Northern Trust Corp Sells 420,613 Shares of AT&T Inc. $T

Key Points

• Northern Trust Corp has reduced its holdings in AT&T Inc. by 0.5%, selling 420,613 shares, and now owns approximately 77.7 million shares valued at around $2.2 billion.
• AT&T's recent earnings report showed a profit of $0.54 per share, surpassing analyst estimates, with a quarterly revenue of $30.85 billion—up 3.4% from the previous year.
• The company announced a quarterly dividend of $0.2775 per share, which translates to an annualized dividend yield of 3.8%.

Northern Trust Corp reduced its position in shares of AT&T Inc. (NYSE:T - Free Report) by 0.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 77,727,741 shares of the technology company's stock after selling 420,613 shares during the quarter. Northern Trust Corp owned about 1.08% of AT&T worth $2,198,141,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Brooklyn Investment Group raised its stake in shares of AT&T by 18.2% during the 1st quarter. Brooklyn Investment Group now owns 65,637 shares of the technology company's stock worth $1,856,000 after purchasing an additional 10,115 shares in the last quarter. TriaGen Wealth Management LLC bought a new position in shares of AT&T during the first quarter worth about $202,000. Versor Investments LP raised its position in shares of AT&T by 61.4% during the first quarter. Versor Investments LP now owns 26,982 shares of the technology company's stock worth $763,000 after acquiring an additional 10,263 shares during the last quarter. Valley Brook Capital Group Inc. acquired a new stake in AT&T during the first quarter worth approximately $215,000. Finally, Summit Securities Group LLC grew its stake in AT&T by 65.0% during the first quarter. Summit Securities Group LLC now owns 77,569 shares of the technology company's stock worth $2,194,000 after purchasing an additional 30,569 shares during the period. 57.10% of the stock is currently owned by institutional investors and hedge funds.

AT&T Stock Up 0.5%

T stock opened at $28.89 on Monday. The firm's 50-day moving average is $27.90 and its two-hundred day moving average is $27.23. The company has a market capitalization of $206.57 billion, a price-to-earnings ratio of 16.41, a price-to-earnings-growth ratio of 3.57 and a beta of 0.42. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 1.01. AT&T Inc. has a 52 week low of $19.08 and a 52 week high of $29.19.

AT&T (NYSE:T - Get Free Report) last posted 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. AT&T had a net margin of 10.29% and a return on equity of 13.36%. The business had revenue of $30.85 billion for the quarter, compared to analyst estimates of $30.44 billion. During the same quarter in the prior year, the firm earned $0.51 EPS. The firm's quarterly revenue was up 3.4% compared to the same quarter last year. On average, analysts forecast that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

AT&T Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on T shares. Williams Trading set a $30.00 target price on AT&T in a research report on Thursday, April 24th. UBS Group reiterated a "buy" rating and issued a $31.00 price target (up from $30.00) on shares of AT&T in a research report on Wednesday, June 18th. Evercore ISI boosted their target price on AT&T from $25.00 to $27.00 and gave the stock an "in-line" rating in a research report on Thursday, April 24th. JPMorgan Chase & Co. upped their price objective on AT&T from $31.00 to $33.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Finally, HSBC cut 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. One analyst has rated the stock with a sell rating, five have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, AT&T presently has an average 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.

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