SteelPeak Wealth LLC Sells 46,334 Shares of AT&T Inc. $T

SteelPeak Wealth LLC cut its stake in AT&T Inc. (NYSE:T) by 11.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 369,061 shares of the technology company’s stock after selling 46,334 shares during the quarter. SteelPeak Wealth LLC’s holdings in AT&T were worth $10,681,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Stone House Investment Management LLC bought a new stake in shares of AT&T in the 1st quarter valued at about $25,000. O Brien Wealth Partners LLC bought a new stake in shares of AT&T in the 2nd quarter valued at about $26,000. Kennebec Savings Bank increased its stake in shares of AT&T by 412.1% in the 2nd quarter. Kennebec Savings Bank now owns 973 shares of the technology company’s stock valued at $28,000 after acquiring an additional 783 shares during the last quarter. Hager Investment Management Services LLC increased its stake in 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 in the last quarter. Finally, IMA Advisory Services Inc. bought a new stake in AT&T during the 1st quarter worth approximately $29,000. 57.10% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on T. Morgan Stanley increased their target price on AT&T from $31.00 to $32.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 16th. The Goldman Sachs Group began coverage on AT&T in a research note on Tuesday, September 2nd. They set a “buy” rating and a $32.00 target price for the company. Sanford C. Bernstein increased their target price on AT&T from $31.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, September 4th. UBS Group set a $33.00 target price on AT&T in a research note on Thursday, September 18th. Finally, Raymond James Financial reissued a “strong-buy” rating and set a $33.00 target price (up from $31.00) on shares of AT&T in a research note on Thursday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.75.

AT&T Trading Down 4.4%

NYSE:T opened at $25.88 on Tuesday. AT&T Inc. has a twelve month low of $21.05 and a twelve month high of $29.79. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 1.01. The business has a 50 day moving average price of $28.56 and a two-hundred day moving average price of $27.92. The company has a market cap of $185.05 billion, a P/E ratio of 14.70, a price-to-earnings-growth ratio of 3.46 and a beta of 0.42.

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

AT&T Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be issued a $0.2775 dividend. This represents a $1.11 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend is Friday, October 10th. AT&T’s dividend payout ratio is presently 63.07%.

AT&T Profile

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.