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

SteelPeak Wealth LLC lessened its holdings in AT&T Inc. (NYSE:T) by 12.4% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 415,395 shares of the technology company’s stock after selling 58,647 shares during the period. SteelPeak Wealth LLC’s holdings in AT&T were worth $11,747,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of T. Norges Bank purchased a new position in shares of AT&T during the fourth quarter valued at about $1,858,418,000. GQG Partners LLC grew its position in shares of AT&T by 37.3% during the fourth quarter. GQG Partners LLC now owns 96,779,385 shares of the technology company’s stock valued at $2,203,667,000 after purchasing an additional 26,280,866 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of AT&T by 31.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 53,432,827 shares of the technology company’s stock valued at $1,216,665,000 after purchasing an additional 12,881,578 shares in the last quarter. Northern Trust Corp grew its position in shares of AT&T by 16.3% during the fourth quarter. Northern Trust Corp now owns 78,148,354 shares of the technology company’s stock valued at $1,779,438,000 after purchasing an additional 10,945,679 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of AT&T by 18.2% during the fourth quarter. Invesco Ltd. now owns 47,651,898 shares of the technology company’s stock valued at $1,085,034,000 after purchasing an additional 7,347,354 shares in the last quarter. Hedge funds and other institutional investors own 57.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on T. TD Securities raised their price objective on AT&T from $29.00 to $30.00 and gave the company a “hold” rating in a research report on Thursday, April 24th. Bank of America began coverage on AT&T in a research report on Monday. They issued a “buy” rating and a $32.00 price target for the company. Oppenheimer lifted their price target on AT&T from $27.00 to $32.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 1st. Scotiabank reiterated an “outperform” rating on shares of AT&T in a research report on Thursday, April 24th. Finally, Cowen reiterated a “hold” rating on shares of AT&T in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $29.10.

AT&T Stock Performance

AT&T stock opened at $27.61 on Friday. The company has a 50 day moving average price of $27.84 and a 200-day moving average price of $26.27. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.65 and a current ratio of 0.70. AT&T Inc. has a fifty-two week low of $18.14 and a fifty-two week high of $29.19. The company has a market capitalization of $198.63 billion, a PE ratio of 16.94, a P/E/G ratio of 3.51 and a beta of 0.42.

AT&T (NYSE:T) last posted its quarterly earnings results 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 9.64% and a return on equity of 13.63%. The company had revenue of $30.63 billion for the quarter, compared to the consensus estimate of $30.39 billion. During the same period in the prior year, the firm posted $0.55 EPS. The business’s revenue was up 2.0% on a year-over-year basis. As a group, equities analysts forecast that AT&T Inc. will post 2.14 earnings per share for the current year.

AT&T Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 10th will be paid a $0.2775 dividend. This represents a $1.11 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date is Thursday, July 10th. AT&T’s dividend payout ratio (DPR) is 68.10%.

AT&T Company Profile

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.