AT&T Inc. (NYSE:T) Shares Sold by iA Global Asset Management Inc.

Key Points

• iA Global Asset Management Inc. reduced its holdings in AT&T by 3.9%, now owning 581,452 shares valued at approximately $16.44 million.
• AT&T reported a quarterly EPS of $0.54, exceeding analysts' expectations, with revenue of $30.85 billion—a 3.4% increase from the previous year.
• The company announced a quarterly dividend of $0.2775, translating to an annualized yield of 4.0%, with a payout ratio of 63.07%.

iA Global Asset Management Inc. trimmed its holdings in shares of AT&T Inc. (NYSE:T - Free Report) by 3.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 581,452 shares of the technology company's stock after selling 23,811 shares during the quarter. iA Global Asset Management Inc.'s holdings in AT&T were worth $16,443,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Keystone Financial Group grew its position in shares of AT&T by 196.3% during the fourth quarter. Keystone Financial Group now owns 216,980 shares of the technology company's stock worth $5,322,000 after buying an additional 143,744 shares in the last quarter. Capstone Wealth Management LLC purchased a new stake in AT&T during the first quarter worth approximately $201,000. DigitalBridge Group Inc. lifted its stake in AT&T by 14.6% during the fourth quarter. DigitalBridge Group Inc. now owns 2,865,814 shares of the technology company's stock worth $65,255,000 after purchasing an additional 365,776 shares during the last quarter. Wedmont Private Capital lifted its stake in AT&T by 7.9% during the first quarter. Wedmont Private Capital now owns 123,247 shares of the technology company's stock worth $3,302,000 after purchasing an additional 9,027 shares during the last quarter. Finally, Xponance Inc. lifted its stake in AT&T by 10.2% during the first quarter. Xponance Inc. now owns 1,109,933 shares of the technology company's stock worth $31,389,000 after purchasing an additional 102,419 shares during the last quarter. 57.10% of the stock is owned by institutional investors and hedge funds.

AT&T Stock Down 0.3%

Shares of AT&T stock opened at $27.66 on Tuesday. The business's fifty day moving average price is $27.81 and its two-hundred day moving average price is $26.92. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.81 and a quick ratio of 0.76. The company has a market capitalization of $197.78 billion, a P/E ratio of 15.72, a PEG ratio of 3.44 and a beta of 0.42. AT&T Inc. has a 1-year low of $18.64 and a 1-year high of $29.19.

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

AT&T Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Thursday, July 10th were paid a $0.2775 dividend. The ex-dividend date was Thursday, July 10th. This represents a $1.11 dividend on an annualized basis and a yield of 4.0%. AT&T's payout ratio is 63.07%.

Wall Street Analyst Weigh In

T has been the topic of a number of recent analyst reports. Wells Fargo & Company upped their price objective on AT&T from $30.00 to $31.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Bank of America started coverage on shares of AT&T in a report on Monday, July 7th. They issued a "buy" rating and a $32.00 price target on the stock. TD Securities increased their price target on shares of AT&T from $29.00 to $30.00 and gave the company a "hold" rating in a research report on Thursday, April 24th. JPMorgan Chase & Co. increased their price target on shares of AT&T from $31.00 to $33.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and set a $31.00 price objective (up previously from $30.00) on shares of AT&T in a research note on Thursday, July 24th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, AT&T currently has an average rating of "Moderate Buy" and an average price target of $29.66.

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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