Shikiar Asset Management Inc. boosted its position in shares of AT&T Inc. (NYSE:T) by 17.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 292,280 shares of the technology company’s stock after acquiring an additional 44,200 shares during the period. AT&T accounts for about 3.8% of Shikiar Asset Management Inc.’s holdings, making the stock its 7th biggest position. Shikiar Asset Management Inc.’s holdings in AT&T were worth $9,794,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. JGP Wealth Management LLC lifted its holdings in shares of AT&T by 2.7% in the 2nd quarter. JGP Wealth Management LLC now owns 130,198 shares of the technology company’s stock worth $4,363,000 after acquiring an additional 3,373 shares during the last quarter. Canandaigua National Bank & Trust Co. raised its holdings in AT&T by 12.8% during the 2nd quarter. Canandaigua National Bank & Trust Co. now owns 156,190 shares of the technology company’s stock valued at $5,234,000 after buying an additional 17,734 shares during the last quarter. Norway Savings Bank raised its holdings in AT&T by 3.2% during the 2nd quarter. Norway Savings Bank now owns 21,838 shares of the technology company’s stock valued at $732,000 after buying an additional 668 shares during the last quarter. Heritage Trust Co raised its holdings in AT&T by 28.7% during the 4th quarter. Heritage Trust Co now owns 16,388 shares of the technology company’s stock valued at $468,000 after buying an additional 3,650 shares during the last quarter. Finally, R.H. Dinel Investment Counsel Inc. bought a new stake in AT&T during the 4th quarter valued at $468,000. 52.93% of the stock is owned by institutional investors.
T has been the subject of a number of recent analyst reports. Cowen upped their price target on shares of AT&T from $34.00 to $40.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Raymond James upped their price target on shares of AT&T from $34.00 to $35.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Credit Suisse Group upgraded shares of AT&T from an “underperform” rating to a “neutral” rating and set a $29.00 price target for the company in a report on Thursday, July 25th. Bank of America reiterated a “buy” rating and set a $37.00 price target on shares of AT&T in a report on Monday, June 24th. Finally, Desjardins reiterated an “average” rating and set a $55.50 price target on shares of AT&T in a report on Tuesday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $36.72.
AT&T (NYSE:T) last issued its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.89 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.89. The business had revenue of $44.96 billion for the quarter, compared to the consensus estimate of $44.97 billion. AT&T had a net margin of 9.47% and a return on equity of 13.38%. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.91 EPS. Equities research analysts expect that AT&T Inc. will post 3.57 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 5.91%. The ex-dividend date of this dividend was Tuesday, July 9th. AT&T’s payout ratio is currently 57.95%.
In other AT&T news, CEO John T. Stankey sold 4,024 shares of the business’s stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $34.15, for a total transaction of $137,419.60. Following the transaction, the chief executive officer now directly owns 2,366 shares of the company’s stock, valued at approximately $80,798.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.07% of the stock is currently owned by insiders.
AT&T Inc provides telecommunication, media, and technology services worldwide. The company operates through four segments: Communications, WarnerMedia, Latin America, and Xandr. The Communications segment provides wireless and wireline telecom, video, and broadband and Internet services; video entertainment services using satellite, IP-based, and streaming options; and audio programming services under the AT&T, Cricket, AT&T PREPAID, and DIRECTV brands to residential and business customers.
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