Canvas Wealth Advisors LLC Acquires Shares of 8,035 AT&T Inc. $T

Canvas Wealth Advisors LLC acquired a new position in AT&T Inc. (NYSE:T) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 8,035 shares of the technology company’s stock, valued at approximately $222,000.

Other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC boosted its position in AT&T by 26.5% during the fourth quarter. Brighton Jones LLC now owns 48,579 shares of the technology company’s stock worth $1,106,000 after purchasing an additional 10,188 shares in the last quarter. GAMMA Investing LLC increased its position in shares of AT&T by 15.5% in the first quarter. GAMMA Investing LLC now owns 165,258 shares of the technology company’s stock valued at $4,673,000 after buying an additional 22,195 shares in the last quarter. Ellis Investment Partners LLC acquired a new position in shares of AT&T during the 1st quarter worth approximately $218,000. Ridgecrest Wealth Partners LLC lifted its position in shares of AT&T by 7.7% during the 1st quarter. Ridgecrest Wealth Partners LLC now owns 19,808 shares of the technology company’s stock valued at $560,000 after buying an additional 1,420 shares in the last quarter. Finally, Flagship Harbor Advisors LLC lifted its position in shares of AT&T by 10.0% during the 1st quarter. Flagship Harbor Advisors LLC now owns 75,763 shares of the technology company’s stock valued at $2,143,000 after buying an additional 6,888 shares in the last quarter. 57.10% of the stock is currently owned by institutional investors and hedge funds.

AT&T Price Performance

NYSE:T opened at $26.08 on Tuesday. AT&T Inc. has a one year low of $21.05 and a one year high of $29.79. The stock has a market cap of $186.45 billion, a PE ratio of 14.82, a P/E/G ratio of 2.13 and a beta of 0.42. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.76 and a current ratio of 0.81. The stock has a 50 day moving average price of $28.23 and a 200 day moving average price of $27.80.

AT&T (NYSE:T) last posted its earnings results on Wednesday, July 23rd. The technology company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. The company had revenue of $30.85 billion for the quarter, compared to analyst estimates of $30.44 billion. AT&T had a net margin of 10.29% and a return on equity of 13.36%. AT&T’s revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.51 EPS. Equities research analysts expect that AT&T Inc. will post 2.14 EPS for the current fiscal year.

AT&T Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be paid a dividend of $0.2775 per share. The ex-dividend date of this dividend is Friday, October 10th. This represents a $1.11 annualized dividend and a yield of 4.3%. AT&T’s dividend payout ratio (DPR) is 63.07%.

Analysts Set New Price Targets

Several brokerages recently commented on T. Scotiabank set a $30.25 price target on shares of AT&T and gave the stock a “sector perform” rating in a report on Monday, October 6th. Raymond James Financial reiterated a “strong-buy” rating and issued a $33.00 target price (up previously from $31.00) on shares of AT&T in a research report on Thursday, September 18th. Wells Fargo & Company reduced their price target on shares of AT&T from $31.00 to $29.00 and set an “overweight” rating for the company in a research report on Thursday, October 16th. Barclays reaffirmed an “equal weight” rating and issued a $30.00 price target on shares of AT&T in a research note on Wednesday, October 1st. Finally, UBS Group set a $33.00 price objective on AT&T in a research note on Thursday, September 18th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $30.65.

AT&T 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.