SouthState Corp Cuts Position in AT&T Inc. (NYSE:T)

SouthState Corp cut its position in AT&T Inc. (NYSE:T) by 14.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 20,342 shares of the technology company’s stock after selling 3,508 shares during the period. SouthState Corp’s holdings in AT&T were worth $341,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Farmers & Merchants Trust Co of Chambersburg PA raised its position in shares of AT&T by 35.3% during the fourth quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 2,322 shares of the technology company’s stock valued at $39,000 after buying an additional 606 shares during the last quarter. JB Capital LLC lifted its position in shares of AT&T by 2.4% in the 4th quarter. JB Capital LLC now owns 26,620 shares of the technology company’s stock worth $447,000 after acquiring an additional 614 shares during the period. Adell Harriman & Carpenter Inc. grew its holdings in shares of AT&T by 0.6% during the 4th quarter. Adell Harriman & Carpenter Inc. now owns 111,852 shares of the technology company’s stock worth $1,877,000 after purchasing an additional 630 shares in the last quarter. Schubert & Co grew its holdings in shares of AT&T by 2.0% during the 3rd quarter. Schubert & Co now owns 32,333 shares of the technology company’s stock worth $486,000 after purchasing an additional 631 shares in the last quarter. Finally, MBM Wealth Consultants LLC increased its position in shares of AT&T by 4.5% during the fourth quarter. MBM Wealth Consultants LLC now owns 15,637 shares of the technology company’s stock valued at $270,000 after purchasing an additional 678 shares during the period. Institutional investors and hedge funds own 57.10% of the company’s stock.

AT&T Price Performance

Shares of NYSE:T traded up $0.03 during midday trading on Friday, reaching $16.85. The company’s stock had a trading volume of 24,023,192 shares, compared to its average volume of 41,324,028. The business’s fifty day simple moving average is $16.97 and its 200-day simple moving average is $16.62. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.68 and a quick ratio of 0.63. AT&T Inc. has a fifty-two week low of $13.43 and a fifty-two week high of $18.16. The company has a market capitalization of $120.52 billion, a P/E ratio of 9.06, a P/E/G ratio of 3.31 and a beta of 0.57.

AT&T (NYSE:T) last posted its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.02. AT&T had a net margin of 11.13% and a return on equity of 14.63%. The firm had revenue of $30.03 billion during the quarter, compared to analysts’ expectations of $30.62 billion. During the same quarter last year, the company posted $0.60 EPS. The company’s quarterly revenue was down .4% compared to the same quarter last year. As a group, equities research analysts expect that AT&T Inc. will post 2.24 EPS for the current fiscal year.

AT&T Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th were given a $0.2775 dividend. The ex-dividend date of this dividend was Tuesday, April 9th. This represents a $1.11 dividend on an annualized basis and a yield of 6.59%. AT&T’s payout ratio is 59.68%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on T shares. TheStreet raised AT&T from a “c” rating to a “b-” rating in a research report on Wednesday, January 24th. Royal Bank of Canada reiterated a “sector perform” rating and set a $17.00 target price on shares of AT&T in a research report on Thursday, April 11th. Deutsche Bank Aktiengesellschaft increased their price target on shares of AT&T from $23.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. Scotiabank raised their price target on shares of AT&T from $22.00 to $22.50 and gave the stock a “sector outperform” rating in a research note on Thursday, April 25th. Finally, Oppenheimer raised AT&T from a “market perform” rating to an “outperform” rating and set a $21.00 target price for the company in a report on Friday, January 19th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.81.

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.