Truist Financial Corp Decreases Stock Position in AT&T Inc. (NYSE:T)

Truist Financial Corp cut its stake in shares of AT&T Inc. (NYSE:T) by 17.3% in the 4th quarter, HoldingsChannel reports. The fund owned 3,131,597 shares of the technology company’s stock after selling 654,655 shares during the quarter. Truist Financial Corp’s holdings in AT&T were worth $52,548,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of T. Newport Trust Company LLC increased its stake in shares of AT&T by 0.3% during the third quarter. Newport Trust Company LLC now owns 199,998,040 shares of the technology company’s stock valued at $3,003,971,000 after buying an additional 673,043 shares during the period. Northern Trust Corp increased its position in AT&T by 2.5% during the 3rd quarter. Northern Trust Corp now owns 75,158,354 shares of the technology company’s stock valued at $1,128,878,000 after purchasing an additional 1,828,237 shares during the period. Bank of New York Mellon Corp raised its holdings in AT&T by 0.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 60,270,173 shares of the technology company’s stock worth $905,258,000 after purchasing an additional 334,222 shares in the last quarter. FMR LLC lifted its position in shares of AT&T by 130.5% in the 3rd quarter. FMR LLC now owns 57,515,546 shares of the technology company’s stock worth $863,884,000 after purchasing an additional 32,558,342 shares during the period. Finally, Ameriprise Financial Inc. boosted its stake in shares of AT&T by 185.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 52,613,513 shares of the technology company’s stock valued at $790,301,000 after purchasing an additional 34,189,954 shares in the last quarter. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

AT&T Stock Up 1.0 %

NYSE:T opened at $16.75 on Friday. The firm has a 50-day simple moving average of $16.96 and a two-hundred day simple moving average of $16.57. The firm has a market cap of $119.81 billion, a P/E ratio of 9.01, a P/E/G ratio of 2.53 and a beta of 0.57. AT&T Inc. has a fifty-two week low of $13.43 and a fifty-two week high of $18.16. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.67 and a current ratio of 0.68.

AT&T (NYSE:T) last announced its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. AT&T had a net margin of 11.13% and a return on equity of 14.63%. The company had revenue of $30.03 billion during the quarter, compared to analyst estimates of $30.62 billion. During the same period in the previous year, the business earned $0.60 EPS. The firm’s revenue for the quarter was down .4% on a year-over-year basis. Analysts predict that AT&T Inc. will post 2.22 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be given a dividend of $0.2775 per share. The ex-dividend date is Tuesday, April 9th. This represents a $1.11 annualized dividend and a dividend yield of 6.63%. AT&T’s dividend payout ratio (DPR) is presently 59.68%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on T. StockNews.com raised shares of AT&T from a “hold” rating to a “buy” rating in a research note on Thursday. Scotiabank raised their target price on AT&T from $22.00 to $22.50 and gave the company a “sector outperform” rating in a research note on Thursday. Barclays upped their price target on AT&T from $17.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. Citigroup raised their price objective on AT&T from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, February 1st. Finally, JPMorgan Chase & Co. upgraded shares of AT&T from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $18.00 to $21.00 in a research note on Thursday, February 1st. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $20.81.

AT&T Company Profile

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.