Allstate Corp Has $7.23 Million Stock Holdings in AT&T Inc. $T

Key Points

• Allstate Corp has increased its stake in AT&T Inc. by 21%, holding 255,470 shares worth approximately $7.23 million as of the latest reporting period.
• Institutional investors collectively hold 57.10% of AT&T's stock, with several hedge funds making significant changes to their positions in the first quarter.
• AT&T reported earnings per share (EPS) of $0.54 for the most recent quarter, exceeding the analyst estimate, and has a quarterly dividend of $0.2775, representing an annual yield of 3.8%.

Allstate Corp grew its position in shares of AT&T Inc. (NYSE:T - Free Report) by 21.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 255,470 shares of the technology company's stock after acquiring an additional 44,353 shares during the quarter. Allstate Corp's holdings in AT&T were worth $7,225,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. AllSquare Wealth Management LLC increased its stake in shares of AT&T by 7.1% in the 1st quarter. AllSquare Wealth Management LLC now owns 5,704 shares of the technology company's stock valued at $161,000 after acquiring an additional 378 shares in the last quarter. Next Level Private LLC boosted its position in shares of AT&T by 0.3% during the 1st quarter. Next Level Private LLC now owns 113,379 shares of the technology company's stock worth $3,206,000 after purchasing an additional 379 shares in the last quarter. Barnes Wealth Management Group Inc grew its stake in shares of AT&T by 2.6% in the 1st quarter. Barnes Wealth Management Group Inc now owns 15,027 shares of the technology company's stock valued at $425,000 after buying an additional 380 shares during the period. Carolinas Wealth Consulting LLC increased its holdings in shares of AT&T by 1.6% during the fourth quarter. Carolinas Wealth Consulting LLC now owns 24,161 shares of the technology company's stock valued at $550,000 after acquiring an additional 384 shares in the last quarter. Finally, Kozak & Associates Inc. grew its position in AT&T by 9.4% in the 1st quarter. Kozak & Associates Inc. now owns 4,617 shares of the technology company's stock valued at $126,000 after purchasing an additional 398 shares during the period. 57.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Hsbc Global Res lowered shares of AT&T from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 24th. Williams Trading set a $30.00 target price on shares of AT&T in a research report on Thursday, April 24th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $31.00 target price (up from $30.00) on shares of AT&T in a report on Thursday, July 24th. Wells Fargo & Company lifted their price target on AT&T from $30.00 to $31.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, AT&T has an average rating of "Moderate Buy" and an average target price of $30.21.

AT&T Price Performance

AT&T stock opened at $29.4350 on Friday. The business's 50 day simple moving average is $27.98 and its 200 day simple moving average is $27.33. AT&T Inc. has a 12 month low of $19.40 and a 12 month high of $29.56. The company has a market cap of $210.47 billion, a price-to-earnings ratio of 16.72, a PEG ratio of 3.62 and a beta of 0.42. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 1.01.

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

AT&T Dividend Announcement

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

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.

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