Lake Street Financial LLC raised its stake in AT&T Inc. (NYSE:T) by 204.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 48,783 shares of the technology company’s stock after purchasing an additional 32,740 shares during the quarter. Lake Street Financial LLC’s holdings in AT&T were worth $1,846,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently modified their holdings of the company. Grimes & Company Inc. grew its holdings in AT&T by 0.9% during the second quarter. Grimes & Company Inc. now owns 33,782 shares of the technology company’s stock valued at $1,132,000 after purchasing an additional 294 shares during the period. Interactive Financial Advisors grew its holdings in AT&T by 16.7% during the second quarter. Interactive Financial Advisors now owns 2,100 shares of the technology company’s stock valued at $70,000 after purchasing an additional 300 shares during the period. Berkshire Money Management Inc. grew its holdings in AT&T by 3.2% during the second quarter. Berkshire Money Management Inc. now owns 9,891 shares of the technology company’s stock valued at $331,000 after purchasing an additional 305 shares during the period. Oxbow Advisors LLC grew its holdings in AT&T by 0.4% during the second quarter. Oxbow Advisors LLC now owns 86,471 shares of the technology company’s stock valued at $2,898,000 after purchasing an additional 305 shares during the period. Finally, Lenox Wealth Management Inc. grew its holdings in AT&T by 6.0% during the second quarter. Lenox Wealth Management Inc. now owns 5,409 shares of the technology company’s stock valued at $181,000 after purchasing an additional 308 shares during the period. 53.04% of the stock is owned by hedge funds and other institutional investors.
In other news, CEO John T. Stankey sold 4,024 shares of the firm’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $34.15, for a total value of $137,419.60. Following the completion of the transaction, the chief executive officer now directly owns 2,366 shares of the company’s stock, valued at $80,798.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.07% of the stock is owned by company insiders.
AT&T (NYSE:T) last posted its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.89 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.89. AT&T had a return on equity of 13.38% and a net margin of 9.47%. The firm had revenue of $44.96 billion during the quarter, compared to analyst estimates of $44.97 billion. During the same period last year, the company earned $0.91 earnings per share. The business’s revenue for the quarter was up 15.3% on a year-over-year basis. Sell-side analysts expect that AT&T Inc. will post 3.56 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 5.30%. The ex-dividend date of this dividend is Wednesday, October 9th. AT&T’s payout ratio is currently 57.95%.
T has been the subject of several research reports. Raymond James reissued an “outperform” rating and set a $40.00 price objective (up from $35.00) on shares of AT&T in a report on Monday, October 7th. Desjardins reissued an “average” rating and set a $55.50 price objective on shares of AT&T in a report on Tuesday, August 6th. Cowen set a $40.00 price objective on AT&T and gave the company a “buy” rating in a report on Friday, September 6th. Bank of America reissued a “buy” rating on shares of AT&T in a report on Monday, September 9th. Finally, Credit Suisse Group raised AT&T from an “underperform” rating to a “neutral” rating and set a $29.00 price objective for the company in a report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $38.28.
AT&T Company Profile
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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