Pekin Hardy Strauss Inc. Sells 1,635 Shares of AT&T Inc. (NYSE:T)

Pekin Hardy Strauss Inc. cut its holdings in AT&T Inc. (NYSE:T) by 6.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 25,357 shares of the technology company’s stock after selling 1,635 shares during the period. Pekin Hardy Strauss Inc.’s holdings in AT&T were worth $485,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Octavia Wealth Advisors LLC boosted its position in shares of AT&T by 2.1% during the second quarter. Octavia Wealth Advisors LLC now owns 25,313 shares of the technology company’s stock worth $484,000 after buying an additional 519 shares during the period. WealthCare Investment Partners LLC boosted its position in shares of AT&T by 2.2% during the second 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 period. Integral Investment Advisors Inc. boosted its holdings in AT&T by 3.2% in the second quarter. Integral Investment Advisors Inc. now owns 17,177 shares of the technology company’s stock valued at $322,000 after purchasing an additional 538 shares during the period. Financial Counselors Inc. boosted its holdings in AT&T by 0.6% in the second quarter. Financial Counselors Inc. now owns 92,450 shares of the technology company’s stock valued at $1,767,000 after purchasing an additional 539 shares during the period. Finally, Fortitude Family Office LLC boosted its holdings 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 valued at $806,000 after purchasing an additional 559 shares during the period. 57.10% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. The Goldman Sachs Group assumed coverage on AT&T in a report on Monday, July 1st. They issued a “buy” rating and a $22.00 target price for the company. TD Cowen lifted their target price on AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a report on Thursday, July 25th. Barclays lifted their target price on AT&T from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. UBS Group reiterated a “buy” rating and issued a $24.00 target price on shares of AT&T in a report on Tuesday, June 18th. Finally, Citigroup raised their price target on AT&T from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Nine investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.31.

AT&T Stock Down 2.2 %

T opened at $21.78 on Wednesday. The business’s 50-day simple moving average is $19.72 and its 200-day simple moving average is $18.26. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.66 and a current ratio of 0.70. AT&T Inc. has a one year low of $14.12 and a one year high of $22.34. The stock has a market capitalization of $156.17 billion, a P/E ratio of 11.71, a price-to-earnings-growth ratio of 3.68 and a beta of 0.59.

AT&T (NYSE:T) last posted its earnings results on Wednesday, July 24th. The technology company reported $0.57 EPS for the quarter, hitting analysts’ consensus estimates of $0.57. AT&T had a return on equity of 14.16% and a net margin of 10.41%. The business had revenue of $29.80 billion for the quarter, compared to analysts’ expectations of $30.05 billion. During the same quarter in the previous year, the firm earned $0.63 earnings per share. The business’s revenue was down .3% compared to the same quarter last year. Analysts anticipate that AT&T Inc. will post 2.2 EPS for the current 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 $0.2775 dividend. This represents a $1.11 annualized dividend and a yield of 5.10%. The ex-dividend date of this dividend was Wednesday, July 10th. AT&T’s dividend payout ratio (DPR) is presently 59.68%.

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.