Bank of The West increased its stake in shares of AT&T Inc. (NYSE:T) by 15.0% in the third quarter, HoldingsChannel reports. The firm owned 77,820 shares of the technology company’s stock after buying an additional 10,176 shares during the quarter. Bank of The West’s holdings in AT&T were worth $2,613,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in T. Price Wealth Management Inc. grew its holdings in AT&T by 165.1% during the 2nd quarter. Price Wealth Management Inc. now owns 3,314 shares of the technology company’s stock worth $106,000 after acquiring an additional 2,064 shares during the last quarter. Chessman Wealth Strategies RIA bought a new stake in shares of AT&T in the 3rd quarter valued at $114,000. Hoertkorn Richard Charles boosted its stake in shares of AT&T by 66.7% in the 3rd 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 last quarter. Lenox Wealth Management Inc. boosted its stake in shares of AT&T by 184.6% in the 3rd quarter. Lenox Wealth Management Inc. now owns 5,769 shares of the technology company’s stock valued at $194,000 after purchasing an additional 3,742 shares during the last quarter. Finally, ELM Advisors LLC bought a new stake in shares of AT&T in the 3rd quarter valued at $195,000. Institutional investors and hedge funds own 64.77% of the company’s stock.
A number of research firms have recently commented on T. Moffett Nathanson raised shares of AT&T from a “sell” rating to a “neutral” rating and set a $28.00 price objective on the stock in a research note on Monday, November 26th. Bank of America set a $37.00 price objective on shares of AT&T and gave the company a “buy” rating in a research note on Tuesday, October 23rd. Tigress Financial raised shares of AT&T from a “neutral” rating to a “buy” rating in a research note on Monday, October 22nd. Robert W. Baird reduced their price objective on shares of AT&T from $38.00 to $35.00 and set an “outperform” rating on the stock in a research note on Thursday, October 25th. Finally, Barclays set a $32.00 price objective on shares of AT&T and gave the company a “hold” rating in a research note on Friday, January 18th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $35.89.
AT&T (NYSE:T) last released its quarterly earnings data on Wednesday, January 30th. The technology company reported $0.86 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.86. AT&T had a net margin of 11.34% and a return on equity of 13.47%. The firm had revenue of $47.99 billion for the quarter, compared to the consensus estimate of $48.50 billion. During the same quarter in the prior year, the company posted $0.78 earnings per share. The business’s revenue was up 15.2% on a year-over-year basis. On average, equities research analysts anticipate that AT&T Inc. will post 3.59 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, February 1st. Stockholders of record on Thursday, January 10th were issued a $0.51 dividend. The ex-dividend date of this dividend was Wednesday, January 9th. This represents a $2.04 annualized dividend and a dividend yield of 6.87%. This is an increase from AT&T’s previous quarterly dividend of $0.50. AT&T’s dividend payout ratio is currently 57.95%.
In other news, CEO John T. Stankey sold 3,748 shares of the stock in a transaction dated Thursday, January 31st. The shares were sold at an average price of $29.84, for a total value of $111,840.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.09% of the company’s stock.
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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.
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