US Bancorp DE Sells 121,441 Shares of AT&T Inc. (NYSE:T)

Key Points

• US Bancorp DE has reduced its shareholding in AT&T Inc. by 5.7%, now owning approximately 2 million shares valued at about $56.6 million.
• AT&T reported earnings of $0.54 per share for the quarter, slightly exceeding the expected $0.53 and showing a revenue increase of 3.4% year-over-year.
• The company recently declared a quarterly dividend of $0.2775 per share, reflecting an annualized dividend yield of 4.0%.

US Bancorp DE decreased its position in shares of AT&T Inc. (NYSE:T - Free Report) by 5.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,002,108 shares of the technology company's stock after selling 121,441 shares during the period. US Bancorp DE's holdings in AT&T were worth $56,620,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hager Investment Management Services LLC lifted its stake in shares of AT&T by 182.1% during the 1st 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 during the last quarter. IMA Advisory Services Inc. acquired a new position in shares of AT&T during the 1st quarter worth approximately $29,000. Core Alternative Capital boosted its holdings in AT&T by 125.4% in the 1st 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 last quarter. Capital A Wealth Management LLC purchased a new stake in shares of AT&T during the fourth quarter worth $25,000. Finally, Minot DeBlois Advisors LLC acquired a new stake in shares of AT&T in the fourth quarter valued at approximately $25,000. Hedge funds and other institutional investors own 57.10% of the company's stock.

AT&T Price Performance

Shares of T opened at $27.76 on Friday. The stock's fifty day moving average is $27.80 and its 200-day moving average is $26.81. The firm has a market capitalization of $198.49 billion, a price-to-earnings ratio of 15.77, a price-to-earnings-growth ratio of 3.40 and a beta of 0.42. AT&T Inc. has a one year low of $18.64 and a one year high of $29.19. 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 posted its quarterly earnings data on Wednesday, July 23rd. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. The firm had revenue of $30.85 billion for the quarter, compared to the consensus estimate of $30.44 billion. AT&T had a return on equity of 13.36% and a net margin of 10.29%. The business's revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.51 EPS. Equities analysts anticipate that AT&T Inc. will post 2.14 EPS for the current year.

AT&T Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 10th were paid a $0.2775 dividend. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend was Thursday, July 10th. AT&T's dividend payout ratio (DPR) is presently 63.07%.

Wall Street Analyst Weigh In

T has been the subject of a number of research reports. Citigroup reaffirmed a "buy" rating on shares of AT&T in a research note on Tuesday, June 17th. HSBC downgraded AT&T from a "buy" rating to a "hold" rating and set a $30.00 target price on the stock. in a research note on Thursday, July 24th. Royal Bank Of Canada raised their target price on AT&T from $28.00 to $30.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. JPMorgan Chase & Co. lifted their target price on shares of AT&T from $31.00 to $33.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Finally, Morgan Stanley increased their price target on AT&T from $31.00 to $32.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. One analyst has rated the stock with a sell rating, six have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $29.66.

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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