554,689 Shares in AT&T Inc. $T Bought by Park Avenue Securities LLC

Key Points

• Park Avenue Securities LLC purchased 554,689 shares of AT&T Inc. during the second quarter, valued at approximately $16.05 million.
• AT&T's most recent earnings report showed an EPS of $0.54, surpassing analysts' expectations and reflecting a 3.4% increase in revenue compared to the previous year.
• AT&T recently announced a quarterly dividend of $0.2775 per share, representing an annualized yield of 3.8%.

Park Avenue Securities LLC purchased a new position in shares of AT&T Inc. (NYSE:T - Free Report) in the second quarter, according to its most recent filing with the SEC. The firm purchased 554,689 shares of the technology company's stock, valued at approximately $16,053,000.

A number of other hedge funds have also added to or reduced their stakes in the business. David J Yvars Group raised its holdings in shares of AT&T by 2.8% during the second quarter. David J Yvars Group now owns 13,884 shares of the technology company's stock valued at $402,000 after purchasing an additional 372 shares during the period. AllSquare Wealth Management LLC lifted its holdings in shares of AT&T by 7.1% in the first quarter. AllSquare Wealth Management LLC now owns 5,704 shares of the technology company's stock valued at $161,000 after purchasing an additional 378 shares in the last quarter. Next Level Private LLC grew its holdings in AT&T by 0.3% during the first quarter. Next Level Private LLC now owns 113,379 shares of the technology company's stock worth $3,206,000 after buying an additional 379 shares in the last quarter. Barnes Wealth Management Group Inc lifted its stake in AT&T by 2.6% during the 1st quarter. Barnes Wealth Management Group Inc now owns 15,027 shares of the technology company's stock valued at $425,000 after acquiring an additional 380 shares in the last quarter. Finally, Carolinas Wealth Consulting LLC grew its stake in shares of AT&T by 1.6% in the 4th quarter. Carolinas Wealth Consulting LLC now owns 24,161 shares of the technology company's stock worth $550,000 after acquiring an additional 384 shares in the last quarter. 57.10% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. The Goldman Sachs Group began coverage on shares of AT&T in a research report on Tuesday, September 2nd. They set a "buy" rating and a $32.00 target price on the stock. JPMorgan Chase & Co. upped their price objective on AT&T from $31.00 to $33.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Wells Fargo & Company lifted their target price on AT&T from $30.00 to $31.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. HSBC lowered shares of AT&T from a "buy" rating to a "hold" rating and set a $30.00 price target for the company. in a research report on Thursday, July 24th. Finally, Morgan Stanley lifted their price objective on shares of AT&T from $31.00 to $32.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, AT&T has an average rating of "Moderate Buy" and a consensus price target of $30.74.

AT&T Price Performance

Shares of NYSE:T opened at $29.04 on Friday. The firm has a market capitalization of $207.65 billion, a PE ratio of 16.50, a P/E/G ratio of 3.59 and a beta of 0.44. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 1.01. The company has a 50-day moving average price of $28.45 and a two-hundred day moving average price of $27.82. AT&T Inc. has a twelve month low of $21.05 and a twelve month high of $29.79.

AT&T (NYSE:T - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The technology company reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.53 by $0.01. AT&T had a net margin of 10.29% and a return on equity of 13.36%. The company had revenue of $30.85 billion for the quarter, compared to analysts' expectations of $30.44 billion. During the same period in the prior year, the company posted $0.51 EPS. AT&T's revenue was up 3.4% compared to the same quarter last year. Equities analysts forecast that AT&T Inc. will post 2.14 EPS for the current year.

AT&T Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 10th were issued a dividend of $0.2775 per share. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $1.11 dividend on an annualized basis and a yield of 3.8%. AT&T's dividend payout ratio is 63.07%.

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.

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