Stewart & Patten Co. LLC Sells 8,590 Shares of AT&T Inc. (T)

Stewart & Patten Co. LLC lowered its stake in shares of AT&T Inc. (NYSE:T) by 1.9% during the third quarter, Holdings Channel reports. The institutional investor owned 446,291 shares of the technology company’s stock after selling 8,590 shares during the quarter. AT&T accounts for 2.7% of Stewart & Patten Co. LLC’s investment portfolio, making the stock its 15th largest position. Stewart & Patten Co. LLC’s holdings in AT&T were worth $14,987,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in T. Price Wealth Management Inc. raised its position in AT&T by 165.1% in the second quarter. Price Wealth Management Inc. now owns 3,314 shares of the technology company’s stock valued at $106,000 after purchasing an additional 2,064 shares during the period. Chessman Wealth Strategies RIA purchased a new stake in AT&T in the third quarter valued at $114,000. CKW Financial Group raised its position in AT&T by 105.0% in the second quarter. CKW Financial Group now owns 4,215 shares of the technology company’s stock valued at $135,000 after purchasing an additional 2,159 shares during the period. Hoertkorn Richard Charles raised its position in AT&T by 66.7% in the third quarter. Hoertkorn Richard Charles now owns 5,000 shares of the technology company’s stock valued at $168,000 after purchasing an additional 2,000 shares during the period. Finally, ELM Advisors LLC purchased a new stake in AT&T in the third quarter valued at $195,000. 63.41% of the stock is currently owned by institutional investors.

Several equities research analysts recently issued reports on the company. Bank of America reiterated a “buy” rating and issued a $37.00 price objective on shares of AT&T in a report on Friday, December 14th. Citigroup upgraded AT&T from a “neutral” rating to a “buy” rating and set a $34.00 price objective on the stock in a report on Tuesday, December 11th. JPMorgan Chase & Co. upgraded AT&T from a “neutral” rating to an “overweight” rating and set a $31.82 price objective on the stock in a report on Sunday, December 9th. Cowen boosted their price objective on AT&T from $34.00 to $36.00 in a report on Sunday, December 9th. Finally, Moffett Nathanson upgraded AT&T from a “sell” rating to a “neutral” rating and set a $28.00 price objective on the stock in a report on Monday, November 26th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. AT&T has an average rating of “Buy” and a consensus price target of $35.97.

In related news, Director Michael B. Mccallister bought 4,000 shares of the stock in a transaction that occurred on Friday, October 26th. The stock was purchased at an average cost of $29.14 per share, with a total value of $116,560.00. Following the purchase, the director now directly owns 7,361 shares of the company’s stock, valued at approximately $214,499.54. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.09% of the company’s stock.

T opened at $30.87 on Friday. AT&T Inc. has a 12 month low of $26.80 and a 12 month high of $39.29. The firm has a market cap of $184.78 billion, a P/E ratio of 10.12, a P/E/G ratio of 1.31 and a beta of 0.52. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.91.

AT&T (NYSE:T) last released its earnings results on Wednesday, October 24th. The technology company reported $0.90 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.94 by ($0.04). AT&T had a return on equity of 13.61% and a net margin of 20.40%. The company had revenue of $45.74 billion for the quarter, compared to analyst estimates of $45.73 billion. During the same period in the previous year, the firm earned $0.74 earnings per share. The company’s revenue for the quarter was up 15.3% compared to the same quarter last year. As a group, research analysts forecast that AT&T Inc. will post 3.52 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, February 1st. Investors of record on Thursday, January 10th will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 6.61%. This is a boost from AT&T’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Wednesday, January 9th. AT&T’s payout ratio is presently 66.89%.

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AT&T Company Profile

AT&T Inc provides communications and digital entertainment services. The company operates through four segments: Business Solutions, Entertainment Group, Consumer Mobility, and International. The Business Solutions segment offers wireless services, strategic services, legacy voice, data services, wireless equipment, and other services to multinational companies, governmental and wholesale customers, and individual subscribers.

Further Reading: Market Capitalization and Individual Investors

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

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