Corebridge Financial Inc. Reduces Holdings in AT&T Inc. $T

Key Points

• Corebridge Financial Inc. has reduced its stake in AT&T by 3.4%, selling 61,965 shares, bringing its total holdings to about 1.78 million shares valued at approximately $50.4 million.
• A variety of large investors have adjusted their positions in AT&T, with Vanguard Group Inc. increasing its stake by 1.3% and GQG Partners LLC boosting its holdings by 17.7% in the first quarter.
• AT&T reported strong quarterly earnings with an EPS of $0.54, beating expectations, and declared a dividend yield of 3.9% following the payment of a quarterly dividend of $0.2775 per share.

Corebridge Financial Inc. lowered its position in shares of AT&T Inc. (NYSE:T - Free Report) by 3.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,782,086 shares of the technology company's stock after selling 61,965 shares during the period. Corebridge Financial Inc.'s holdings in AT&T were worth $50,397,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Minot DeBlois Advisors LLC purchased a new position in AT&T in the fourth quarter valued at about $25,000. Capital A Wealth Management LLC purchased a new position in AT&T in the fourth quarter valued at about $25,000. Stone House Investment Management LLC purchased a new position in AT&T in the first quarter valued at about $25,000. Putney Financial Group LLC purchased a new position in AT&T in the fourth quarter valued at about $27,000. Finally, Hager Investment Management Services LLC grew its stake in AT&T by 182.1% in the first quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company's stock valued at $28,000 after purchasing an additional 641 shares during the last quarter. Hedge funds and other institutional investors own 57.10% of the company's stock.

AT&T Price Performance

Shares of T stock traded up $0.50 during trading hours on Wednesday, hitting $29.06. 28,008,730 shares of the company's stock were exchanged, compared to its average volume of 30,288,118. 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 firm has a market cap of $207.75 billion, a P/E ratio of 16.51, a P/E/G ratio of 3.53 and a beta of 0.42. The firm has a 50 day moving average of $28.03 and a two-hundred day moving average of $27.44. AT&T Inc. has a fifty-two week low of $19.62 and a fifty-two week high of $29.65.

AT&T (NYSE:T - Get Free Report) last announced its earnings results 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. The business had revenue of $30.85 billion during 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 business's quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.51 EPS. Sell-side analysts forecast that AT&T Inc. will post 2.14 EPS for the current year.

AT&T Announces Dividend

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

Analyst Upgrades and Downgrades

T has been the topic of several analyst reports. Tigress Financial lifted their target price on AT&T from $32.00 to $34.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. UBS Group restated a "buy" rating and set a $31.00 price target (up previously from $30.00) on shares of AT&T in a research note on Wednesday, June 18th. Bank of America assumed coverage on AT&T in a research note on Monday, July 7th. They set a "buy" rating and a $32.00 price target on the stock. Scotiabank lifted 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 note on Friday, July 11th. Finally, Citigroup restated a "buy" rating on shares of AT&T in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, AT&T presently has a consensus rating of "Moderate Buy" and an average price target of $30.21.

AT&T 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.