Park Place Capital Corp Sells 2,114 Shares of AT&T Inc. (NYSE:T)

Park Place Capital Corp cut its stake in shares of AT&T Inc. (NYSE:T) by 7.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 26,309 shares of the technology company’s stock after selling 2,114 shares during the quarter. Park Place Capital Corp’s holdings in AT&T were worth $579,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pineridge Advisors LLC bought a new stake in AT&T during the 4th quarter worth approximately $25,000. Strategic Financial Concepts LLC lifted its position 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 purchasing an additional 91,578 shares during the period. Riggs Asset Managment Co. Inc. lifted its position in shares of AT&T by 356.5% in the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 1,429 shares of the technology company’s stock worth $27,000 after purchasing an additional 1,116 shares during the period. American Capital Advisory LLC lifted its position in shares of AT&T by 107.5% in 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 period. Finally, Altshuler Shaham Ltd acquired a new position in shares of AT&T in the 2nd quarter worth approximately $30,000. 57.10% of the stock is owned by institutional investors.

AT&T Stock Up 0.2 %

Shares of NYSE T traded up $0.04 during trading on Tuesday, hitting $21.82. The stock had a trading volume of 4,648,567 shares, compared to its average volume of 35,749,262. AT&T Inc. has a 12 month low of $14.23 and a 12 month high of $22.34. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.70 and a quick ratio of 0.66. The company has a market capitalization of $156.45 billion, a PE ratio of 11.75, a PEG ratio of 3.78 and a beta of 0.60. The firm has a fifty day moving average of $20.53 and a two-hundred day moving average of $18.71.

AT&T (NYSE:T) last posted its quarterly 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. The company had revenue of $29.80 billion during the quarter, compared to analyst estimates of $30.05 billion. AT&T had a net margin of 10.41% and a return on equity of 14.16%. The firm’s revenue for the quarter was down .3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.63 earnings per share. As a group, equities research analysts forecast that AT&T Inc. will post 2.22 EPS for the current fiscal year.

AT&T Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a dividend of $0.2775 per share. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $1.11 dividend on an annualized basis and a yield of 5.09%. AT&T’s dividend payout ratio is presently 59.68%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on T. Evercore ISI boosted their price target on shares of AT&T from $18.00 to $19.00 and gave the stock an “in-line” rating in a research report on Thursday, July 25th. Moffett Nathanson boosted their price target on shares of AT&T from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. boosted their target price on shares of AT&T from $21.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Citigroup boosted their target price on shares of AT&T from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Finally, Daiwa America upgraded shares of AT&T to a “hold” rating in a research report on Friday, July 26th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.38.

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.