Pinnacle Associates Ltd. Reduces Position in AT&T Inc. $T

Pinnacle Associates Ltd. decreased its position in shares of AT&T Inc. (NYSE:T) by 2.9% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 526,701 shares of the technology company’s stock after selling 15,646 shares during the quarter. Pinnacle Associates Ltd.’s holdings in AT&T were worth $15,243,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC increased its position in shares of AT&T by 26.5% during the 4th quarter. Brighton Jones LLC now owns 48,579 shares of the technology company’s stock valued at $1,106,000 after purchasing an additional 10,188 shares during the last quarter. Golden State Wealth Management LLC boosted its stake in shares of AT&T by 74.9% during the first quarter. Golden State Wealth Management LLC now owns 7,341 shares of the technology company’s stock valued at $208,000 after purchasing an additional 3,143 shares in the last quarter. Keybank National Association OH boosted its position in AT&T by 0.7% during the 1st quarter. Keybank National Association OH now owns 1,151,415 shares of the technology company’s stock valued at $32,562,000 after acquiring an additional 8,195 shares in the last quarter. Pinnacle Financial Partners Inc grew its stake in AT&T by 9.8% in the first quarter. Pinnacle Financial Partners Inc now owns 85,406 shares of the technology company’s stock valued at $2,356,000 after purchasing an additional 7,598 shares during the last quarter. Finally, Private Trust Co. NA increased its position in shares of AT&T by 2.9% during the first quarter. Private Trust Co. NA now owns 63,810 shares of the technology company’s stock worth $1,805,000 after purchasing an additional 1,777 shares in the last quarter. 57.10% of the stock is owned by hedge funds and other institutional investors.

AT&T Price Performance

Shares of NYSE T opened at $24.66 on Friday. The stock has a 50 day moving average of $27.65 and a two-hundred day moving average of $27.72. AT&T Inc. has a twelve month low of $21.38 and a twelve month high of $29.79. The stock has a market cap of $176.35 billion, a P/E ratio of 8.01, a P/E/G ratio of 2.16 and a beta of 0.42. The company has a current ratio of 1.01, a quick ratio of 0.96 and a debt-to-equity ratio of 1.01.

AT&T (NYSE:T) last posted its quarterly earnings data on Wednesday, October 22nd. The technology company reported $0.54 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.54. AT&T had a return on equity of 12.72% and a net margin of 17.87%.The company had revenue of $30.71 billion during the quarter, compared to analysts’ expectations of $30.85 billion. During the same period last year, the firm earned $0.60 EPS. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. On average, research analysts forecast that AT&T Inc. will post 2.14 earnings per share for the current year.

AT&T Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be given a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date is Friday, October 10th. AT&T’s dividend payout ratio (DPR) is currently 36.04%.

Wall Street Analysts Forecast Growth

T has been the subject of several research reports. UBS Group reiterated a “buy” rating on shares of AT&T in a research note on Thursday, October 23rd. Scotiabank set a $30.25 target price on shares of AT&T and gave the stock a “sector perform” rating in a research note on Monday, October 6th. Bank of America started coverage on shares of AT&T in a research report on Monday, July 7th. They set a “buy” rating and a $32.00 price target for the company. Williams Trading set a $33.00 target price on shares of AT&T in a research note on Thursday, October 23rd. Finally, Royal Bank Of Canada dropped their price target on AT&T from $31.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.67.

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.