Convergence Investment Partners LLC Increases Holdings in AT&T Inc. (NYSE:T)

Convergence Investment Partners LLC grew its holdings in AT&T Inc. (NYSE:T - Free Report) by 13.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 206,324 shares of the technology company's stock after purchasing an additional 23,740 shares during the period. AT&T comprises 1.6% of Convergence Investment Partners LLC's portfolio, making the stock its 9th largest holding. Convergence Investment Partners LLC's holdings in AT&T were worth $5,835,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Hager Investment Management Services LLC increased its holdings in shares of AT&T by 182.1% during the 1st quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company's stock worth $28,000 after acquiring an additional 641 shares during the last quarter. Core Alternative Capital lifted its holdings in shares of AT&T by 125.4% in the first quarter. Core Alternative Capital now owns 1,021 shares of the technology company's stock valued at $29,000 after purchasing an additional 568 shares in the last quarter. Capital A Wealth Management LLC bought a new position in shares of AT&T in the fourth quarter valued at approximately $25,000. Minot DeBlois Advisors LLC bought a new stake in AT&T during the fourth quarter worth $25,000. Finally, Putney Financial Group LLC bought a new stake in AT&T during the fourth quarter worth $27,000. Institutional investors and hedge funds own 57.10% of the company's stock.

AT&T Price Performance

Shares of AT&T stock traded up $0.10 during trading on Friday, reaching $28.02. The company's stock had a trading volume of 33,981,327 shares, compared to its average volume of 32,249,414. The stock has a market capitalization of $201.58 billion, a P/E ratio of 15.92, a price-to-earnings-growth ratio of 3.48 and a beta of 0.42. AT&T Inc. has a one year low of $18.64 and a one year high of $29.19. The company has a current ratio of 0.81, a quick ratio of 0.65 and a debt-to-equity ratio of 1.01. The stock has a 50-day moving average price of $27.81 and a two-hundred day moving average price of $26.62.

AT&T (NYSE:T - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The technology company reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.01. The business had revenue of $30.85 billion for the quarter, compared to analysts' expectations of $30.44 billion. AT&T had a return on equity of 13.36% and a net margin of 10.29%. The firm's revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.51 EPS. As a group, sell-side analysts anticipate 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 Friday, August 1st. Stockholders of record on Thursday, July 10th will be issued a dividend of $0.2775 per share. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $1.11 annualized dividend and a dividend yield of 3.96%. AT&T's dividend payout ratio is 63.07%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Wall Street Zen upgraded AT&T from a "hold" rating to a "buy" rating in a research report on Friday, April 25th. Bank of America started coverage on AT&T in a research report on Monday, July 7th. They issued a "buy" rating and a $32.00 target price for the company. Evercore ISI increased their target price on AT&T from $25.00 to $27.00 and gave the company an "in-line" rating in a research note on Thursday, April 24th. Morgan Stanley increased their target price on AT&T from $31.00 to $32.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Finally, TD Securities raised their price target on AT&T from $29.00 to $30.00 and gave the stock a "hold" rating in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus 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.