AT&T (NYSE:T) Shares Up 1.4% - Here's Why

Key Points

• AT&T shares rose 1.4% to about $22.24, while trading volume was 35% below its average.
• The company reported quarterly earnings of $0.65 per share, beating the $0.60 consensus estimate, and revenue of $32.32 billion, up 5.2% year over year.
• Analysts have a “Moderate Buy” consensus and an average price target of $27.56; AT&T also offers an annualized dividend of $1.11 per share, a 5.0% yield.

AT&T Inc. (NYSE:T - Get Free Report) shot up 1.4% during trading on Wednesday. The company traded as high as $22.27 and last traded at $22.2370. Approximately 31,880,232 shares changed hands during trading, a decline of 35% from the average session volume of 48,759,207 shares. The stock had previously closed at $21.94.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. dropped their price target on shares of AT&T from $33.00 to $31.00 and set an "overweight" rating for the company in a research report on Thursday, October 22nd. Wells Fargo & Company raised their price objective on shares of AT&T from $18.00 to $20.00 and gave the company an "underweight" rating in a research report on Thursday, July 23rd. The Goldman Sachs Group set a $27.00 target price on shares of AT&T in a research note on Wednesday, October 21st. TD Cowen reaffirmed a "hold" rating and issued a $33.00 target price on shares of AT&T in a report on Thursday, October 22nd. Finally, Wolfe Research upgraded AT&T from a "peer perform" rating to an "outperform" rating and set a $29.00 price target for the company in a research note on Thursday, July 23rd. Twelve analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $27.56.

AT&T Stock Performance

The stock has a market cap of $149.80 billion, a P/E ratio of 12.02, a PEG ratio of 1.08 and a beta of 0.30. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.87 and a quick ratio of 0.82. The firm's 50-day moving average price is $23.80 and its 200-day moving average price is $24.90.

AT&T (NYSE:T - Get Free Report) last issued its earnings results on Wednesday, October 21st. The technology company reported $0.65 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.05. The firm had revenue of $32.32 billion during the quarter, compared to analyst estimates of $31.69 billion. AT&T had a net margin of 10.19% and a return on equity of 13.41%. AT&T's revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.54 earnings per share. Sell-side analysts expect that AT&T Inc. will post 2.40 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 2nd. Shareholders of record on Monday, October 12th were given a dividend of $0.2775 per share. The ex-dividend date was Friday, October 9th. This represents a $1.11 annualized dividend and a yield of 5.0%. AT&T's dividend payout ratio (DPR) is 60.00%.

Institutional Trading of AT&T

Several hedge funds have recently made changes to their positions in the business. Robinswood Financial LLC bought a new stake in AT&T during the first quarter worth approximately $29,000. Orion Capital Management LLC bought a new position in shares of AT&T during the 2nd quarter valued at approximately $26,000. Addison Advisors LLC bought a new position in shares of AT&T during the 2nd quarter valued at approximately $27,000. North Point Portfolio Managers Corp OH purchased a new stake in AT&T during the 3rd quarter valued at $34,000. Finally, Collier Financial purchased a new stake in AT&T during the 3rd quarter valued at $35,000. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

AT&T Company Profile

AT&T Inc. NYSE: T is a telecommunications company that provides wireless communications, broadband, and related connectivity services. Its offerings include mobile voice and data plans, internet access, fiber broadband, fixed wireless services, and business communications solutions. The company serves consumers, businesses, government agencies, and other organizations primarily in the United States. AT&T’s business operations include wireless network services, wireline connectivity, fiber-optic internet, voice services, and networking solutions designed to connect locations, devices, and applications.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.