Cullen Frost Bankers Inc. Sells 53,657 Shares of AT&T Inc. (NYSE:T)

by · The Cerbat Gem

Cullen Frost Bankers Inc. cut its position in shares of AT&T Inc. (NYSE:T – Free Report) by 7.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 657,349 shares of the technology company’s stock after selling 53,657 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in AT&T were worth $18,590,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Parcion Private Wealth LLC grew its holdings in shares of AT&T by 15.1% during the first quarter. Parcion Private Wealth LLC now owns 14,546 shares of the technology company’s stock worth $411,000 after buying an additional 1,904 shares in the last quarter. BIP Wealth LLC grew its stake in shares of AT&T by 4.3% during the 1st quarter. BIP Wealth LLC now owns 20,591 shares of the technology company’s stock worth $582,000 after acquiring an additional 858 shares in the last quarter. Bryn Mawr Capital Management LLC grew its stake in shares of AT&T by 4.2% during the 1st quarter. Bryn Mawr Capital Management LLC now owns 323,446 shares of the technology company’s stock worth $9,147,000 after acquiring an additional 13,067 shares in the last quarter. Bridgewater Advisors Inc. grew its stake in shares of AT&T by 3.6% during the 1st quarter. Bridgewater Advisors Inc. now owns 33,345 shares of the technology company’s stock worth $910,000 after acquiring an additional 1,169 shares in the last quarter. Finally, Tectonic Advisors LLC grew its stake in shares of AT&T by 1.0% during the 1st quarter. Tectonic Advisors LLC now owns 425,027 shares of the technology company’s stock worth $12,020,000 after acquiring an additional 4,339 shares in the last quarter. 57.10% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Cowen reaffirmed a “hold” rating on shares of AT&T in a research report on Thursday, April 24th. Barclays raised their price objective on AT&T from $27.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, April 25th. Royal Bank Of Canada raised their price objective on AT&T from $28.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, April 24th. Wall Street Zen upgraded AT&T from a “hold” rating to a “buy” rating in a research note on Friday, April 25th. Finally, Scotiabank raised their price target on AT&T from $29.50 to $30.00 and gave the company a “sector outperform” rating in a research note on Friday, July 11th. One analyst has rated the stock with a sell rating, six have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, AT&T presently has an average rating of “Moderate Buy” and an average target price of $29.12.

Check Out Our Latest Research Report on AT&T

AT&T Trading Down 0.6%

T stock opened at $27.00 on Wednesday. The stock has a market cap of $194.28 billion, a price-to-earnings ratio of 16.56, a price-to-earnings-growth ratio of 3.39 and a beta of 0.42. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.70 and a quick ratio of 0.65. The company has a fifty day moving average price of $27.79 and a two-hundred day moving average price of $26.38. AT&T Inc. has a one year low of $18.14 and a one year high of $29.19.

AT&T (NYSE:T – Get Free Report) last announced its earnings results on Wednesday, April 23rd. The technology company reported $0.51 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.01). The company had revenue of $30.63 billion for the quarter, compared to the consensus estimate of $30.39 billion. AT&T had a return on equity of 13.63% and a net margin of 9.64%. The business’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.55 EPS. Equities analysts anticipate that AT&T Inc. will post 2.14 EPS for the current year.

AT&T Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be issued a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date of this dividend is Thursday, July 10th. AT&T’s dividend payout ratio is presently 68.10%.

AT&T Company Profile

(Free Report)

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.

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