Thrive Wealth Management LLC Has $1.01 Million Holdings in AT&T Inc. (NYSE:T)

Thrive Wealth Management LLC cut its position in shares of AT&T Inc. (NYSE:T) by 2.6% during the first quarter, HoldingsChannel.com reports. The firm owned 35,661 shares of the technology company’s stock after selling 964 shares during the period. Thrive Wealth Management LLC’s holdings in AT&T were worth $1,008,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Steigerwald Gordon & Koch Inc. lifted its holdings in shares of AT&T by 2.8% during the first quarter. Steigerwald Gordon & Koch Inc. now owns 389,040 shares of the technology company’s stock valued at $11,002,000 after acquiring an additional 10,572 shares during the period. Maltin Wealth Management Inc. bought a new stake in shares of AT&T in the 1st quarter worth about $229,000. Fermata Advisors LLC acquired a new stake in shares of AT&T during the 1st quarter worth about $227,000. HF Advisory Group LLC lifted its holdings in AT&T by 2.6% during the 1st quarter. HF Advisory Group LLC now owns 91,890 shares of the technology company’s stock valued at $2,599,000 after purchasing an additional 2,306 shares during the last quarter. Finally, Beacon Financial Group boosted its position in AT&T by 2.9% in the first quarter. Beacon Financial Group now owns 14,976 shares of the technology company’s stock valued at $424,000 after buying an additional 417 shares in the last quarter. 57.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Morgan Stanley reaffirmed an “overweight” rating and set a $31.00 price objective (up previously from $30.00) on shares of AT&T in a report on Thursday, April 24th. Scotiabank restated an “outperform” rating on shares of AT&T in a research report on Thursday, April 24th. Oppenheimer lifted their price objective on AT&T from $27.00 to $32.00 and gave the company an “outperform” rating in a research report on Tuesday, April 1st. Tigress Financial boosted their price objective on AT&T from $32.00 to $34.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Finally, Wall Street Zen upgraded AT&T from a “hold” rating to a “buy” rating in a research note on Friday, April 25th. One analyst has rated the stock with a sell rating, six have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $28.71.

AT&T Stock Down 2.0%

Shares of NYSE T opened at $27.41 on Thursday. AT&T Inc. has a 1 year low of $17.42 and a 1 year high of $29.03. The firm’s 50-day moving average is $27.34 and its 200-day moving average is $25.38. The company has a current ratio of 0.66, a quick ratio of 0.62 and a debt-to-equity ratio of 1.00. The firm has a market capitalization of $197.23 billion, a PE ratio of 18.40, a price-to-earnings-growth ratio of 3.00 and a beta of 0.41.

AT&T (NYSE:T) last announced its quarterly earnings data on Wednesday, April 23rd. The technology company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). AT&T had a net margin of 8.95% and a return on equity of 13.97%. The business had revenue of $30.63 billion during the quarter, compared to analyst estimates of $30.39 billion. During the same quarter in the prior year, the company earned $0.55 earnings per share. The company’s quarterly revenue was up 2.0% on a year-over-year basis. Equities analysts expect that AT&T Inc. will post 2.14 EPS for the current year.

AT&T Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Thursday, April 10th were given a $0.2775 dividend. The ex-dividend date of this dividend was Thursday, April 10th. This represents a $1.11 annualized dividend and a dividend yield of 4.05%. AT&T’s dividend payout ratio is currently 68.10%.

About AT&T

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.