First Bank & Trust Reduces Stock Position in AT&T Inc. $T

Key Points

• First Bank & Trust reduced its stake in AT&T Inc. by 7.1%, holding 130,164 shares worth approximately $3.77 million after selling nearly 10,000 shares in the second quarter.
• Analysts have increased their price targets for AT&T, with multiple firms setting targets at $31.00 to $33.00 and an overall average target price of $30.60, along with a consensus rating of "Moderate Buy."
• AT&T reported a 3.4% year-over-year revenue increase, with earnings per share of $0.54, slightly surpassing analysts' expectations, while also declaring a quarterly dividend of $0.2775 per share.

First Bank & Trust decreased its position in AT&T Inc. (NYSE:T - Free Report) by 7.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 130,164 shares of the technology company's stock after selling 9,995 shares during the quarter. First Bank & Trust's holdings in AT&T were worth $3,767,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Capital A Wealth Management LLC acquired a new position in AT&T in the 4th quarter valued at $25,000. Stone House Investment Management LLC purchased a new stake in shares of AT&T in the first quarter valued at $25,000. Putney Financial Group LLC purchased a new stake in shares of AT&T in the fourth quarter valued at $27,000. Hager Investment Management Services LLC increased 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. Finally, Core Alternative Capital lifted its position in AT&T by 125.4% during the first quarter. Core Alternative Capital now owns 1,021 shares of the technology company's stock worth $29,000 after buying an additional 568 shares during the period. 57.10% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on the company. Sanford C. Bernstein lifted their price target on AT&T from $31.00 to $32.00 and gave the company an "outperform" rating in a report on Thursday, September 4th. UBS Group set a $32.00 target price on shares of AT&T in a report on Thursday, September 4th. Raymond James Financial reaffirmed a "strong-buy" rating and set a $31.00 price target (up previously from $30.00) on shares of AT&T in a research report on Thursday, July 24th. JPMorgan Chase & Co. increased their price target on shares of AT&T from $31.00 to $33.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Finally, Citigroup reissued a "buy" rating on shares of AT&T in a research note on Tuesday, August 26th. One research 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 company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $30.60.

AT&T Price Performance

NYSE T opened at $29.66 on Tuesday. AT&T Inc. has a 1 year low of $21.05 and a 1 year high of $29.79. The business's fifty day moving average is $28.33 and its two-hundred day moving average is $27.76. The stock has a market capitalization of $212.08 billion, a P/E ratio of 16.85, a P/E/G ratio of 3.68 and a beta of 0.44. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.76 and a current ratio of 0.81.

AT&T (NYSE:T - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping 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 company's quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.51 EPS. On average, research analysts forecast that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Thursday, July 10th were issued a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a yield of 3.7%. The ex-dividend date was Thursday, July 10th. AT&T's payout ratio is presently 63.07%.

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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