Truist Financial Corp Has $156.28 Million Stock Position in AT&T Inc. $T

Key Points

• Truist Financial Corp increased its stake in AT&T Inc. by 1.6%, owning approximately $156.28 million worth of shares after acquiring an additional 82,879 shares in the second quarter.
• AT&T reported a quarterly earnings per share (EPS) of $0.54, exceeding estimates and showing a year-over-year revenue increase of 3.4%.
• The company declared a quarterly dividend of $0.2775 per share, reflecting an annualized payout of $1.11 with a dividend yield of 3.9%.

Truist Financial Corp boosted its stake in shares of AT&T Inc. (NYSE:T - Free Report) by 1.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,400,197 shares of the technology company's stock after buying an additional 82,879 shares during the period. Truist Financial Corp owned about 0.08% of AT&T worth $156,282,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kingstone Capital Partners Texas LLC purchased a new stake in shares of AT&T in the 2nd quarter valued at approximately $5,266,758,000. Nuveen LLC purchased a new position in AT&T during the 1st quarter worth approximately $1,072,128,000. GQG Partners LLC raised its stake in AT&T by 17.7% during 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 purchasing an additional 17,177,874 shares during the period. Ontario Teachers Pension Plan Board lifted its holdings in shares of AT&T by 30,527.5% in the first 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 in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of AT&T by 350.4% in the first quarter. Wellington Management Group LLP now owns 11,363,940 shares of the technology company's stock worth $321,372,000 after buying an additional 8,841,126 shares during the period. 57.10% of the stock is currently owned by institutional investors and hedge funds.

AT&T Price Performance

Shares of T opened at $28.25 on Wednesday. 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 firm has a market cap of $202.00 billion, a PE ratio of 16.05, a PEG ratio of 3.59 and a beta of 0.44. The firm's 50 day moving average price is $28.64 and its 200 day moving average price is $27.91. AT&T Inc. has a twelve month low of $21.05 and a twelve month high of $29.79.

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

AT&T Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be given a $0.2775 dividend. The ex-dividend date of this dividend is Friday, October 10th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 3.9%. AT&T's payout ratio is currently 63.07%.

Analysts Set New Price Targets

Several research firms recently weighed in on T. Hsbc Global Res lowered AT&T from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 24th. Scotiabank increased their price target on shares of AT&T from $29.50 to $30.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 11th. HSBC cut shares of AT&T from a "buy" rating to a "hold" rating and set a $30.00 price target for the company. in a report on Thursday, July 24th. Bank of America started coverage on shares of AT&T in a research note on Monday, July 7th. They issued a "buy" rating and a $32.00 price objective on the stock. Finally, Wells Fargo & Company lifted their target price on shares of AT&T from $30.00 to $31.00 and gave the company 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 assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target 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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