OLD National Bancorp IN Decreases Position in AT&T Inc. $T

Key Points

• OLD National Bancorp IN has reduced its stake in AT&T Inc. by 11.7%, now holding approximately 1.5 million shares valued at about $44.8 million.
• AT&T recently reported a quarterly earnings of $0.54 EPS, surpassing analysts' expectations, with revenues of $30.85 billion, up 3.4% year-over-year.
• The company announced a quarterly dividend of $0.2775, representing an annualized yield of 4.1%, with a payout ratio of 63.07%.

OLD National Bancorp IN lessened its holdings in AT&T Inc. (NYSE:T - Free Report) by 11.7% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,547,218 shares of the technology company's stock after selling 205,149 shares during the period. AT&T makes up approximately 0.8% of OLD National Bancorp IN's portfolio, making the stock its 17th largest position. OLD National Bancorp IN's holdings in AT&T were worth $44,776,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Stone House Investment Management LLC purchased a new position in AT&T in the 1st quarter valued at approximately $25,000. O Brien Wealth Partners LLC purchased a new stake in shares of AT&T during the 2nd quarter worth $26,000. Kennebec Savings Bank grew its stake in shares of AT&T by 412.1% during the second quarter. Kennebec Savings Bank now owns 973 shares of the technology company's stock worth $28,000 after purchasing an additional 783 shares in the last quarter. Hager Investment Management Services LLC grew its stake in shares of AT&T by 182.1% during the first quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company's stock worth $28,000 after purchasing an additional 641 shares in the last quarter. Finally, IMA Advisory Services Inc. acquired a new position in shares of AT&T during the first quarter worth $29,000. Hedge funds and other institutional investors own 57.10% of the company's stock.

AT&T Price Performance

Shares of NYSE:T opened at $27.06 on Friday. The company has a 50-day simple moving average of $28.60 and a 200-day simple moving average of $27.92. AT&T Inc. has a one year low of $21.05 and a one year high of $29.79. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.76 and a current ratio of 0.81. The stock has a market capitalization of $193.49 billion, a price-to-earnings ratio of 15.38, a PEG ratio of 3.46 and a beta of 0.42.

AT&T (NYSE:T - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The technology company reported $0.54 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 business had revenue of $30.85 billion during the quarter, compared to analysts' expectations of $30.44 billion. During the same period in the prior year, the company earned $0.51 earnings per share. The business's revenue was up 3.4% compared to the same quarter last year. On average, analysts predict 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 will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be issued a $0.2775 dividend. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Friday, October 10th. AT&T's dividend payout ratio is presently 63.07%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Barclays reiterated an "equal weight" rating and set a $30.00 target price on shares of AT&T in a research note on Wednesday. JPMorgan Chase & Co. boosted their target price 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. The Goldman Sachs Group assumed coverage on shares of AT&T in a research note on Tuesday, September 2nd. They set a "buy" rating and a $32.00 target price for the company. Scotiabank boosted 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, Wells Fargo & Company boosted their target price on shares of AT&T from $30.00 to $31.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $30.74.

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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