SteelPeak Wealth LLC Trims Stock Position in AT&T Inc. (NYSE:T)

SteelPeak Wealth LLC trimmed its holdings in AT&T Inc. (NYSE:T) by 24.9% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 192,922 shares of the technology company’s stock after selling 63,995 shares during the period. SteelPeak Wealth LLC’s holdings in AT&T were worth $3,395,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Natixis Advisors L.P. raised its holdings in AT&T by 1.6% in the third quarter. Natixis Advisors L.P. now owns 740,864 shares of the technology company’s stock valued at $11,128,000 after acquiring an additional 11,844 shares in the last quarter. Morningstar Investment Services LLC acquired a new stake in shares of AT&T in the 3rd quarter valued at $241,000. Caxton Associates LP purchased a new stake in shares of AT&T during the 3rd quarter worth $249,000. United Services Automobile Association lifted its position in shares of AT&T by 16.0% during the 3rd quarter. United Services Automobile Association now owns 186,854 shares of the technology company’s stock worth $2,807,000 after purchasing an additional 25,821 shares during the last quarter. Finally, Logan Capital Management Inc. grew its stake in shares of AT&T by 14.6% during the third quarter. Logan Capital Management Inc. now owns 987,393 shares of the technology company’s stock worth $14,831,000 after purchasing an additional 125,672 shares in the last quarter. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on T shares. BNP Paribas upgraded shares of AT&T from an “underperform” rating to a “neutral” rating in a research note on Tuesday, June 11th. Scotiabank boosted their target price on AT&T from $22.00 to $22.50 and gave the company a “sector outperform” rating in a report on Thursday, April 25th. Wolfe Research upgraded AT&T from a “peer perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a research note on Tuesday, March 5th. StockNews.com cut AT&T from a “buy” rating to a “hold” rating in a research note on Friday, May 3rd. Finally, Oppenheimer reissued an “outperform” rating and issued a $21.00 price objective on shares of AT&T in a report on Tuesday, June 25th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.71.

AT&T Price Performance

T stock traded up $0.36 during trading on Friday, hitting $19.11. The stock had a trading volume of 52,825,162 shares, compared to its average volume of 33,874,564. AT&T Inc. has a 1-year low of $13.43 and a 1-year high of $19.13. The stock has a market cap of $137.02 billion, a price-to-earnings ratio of 10.27, a price-to-earnings-growth ratio of 4.34 and a beta of 0.60. The company’s 50 day moving average price is $17.57 and its two-hundred day moving average price is $17.18. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.63 and a current ratio of 0.68.

AT&T (NYSE:T) last issued its quarterly earnings results on Wednesday, April 24th. The technology company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.02. AT&T had a return on equity of 14.63% and a net margin of 11.13%. The company had revenue of $30.03 billion during the quarter, compared to the consensus estimate of $30.62 billion. During the same period in the previous year, the firm posted $0.60 EPS. AT&T’s revenue was down .4% on a year-over-year basis. On average, sell-side analysts forecast that AT&T Inc. will post 2.24 EPS for the current fiscal year.

AT&T Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be paid a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a yield of 5.81%. The ex-dividend date of this dividend is Wednesday, July 10th. AT&T’s dividend payout ratio is currently 59.68%.

AT&T 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.