Patten & Patten Inc. TN Acquires 2,116 Shares of AT&T Inc. (NYSE:T)

Patten & Patten Inc. TN increased its position in AT&T Inc. (NYSE:T) by 14.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,315 shares of the technology company’s stock after purchasing an additional 2,116 shares during the period. Patten & Patten Inc. TN’s holdings in AT&T were worth $287,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Frank Rimerman Advisors LLC bought a new position in AT&T during the fourth quarter worth about $25,000. Pineridge Advisors LLC bought a new position in AT&T in the 4th quarter worth about $25,000. First Pacific Financial raised its position in shares of 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 buying an additional 1,000 shares in the last quarter. Farmers & Merchants Trust Co of Chambersburg PA boosted its holdings in shares of AT&T by 35.3% in the 4th quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 2,322 shares of the technology company’s stock worth $39,000 after purchasing an additional 606 shares in the last quarter. Finally, Western Pacific Wealth Management LP bought a new position in shares of AT&T during the 4th quarter valued at $39,000. Institutional investors and hedge funds own 57.10% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on T. Oppenheimer restated an “outperform” rating and set a $21.00 price target on shares of AT&T in a report on Tuesday, June 25th. The Goldman Sachs Group began coverage on shares of AT&T in a report on Monday, July 1st. They set a “buy” rating and a $22.00 target price for the company. StockNews.com cut AT&T from a “buy” rating to a “hold” rating in a report on Friday, May 3rd. UBS Group reaffirmed a “buy” rating and set a $24.00 price target on shares of AT&T in a research note on Tuesday, June 18th. Finally, Scotiabank boosted their target price on AT&T from $22.50 to $23.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 10th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $21.85.

AT&T Stock Down 0.9 %

Shares of NYSE T traded down $0.17 during mid-day trading on Tuesday, reaching $18.38. 3,042,817 shares of the company traded hands, compared to its average volume of 36,073,707. The stock has a market cap of $131.79 billion, a PE ratio of 9.98, a price-to-earnings-growth ratio of 3.61 and a beta of 0.58. AT&T Inc. has a fifty-two week low of $13.89 and a fifty-two week high of $19.33. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.63 and a current ratio of 0.68. The company’s fifty day moving average is $18.19 and its two-hundred day moving average is $17.42.

AT&T (NYSE:T) last released 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. The company had revenue of $30.03 billion for the quarter, compared to analyst estimates of $30.62 billion. AT&T had a return on equity of 14.63% and a net margin of 11.13%. The company’s revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.60 EPS. On average, analysts expect that AT&T Inc. will post 2.23 earnings per share for the current year.

AT&T Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th will be given a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a dividend yield of 6.04%. The ex-dividend date is Wednesday, July 10th. AT&T’s dividend payout ratio is 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.