Somerset Trust Co reduced its holdings in AT&T Inc. (NYSE:T) by 1.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 42,431 shares of the technology company’s stock after selling 585 shares during the quarter. Somerset Trust Co’s holdings in AT&T were worth $1,210,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in T. Teamwork Financial Advisors LLC grew its holdings in shares of AT&T by 16.7% during the third quarter. Teamwork Financial Advisors LLC now owns 45,296 shares of the technology company’s stock worth $1,291,000 after buying an additional 6,497 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its holdings in shares of AT&T by 11.4% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 14,193 shares of the technology company’s stock worth $405,000 after buying an additional 1,454 shares in the last quarter. FormulaFolio Investments LLC grew its holdings in shares of AT&T by 5.8% during the third quarter. FormulaFolio Investments LLC now owns 64,760 shares of the technology company’s stock worth $1,846,000 after buying an additional 3,544 shares in the last quarter. BTR Capital Management Inc. grew its holdings in shares of AT&T by 4.8% during the third quarter. BTR Capital Management Inc. now owns 307,615 shares of the technology company’s stock worth $8,770,000 after buying an additional 14,056 shares in the last quarter. Finally, Measured Wealth Private Client Group LLC grew its holdings in shares of AT&T by 14.7% during the third quarter. Measured Wealth Private Client Group LLC now owns 7,953 shares of the technology company’s stock worth $227,000 after buying an additional 1,019 shares in the last quarter. Institutional investors own 52.29% of the company’s stock.
In related news, Director Stephen J. Luczo acquired 100,000 shares of the stock in a transaction on Thursday, July 23rd. The shares were purchased at an average price of $29.69 per share, for a total transaction of $2,969,000.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 0.07% of the stock is owned by company insiders.
AT&T (NYSE:T) last released its quarterly earnings results on Thursday, July 23rd. The technology company reported $0.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.79 by $0.04. The business had revenue of $40.95 billion during the quarter, compared to analysts’ expectations of $40.87 billion. AT&T had a return on equity of 13.03% and a net margin of 6.84%. The firm’s revenue for the quarter was down 8.9% compared to the same quarter last year. During the same period last year, the firm posted $0.89 EPS. On average, analysts predict that AT&T Inc. will post 3.21 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Monday, October 12th will be issued a dividend of $0.52 per share. The ex-dividend date is Thursday, October 8th. This represents a $2.08 annualized dividend and a yield of 7.61%. AT&T’s payout ratio is currently 58.26%.
A number of research analysts recently issued reports on T shares. Deutsche Bank Aktiengesellschaft decreased their price objective on AT&T from $38.00 to $37.00 and set a “buy” rating for the company in a report on Tuesday, August 4th. KeyCorp downgraded AT&T from a “sector weight” rating to an “underweight” rating and set a $25.00 price objective for the company. in a report on Monday, October 5th. Scotiabank downgraded AT&T from a “sector perform” rating to a “sector underperform” rating and decreased their price target for the company from $34.00 to $30.00 in a research note on Monday, August 31st. Oppenheimer restated a “buy” rating and issued a $38.00 price target on shares of AT&T in a research note on Thursday, October 1st. Finally, Morgan Stanley decreased their price target on AT&T from $38.00 to $36.00 and set an “overweight” rating for the company in a research note on Wednesday, July 1st. Six equities research analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $33.56.
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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