WFA Asset Management Corp Sells 46,697 Shares of AT&T Inc. $T

Key Points

• WFA Asset Management Corp reduced its stake in AT&T by 23.4%, selling 46,697 shares and now holding 153,217 shares worth approximately $4.43 million.
• AT&T recently declared a quarterly dividend of $0.2775 per share, representing an annualized dividend yield of 4.4%, which will be paid on November 3rd.
• Analysts have mixed views on AT&T, with target prices ranging from $28.00 to $33.00, reflecting a consensus rating of Moderate Buy.

WFA Asset Management Corp decreased its stake in shares of AT&T Inc. (NYSE:T - Free Report) by 23.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 153,217 shares of the technology company's stock after selling 46,697 shares during the quarter. AT&T accounts for about 2.6% of WFA Asset Management Corp's investment portfolio, making the stock its 13th biggest position. WFA Asset Management Corp's holdings in AT&T were worth $4,434,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in AT&T by 1.3% during the first quarter. Vanguard Group Inc. now owns 651,044,650 shares of the technology company's stock worth $18,411,543,000 after buying an additional 8,185,006 shares during the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in shares of AT&T during the second quarter worth approximately $5,266,758,000. GQG Partners LLC lifted its position in shares of AT&T by 17.7% during the first quarter. GQG Partners LLC now owns 113,957,259 shares of the technology company's stock worth $3,222,711,000 after purchasing 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 shares of AT&T by 3.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 55,216,190 shares of the technology company's stock worth $1,561,514,000 after purchasing an additional 1,783,363 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in AT&T by 2.5% in the first quarter. Dimensional Fund Advisors LP now owns 53,339,376 shares of the technology company's stock valued at $1,508,411,000 after buying an additional 1,307,009 shares during the period. Institutional investors own 57.10% of the company's stock.

AT&T Price Performance

Shares of NYSE:T opened at $25.08 on Thursday. The firm has a 50 day moving average of $28.12 and a 200-day moving average of $27.77. The stock has a market capitalization of $179.31 billion, a PE ratio of 14.24, a PEG ratio of 2.11 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 12 month low of $21.38 and a 12 month high of $29.79.

AT&T (NYSE:T - Get Free Report) last announced its earnings results on Wednesday, October 22nd. The technology company reported $0.54 EPS for the quarter, hitting the consensus estimate of $0.54. The firm had revenue of $30.71 billion for the quarter, compared to the consensus estimate of $30.85 billion. AT&T had a return on equity of 13.36% and a net margin of 10.29%.The business's quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.60 EPS. On average, equities research analysts predict that AT&T Inc. will post 2.14 EPS for the current fiscal year.

AT&T Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be given a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend is Friday, October 10th. AT&T's dividend payout ratio is currently 63.07%.

Analysts Set New Price Targets

T has been the topic of several analyst reports. The Goldman Sachs Group began coverage on shares of AT&T in a report on Tuesday, September 2nd. They issued a "buy" rating and a $32.00 target price on the stock. JPMorgan Chase & Co. raised their target price on shares of AT&T from $31.00 to $33.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Royal Bank Of Canada decreased their target price on shares of AT&T from $31.00 to $30.00 and set an "outperform" rating for the company in a research report on Thursday. Sanford C. Bernstein increased their price target on shares of AT&T from $31.00 to $32.00 and gave the company an "outperform" rating in a research note on Thursday, September 4th. Finally, Barclays cut their price target on shares of AT&T from $30.00 to $28.00 and set an "equal weight" rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $30.56.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.