners LLC increased its holdings in shares of AT&T by 2.2% during the 2nd quarter. WealthCare Investment Partners LLC now owns 24,138 shares of the technology company’s stock worth $461,000 after buying an additional 525 shares during the last quarter. Fortitude Family Office LLC grew its position in AT&T by 1.3% in the second quarter. Fortitude Family Office LLC now owns 42,154 shares of the technology company’s stock worth $806,000 after acquiring an additional 559 shares during the period. Riverview Trust Co increased its stake in AT&T by 4.6% during the second quarter. Riverview Trust Co now owns 13,368 shares of the technology company’s stock worth $255,000 after acquiring an additional 592 shares during the last quarter. Texas Capital Bank Wealth Management Services Inc increased its stake in AT&T by 1.7% during the fourth quarter. Texas Capital Bank Wealth Management Services Inc now owns 35,098 shares of the technology company’s stock worth $589,000 after acquiring an additional 598 shares during the last quarter. Finally, Klingman & Associates LLC raised its position in AT&T by 3.1% in the first quarter. Klingman & Associates LLC now owns 19,889 shares of the technology company’s stock valued at $350,000 after purchasing an additional 603 shares during the period. Hedge funds and other institutional investors own 57.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on T shares. Daiwa America upgraded AT&T to a “hold” rating in a report on Friday, July 26th. Royal Bank of Canada lifted their price target on shares of AT&T from $18.00 to $19.00 and gave the company a “sector perform” rating in a research report on Thursday, July 25th. Moffett Nathanson upped their price objective on shares of AT&T from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. BNP Paribas raised shares of AT&T from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 11th. Finally, Scotiabank lowered AT&T from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Nine analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.06.

AT&T Stock Performance

Shares of T opened at $19.42 on Tuesday. AT&T Inc. has a 1 year low of $13.92 and a 1 year high of $19.99. The stock has a market capitalization of $139.25 billion, a PE ratio of 10.48, a PEG ratio of 3.31 and a beta of 0.58. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.66 and a current ratio of 0.70. The stock has a 50-day simple moving average of $18.81 and a 200-day simple moving average of $17.74.

AT&T (NYSE:T) last issued its earnings results on Wednesday, July 24th. The technology company reported $0.57 earnings per share for the quarter, meeting the consensus estimate of $0.57. AT&T had a net margin of 10.41% and a return on equity of 14.16%. The firm had revenue of $29.80 billion for the quarter, compared to analysts’ expectations of $30.05 billion. During the same quarter last year, the company earned $0.63 earnings per share. The firm’s revenue was down .3% compared to the same quarter last year. On average, analysts predict that AT&T Inc. will post 2.22 earnings per share for the current fiscal year.

AT&T Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were paid a dividend of $0.2775 per share. The ex-dividend date of this dividend was Wednesday, July 10th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 5.72%. AT&T’s payout ratio is currently 59.68%.

AT&T 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.