AT&T and Macy’s have long been a staple of American businesses. With both stocks trading near 52-week lows, investors may explore the option of buying them at a discount.Let’s take a closer look at both stocks to see the value they offer investors at current levels.AT&T T AT&T is the second largest wireless service provider in North America and one of the world’s leading communications service carriers.AT&T currently sports a Zacks Rank #3 (Hold), with EPS estimate revisions mixed, but mostly down. AT&T is 23% off its 52-week highs despite most recently beating second quarter earnings expectations. In Q2, AT&T posted an 8% EPS surprise with earnings of $0.65 a share. Second quarter sales were up 1% to $29.6 billion. However, third quarter sales are expected to be down 25% year over year to $29.8 billion.Year to date, AT&T is down -32% while the S&P 500 is down -19%. AT&T is down -55% over the last five years, also underperforming the benchmark. Trading around $16 a share, AT&T has a forward P/E of 6.5X. This is far below the industry average of 22.7X. This is also below its 5-year median of 9.1X and near the low of 6.2X. AT&T’s low P/E may be reason to believe the stock could see a bottom soon. With earnings revisions trending down much of the risk appears priced in. AT&T’s earnings are projected to be down 25% in 2022 at $2.55 a share, mostly reflecting the impact of separation of the Time Warner business. Earnings are expected to decline another 3% in FY23. Image Source: Zacks Investment ResearchDespite a Q2 earnings beat, AT&T’s stock has continued to descend amid subscriber churn in the very competitive U.S. wireless market and concerns about the long-term sustainability of its dividend. Although wireless services are seen as a necessity for most, the Wireless National Industry has not been immune to inflation concerns.A top business industry and a generous dividend are reasons for investors to consider holding AT&T at current levels. AT&T’s annual dividend yield is 6.62% at $1.11 a share. Also, AT&T has increased its dividend four times in the last five years.Macy’s MMacy’s is an omnichannel retail organization operating stores, websites and mobile applications under three brands Macy’s, Bloomingdale’s, and bluemercury.As we progress through the fall, Macy’s will compete with retailers like Kohls KSS and Dillard’s DDS for consumers seeking winter apparel. Macy’s is in the process of a complete makeover and has outlined plans under its three-year Polaris Strategy to adopt better to the new retail ecosystem. Macy’s currently sports a Zacks Rank #3 (Hold) with the stock trading 58% off its 52-week highs. Despite earnings revisions down, Macy’s stock may be nearing a bottom.Macy’s crushed second quarter earnings expectations by 17% with earnings of $1.00 a share. Second quarter sales were up 2% to $5.6 billion. However, third quarter sales are expected to be down 5% to $5.17 billion.Macy’s is down 36% year to date to underperform the benchmark. Despite being down YTD, over the last two years Macy’s is actually up an impressive +143% to crush the S&P 500 at +16%Image Source: Zacks Investment ResearchTrading around $16 a share, Macy’s has a forward P/E of 4X. This is close to the median of 5.7X during the last two years, and far from the high of 30.3X it saw during this time span.Macy’s also has a modest dividend that gives patient investors a reason to hold the stock. Macy’s annualized dividend is 3.78% at $0.63 a share. Also, Macy’s Retail-Regional Department Stores Industry is in the top 40%. With back to school shopping recently ending and the holiday season approaching, it is important to note that Macy’s also has an overall “A” VGM score. This is further reason for investors to consider holding the stock.Bottom LineAT&T and Macy’s performance year to date has been lackluster. However, despite earnings revisions being down, much of the risk appears priced in. AT&T and Macy’s industries are also in the top 40% of over 250 Zacks Industries. What also makes these stocks worth holding is the modest dividends they offer to patient investors. FREE Report: The Metaverse is Exploding! Don’t You Want to Cash In? Rising gas prices. The war in Ukraine. America's recession. Inflation. It's no wonder why the metaverse is so popular and growing every day. Becoming Spider Man and fighting Darth Vader is infinitely more appealing than spending over $5 per gallon at the pump. And that appeal is why the metaverse can provide such massive gains for investors. But do you know where to look? 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