UNIVEST FINANCIAL Corp decreased its stake in shares of AT&T Inc. (NYSE:T) by 21.2% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 22,070 shares of the technology company’s stock after selling 5,928 shares during the quarter. UNIVEST FINANCIAL Corp’s holdings in AT&T were worth $740,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the business. Nordea Investment Management AB increased its position in AT&T by 16.9% during the fourth quarter. Nordea Investment Management AB now owns 21,383,855 shares of the technology company’s stock worth $610,299,000 after buying an additional 3,097,958 shares in the last quarter. Clearbridge Investments LLC increased its position in AT&T by 2.3% during the first quarter. Clearbridge Investments LLC now owns 14,581,520 shares of the technology company’s stock worth $457,276,000 after buying an additional 325,895 shares in the last quarter. Rhumbline Advisers increased its position in AT&T by 0.9% during the fourth quarter. Rhumbline Advisers now owns 12,905,393 shares of the technology company’s stock worth $368,320,000 after buying an additional 113,996 shares in the last quarter. State of New Jersey Common Pension Fund D increased its position in AT&T by 15.8% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 10,869,000 shares of the technology company’s stock worth $310,201,000 after buying an additional 1,485,000 shares in the last quarter. Finally, First Trust Advisors LP grew its position in shares of AT&T by 8.2% in the first quarter. First Trust Advisors LP now owns 8,189,462 shares of the technology company’s stock valued at $256,822,000 after purchasing an additional 620,243 shares during the period. 52.91% of the stock is owned by institutional investors.
In other AT&T news, CEO John T. Stankey sold 4,024 shares of the business’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $34.15, for a total transaction of $137,419.60. Following the completion of the sale, the chief executive officer now owns 2,366 shares of the company’s stock, valued at $80,798.90. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.07% of the stock is currently owned by insiders.
AT&T (NYSE:T) last posted its quarterly earnings results 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. 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 the consensus estimate of $44.97 billion. During the same quarter in the previous year, the business earned $0.91 earnings per share. The firm’s quarterly revenue was up 15.3% compared to the same quarter last year. Analysts expect that AT&T Inc. will post 3.57 EPS for the current year.
The company also recently declared 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 5.97%. The ex-dividend date of this dividend was Tuesday, July 9th. AT&T’s dividend payout ratio (DPR) is presently 57.95%.
T has been the subject of a number of recent analyst reports. Bank of America reaffirmed a “buy” rating and issued a $37.00 price objective on shares of AT&T in a research report on Monday, June 24th. 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 research report on Thursday, July 25th. Raymond James lifted their price objective on AT&T from $34.00 to $35.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Desjardins reaffirmed an “average” rating and issued a $56.50 price objective on shares of AT&T in a research report on Friday, April 5th. Finally, Morgan Stanley reaffirmed a “buy” rating and issued a $37.00 price objective on shares of AT&T in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $36.78.
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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