Coastwise Capital Group LLC Trims Holdings in AT&T Inc. $T

Key Points

• Coastwise Capital Group LLC has reduced its holdings in AT&T Inc. by 21.2%, owning a total of 56,872 shares after selling 15,260 shares in Q2 2023.
• AT&T reported a net income of $0.54 per share for the most recent quarter, exceeding expectations and reflecting a 3.4% year-over-year revenue increase.
• Despite some institutional sell-offs, other investors such as Orrstown Financial Services Inc. and Grant Private Wealth Management Inc. increased their stakes in AT&T during the second quarter.

Coastwise Capital Group LLC cut its holdings in AT&T Inc. (NYSE:T - Free Report) by 21.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,872 shares of the technology company's stock after selling 15,260 shares during the quarter. AT&T makes up about 1.3% of Coastwise Capital Group LLC's holdings, making the stock its 18th biggest holding. Coastwise Capital Group LLC's holdings in AT&T were worth $1,646,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Orrstown Financial Services Inc. increased its stake in AT&T by 64.2% during the 2nd quarter. Orrstown Financial Services Inc. now owns 13,458 shares of the technology company's stock valued at $389,000 after purchasing an additional 5,262 shares in the last quarter. Grant Private Wealth Management Inc purchased a new position in AT&T in the second quarter worth about $6,655,000. Farther Finance Advisors LLC raised its holdings in AT&T by 13.6% in the second quarter. Farther Finance Advisors LLC now owns 173,557 shares of the technology company's stock worth $5,023,000 after buying an additional 20,714 shares during the last quarter. Busey Bank raised its holdings in AT&T by 17.9% in the second quarter. Busey Bank now owns 97,660 shares of the technology company's stock worth $2,826,000 after buying an additional 14,825 shares during the last quarter. Finally, UMB Bank n.a. raised its holdings in AT&T by 2.5% in the second quarter. UMB Bank n.a. now owns 184,342 shares of the technology company's stock worth $5,335,000 after buying an additional 4,566 shares during 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 $29.04 on Friday. The firm's 50 day moving average price is $28.45 and its 200-day moving average price is $27.82. AT&T Inc. has a twelve month low of $21.05 and a twelve month high of $29.79. 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 stock has a market capitalization of $207.65 billion, a PE ratio of 16.50, a price-to-earnings-growth ratio of 3.59 and a beta of 0.44.

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

AT&T Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on T. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $33.00 target price (up from $31.00) on shares of AT&T in a report on Thursday. JPMorgan Chase & Co. lifted their target price on shares of AT&T from $31.00 to $33.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Bank of America began coverage on shares of AT&T in a report on Monday, July 7th. They issued a "buy" rating and a $32.00 target price for the company. HSBC cut shares of AT&T from a "buy" rating to a "hold" rating and set a $30.00 target price for the company. in a report on Thursday, July 24th. Finally, Sanford C. Bernstein raised their price target on shares of AT&T from $31.00 to $32.00 and gave the company an "outperform" rating in a report on Thursday, September 4th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $30.74.

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.

Want to see what other hedge funds are holding T? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AT&T Inc. (NYSE:T - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.