Summit Financial LLC Cuts Stock Position in AT&T Inc. $T

Key Points

• Summit Financial LLC sold 10,003 shares of AT&T Inc., reducing its holdings by 4.1%, leaving it with 236,709 shares valued at approximately $6.69 million as of the latest reporting period.
• AT&T recently reported earnings of $0.54 per share for the quarter, exceeding estimates, with a revenue of $30.85 billion, an increase of 3.4% year-over-year.
• The company announced a quarterly dividend of $0.2775 per share, which provides a yield of 3.8% and reflects a payout ratio of 63.07%.

Summit Financial LLC lessened its stake in AT&T Inc. (NYSE:T - Free Report) by 4.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 236,709 shares of the technology company's stock after selling 10,003 shares during the quarter. Summit Financial LLC's holdings in AT&T were worth $6,694,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of T. Nuveen LLC purchased a new stake in shares of AT&T during the first quarter valued at approximately $1,072,128,000. GQG Partners LLC lifted its position in AT&T by 17.7% in the 1st quarter. GQG Partners LLC now owns 113,957,259 shares of the technology company's stock valued at $3,222,711,000 after acquiring an additional 17,177,874 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in AT&T by 31.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 53,432,827 shares of the technology company's stock valued at $1,216,665,000 after acquiring an additional 12,881,578 shares in the last quarter. Ontario Teachers Pension Plan Board boosted its stake in AT&T by 30,527.5% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 11,959,440 shares of the technology company's stock valued at $338,213,000 after purchasing an additional 11,920,392 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of AT&T by 16.3% in the 4th quarter. Northern Trust Corp now owns 78,148,354 shares of the technology company's stock worth $1,779,438,000 after purchasing an additional 10,945,679 shares in the last quarter. 57.10% of the stock is currently owned by institutional investors.

AT&T Stock Performance

NYSE T traded down $0.7110 on Friday, hitting $28.7290. 33,993,083 shares of the company traded hands, compared to its average volume of 30,014,602. The business's 50 day moving average price is $27.99 and its 200-day moving average price is $27.36. AT&T Inc. has a 52-week low of $19.51 and a 52-week high of $29.65. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $205.42 billion, a price-to-earnings ratio of 16.32, a P/E/G ratio of 3.64 and a beta of 0.42.

AT&T (NYSE:T - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The technology company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. AT&T had a return on equity of 13.36% and a net margin of 10.29%.The firm had revenue of $30.85 billion for the quarter, compared to the consensus estimate of $30.44 billion. During the same quarter last year, the company earned $0.51 earnings per share. The business's revenue for the quarter was up 3.4% compared to the same quarter last year. Equities analysts expect that AT&T Inc. will post 2.14 earnings per share for the current year.

AT&T Dividend Announcement

The company also recently declared 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. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $1.11 annualized dividend and a yield of 3.9%. AT&T's payout ratio is currently 63.07%.

Wall Street Analyst Weigh In

T has been the subject of several recent analyst reports. Tigress Financial boosted their price target on AT&T from $32.00 to $34.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Evercore ISI upped their target price on shares of AT&T from $25.00 to $27.00 and gave the company an "in-line" rating in a research note on Thursday, April 24th. Hsbc Global Res cut shares of AT&T from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 24th. Royal Bank Of Canada increased their price objective on shares of AT&T from $28.00 to $30.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Finally, Williams Trading set a $30.00 target price on shares of AT&T in a research report on Thursday, April 24th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, AT&T currently has an average rating of "Moderate Buy" and a consensus target price of $30.21.

AT&T Company 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.