Columbia Asset Management Cuts Stake in AT&T Inc. $T

Key Points

• Columbia Asset Management reduced its stake in AT&T by 59% in the second quarter, now holding 116,216 shares valued at $3,363,000.
• Multiple institutional investors have adjusted their positions in AT&T, with firms such as PBMares Wealth Management and Generali Investments increasing their stakes during the same period.
• AT&T announced a quarterly dividend of $0.2775 per share, with a yield of 3.9%, payable on November 3rd to shareholders of record on October 10th.

Columbia Asset Management lowered its position in shares of AT&T Inc. (NYSE:T - Free Report) by 59.0% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 116,216 shares of the technology company's stock after selling 166,926 shares during the period. Columbia Asset Management's holdings in AT&T were worth $3,363,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. PBMares Wealth Management LLC boosted its position in AT&T by 6.4% during the 2nd quarter. PBMares Wealth Management LLC now owns 28,136 shares of the technology company's stock valued at $814,000 after buying an additional 1,696 shares during the period. Generali Investments CEE investicni spolecnost a.s. boosted its position in AT&T by 15.2% during the 2nd quarter. Generali Investments CEE investicni spolecnost a.s. now owns 134,821 shares of the technology company's stock valued at $3,902,000 after buying an additional 17,794 shares during the period. Cooper Financial Group boosted its position in AT&T by 9.7% during the 2nd quarter. Cooper Financial Group now owns 26,903 shares of the technology company's stock valued at $779,000 after buying an additional 2,387 shares during the period. Alley Investment Management Company LLC purchased a new stake in AT&T during the 2nd quarter valued at $3,885,000. Finally, Truist Financial Corp boosted its position in AT&T by 1.6% during the 2nd quarter. Truist Financial Corp now owns 5,400,197 shares of the technology company's stock valued at $156,282,000 after buying an additional 82,879 shares during the period. Hedge funds and other institutional investors own 57.10% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on T shares. UBS Group set a $33.00 price target on shares of AT&T in a research report on Thursday, September 18th. The Goldman Sachs Group assumed coverage on shares of AT&T in a research report on Tuesday, September 2nd. 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 research report on Thursday, July 24th. Scotiabank raised their target price on shares of AT&T from $29.50 to $30.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 11th. Finally, 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 research report on Thursday, September 18th. One 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 stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $30.74.

AT&T Trading Up 0.6%

Shares of NYSE T opened at $28.25 on Wednesday. AT&T Inc. has a 1 year low of $21.05 and a 1 year high of $29.79. The stock has a market cap of $202.00 billion, a P/E ratio of 16.05, a price-to-earnings-growth ratio of 3.59 and a beta of 0.44. The firm has a 50-day moving average of $28.64 and a 200 day moving average of $27.91. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.81 and a quick ratio of 0.76.

AT&T (NYSE:T - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The technology company reported $0.54 earnings per share (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 during the quarter, compared to analysts' expectations of $30.44 billion. During the same period last year, the company posted $0.51 EPS. AT&T's revenue was up 3.4% on a year-over-year basis. As a group, sell-side analysts expect that AT&T Inc. will post 2.14 EPS for the current fiscal year.

AT&T Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be paid a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Friday, October 10th. AT&T's dividend payout ratio (DPR) is currently 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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