Zurcher Kantonalbank Zurich Cantonalbank Raises Stake in AT&T Inc. (NYSE:T)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank has increased its stake in AT&T, purchasing an additional 242,931 shares, bringing their total holdings to 4,919,224 shares valued at approximately $139.1 million.
• AT&T is currently rated a Moderate Buy by analysts, with a consensus price target of $29.66; recent price upgrades include Wells Fargo raising its target to $31.00.
• The company has announced a quarterly dividend of $0.2775, resulting in a dividend yield of 3.96%, with a payout ratio of 63.07%.

Zurcher Kantonalbank Zurich Cantonalbank grew its position in AT&T Inc. (NYSE:T - Free Report) by 5.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,919,224 shares of the technology company's stock after buying an additional 242,931 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned 0.07% of AT&T worth $139,116,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Minot DeBlois Advisors LLC acquired a new position in shares of AT&T during the 4th quarter worth about $25,000. Capital A Wealth Management LLC purchased a new stake in shares of AT&T in the 4th quarter valued at about $25,000. Putney Financial Group LLC purchased a new stake in shares of AT&T in the 4th quarter valued at about $27,000. Hager Investment Management Services LLC lifted its holdings in shares of AT&T by 182.1% in the 1st quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company's stock valued at $28,000 after purchasing an additional 641 shares during the last quarter. Finally, Core Alternative Capital lifted its holdings in shares of AT&T by 125.4% in the 1st quarter. Core Alternative Capital now owns 1,021 shares of the technology company's stock valued at $29,000 after purchasing an additional 568 shares during the last quarter. 57.10% of the stock is owned by institutional investors and hedge funds.

AT&T Trading Up 0.4%

Shares of NYSE:T traded up $0.11 during midday trading on Wednesday, reaching $27.52. The company's stock had a trading volume of 10,319,540 shares, compared to its average volume of 37,894,773. The firm has a market cap of $196.74 billion, a price-to-earnings ratio of 15.65, a price-to-earnings-growth ratio of 3.42 and a beta of 0.42. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 1.01. AT&T Inc. has a 1 year low of $18.64 and a 1 year high of $29.19. The business has a 50 day moving average price of $27.79 and a 200 day moving average price of $26.73.

AT&T (NYSE:T - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The technology company reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.53 by $0.01. The business had revenue of $30.85 billion during 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% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.51 earnings per share. Research analysts forecast that AT&T Inc. will post 2.14 EPS for the current year.

AT&T Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 10th will be given a $0.2775 dividend. This represents a $1.11 annualized dividend and a dividend yield of 4.03%. The ex-dividend date of this dividend is Thursday, July 10th. AT&T's dividend payout ratio (DPR) is currently 63.07%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on T shares. HSBC downgraded AT&T from a "buy" rating to a "hold" rating and set a $30.00 target price for the company. in a report on Thursday, July 24th. Cowen reaffirmed a "hold" rating on shares of AT&T in a research note on Thursday, April 24th. Bank of America began coverage on AT&T in a research note on Monday, July 7th. They set a "buy" rating and a $32.00 price objective for the company. Scotiabank upped their price objective on AT&T from $29.50 to $30.00 and gave the company a "sector outperform" rating in a research note on Friday, July 11th. Finally, Morgan Stanley boosted their target price on AT&T from $31.00 to $32.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price 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.