Spire Wealth Management Decreases Stake in AT&T Inc. (NYSE:T)

Spire Wealth Management decreased its position in AT&T Inc. (NYSE:T) by 10.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 51,225 shares of the technology company’s stock after selling 6,021 shares during the period. Spire Wealth Management’s holdings in AT&T were worth $979,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Riggs Asset Managment Co. Inc. boosted its stake in shares of AT&T by 356.5% during the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 1,429 shares of the technology company’s stock valued at $27,000 after purchasing an additional 1,116 shares in the last quarter. Pineridge Advisors LLC purchased a new position in shares of AT&T during the 4th quarter worth approximately $25,000. Frank Rimerman Advisors LLC bought a new position in shares of AT&T in the 4th quarter worth approximately $25,000. American Capital Advisory LLC lifted its stake 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 valued at $30,000 after purchasing an additional 807 shares during the period. Finally, First Pacific Financial lifted its position in AT&T by 166.7% during the 1st quarter. First Pacific Financial now owns 1,600 shares of the technology company’s stock valued at $28,000 after acquiring an additional 1,000 shares during the period. Hedge funds and other institutional investors own 57.10% of the company’s stock.

AT&T Stock Performance

Shares of NYSE:T traded up $0.14 during midday trading on Friday, reaching $19.90. The company’s stock had a trading volume of 29,362,657 shares, compared to its average volume of 26,170,302. The firm has a market capitalization of $142.69 billion, a PE ratio of 10.70, a P/E/G ratio of 3.36 and a beta of 0.58. The stock has a fifty day moving average of $19.14 and a 200 day moving average of $17.89. AT&T Inc. has a twelve month low of $14.12 and a twelve month high of $19.99. The company has a quick ratio of 0.66, a current ratio of 0.70 and a debt-to-equity ratio of 1.05.

AT&T (NYSE:T) last posted 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. The firm 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 business’s quarterly revenue was down .3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.63 EPS. On average, equities analysts expect that AT&T Inc. will post 2.22 EPS for the current fiscal year.

AT&T Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were given a dividend of $0.2775 per share. The ex-dividend date was Wednesday, July 10th. This represents a $1.11 annualized dividend and a dividend yield of 5.58%. AT&T’s dividend payout ratio (DPR) is presently 59.68%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on T shares. Deutsche Bank Aktiengesellschaft lifted their price target on AT&T from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Barclays raised their price target on shares of AT&T from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. The Goldman Sachs Group began coverage on AT&T in a research note on Monday, July 1st. They set a “buy” rating and a $22.00 target price on the stock. Oppenheimer upped their price target on AT&T from $21.00 to $23.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Finally, BNP Paribas upgraded AT&T from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 11th. Nine investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $22.06.

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.