AlTi Global Inc. Acquires 14,619 Shares of AT&T Inc. $T

Key Points

• AlTi Global Inc. increased its holdings in AT&T by 119.4%, acquiring 14,619 shares during the second quarter, bringing its total to 26,860 shares valued at approximately $774,000.
• Analyst ratings for AT&T are mixed, with recent reports from HSBC downgrading the stock to a "hold" with a price target of $30, while Goldman Sachs initiated coverage with a "buy" and a target of $32.
• AT&T announced a quarterly dividend of $0.2775 per share, representing an annual yield of 4.4%, with the ex-dividend date set for October 10th.

AlTi Global Inc. raised its holdings in shares of AT&T Inc. (NYSE:T - Free Report) by 119.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,860 shares of the technology company's stock after acquiring an additional 14,619 shares during the quarter. AlTi Global Inc.'s holdings in AT&T were worth $774,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Kingstone Capital Partners Texas LLC acquired a new stake in shares of AT&T in the 2nd quarter valued at approximately $5,266,758,000. Nuveen LLC acquired a new stake in shares of AT&T in the 1st quarter valued at approximately $1,072,128,000. GQG Partners LLC boosted its holdings in shares of AT&T by 17.7% in the 1st quarter. GQG Partners LLC now owns 113,957,259 shares of the technology company's stock valued at $3,222,711,000 after buying an additional 17,177,874 shares during the last quarter. Ontario Teachers Pension Plan Board boosted its holdings in shares of AT&T by 30,527.5% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 11,959,440 shares of the technology company's stock valued at $338,213,000 after buying an additional 11,920,392 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of AT&T by 350.4% in the 1st quarter. Wellington Management Group LLP now owns 11,363,940 shares of the technology company's stock valued at $321,372,000 after buying an additional 8,841,126 shares during the last quarter. 57.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

T has been the subject of several recent analyst reports. HSBC downgraded AT&T from a "buy" rating to a "hold" rating and set a $30.00 price objective for the company. in a report on Thursday, July 24th. The Goldman Sachs Group initiated coverage on AT&T in a report on Tuesday, September 2nd. They issued a "buy" rating and a $32.00 price objective for the company. TD Cowen increased their price objective on AT&T from $32.00 to $33.00 and gave the company a "hold" rating in a report on Thursday. JPMorgan Chase & Co. raised their price target on AT&T from $31.00 to $33.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Finally, Bank of America began coverage on AT&T in a report on Monday, July 7th. They set a "buy" rating and a $32.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $30.67.

AT&T Stock Performance

Shares of T stock opened at $25.17 on Friday. The business's 50 day simple moving average is $27.97 and its 200 day simple moving average is $27.75. AT&T Inc. has a one year low of $21.38 and a one year high of $29.79. The stock has a market capitalization of $179.95 billion, a PE ratio of 8.17, a PEG ratio of 1.99 and a beta of 0.42. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.01 and a quick ratio of 0.76.

AT&T (NYSE:T - Get Free Report) last announced its earnings results on Wednesday, October 22nd. The technology company reported $0.54 EPS for the quarter, meeting the consensus estimate of $0.54. AT&T had a return on equity of 12.72% and a net margin of 17.87%.The business had revenue of $30.71 billion for the quarter, compared to analysts' expectations of $30.85 billion. During the same period in the prior year, the business posted $0.60 earnings per share. The firm's revenue was up 1.7% on a year-over-year basis. As a group, research analysts forecast that AT&T Inc. will post 2.14 earnings per share for the current year.

AT&T Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be issued a $0.2775 dividend. The ex-dividend date is Friday, October 10th. This represents a $1.11 annualized dividend and a yield of 4.4%. AT&T's dividend payout ratio is presently 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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