Shah Wealth Advisors LLC purchased a new stake in shares of AT&T Inc. (NYSE:T – Free Report) in the second quarter, HoldingsChannel reports. The institutional investor purchased 52,091 shares of the technology company’s stock, valued at approximately $1,078,000.
Several other institutional investors have also recently made changes to their positions in the business. State Street Corp lifted its position in AT&T by 2.6% during the fourth quarter. State Street Corp now owns 332,089,723 shares of the technology company’s stock valued at $8,249,109,000 after purchasing an additional 8,314,678 shares in the last quarter. Bank of America Corp DE raised its stake in shares of AT&T by 4.6% in the first quarter. Bank of America Corp DE now owns 125,191,700 shares of the technology company’s stock worth $3,629,307,000 after buying an additional 5,449,222 shares during the period. Norges Bank bought a new position in shares of AT&T in the fourth quarter worth about $2,181,977,000. Bank of New York Mellon Corp lifted its position in shares of AT&T by 3.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 75,323,574 shares of the technology company’s stock valued at $1,559,198,000 after buying an additional 2,559,065 shares in the last quarter. Finally, GQG Partners LLC bought a new position in shares of AT&T during the 2nd quarter valued at approximately $1,223,364,000. Institutional investors own 57.10% of the company’s stock.
AT&T Trading Down 1.9%
Shares of T opened at $25.70 on Friday. The firm has a market cap of $176.11 billion, a P/E ratio of 8.51, a price-to-earnings-growth ratio of 1.30 and a beta of 0.25. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.97 and a quick ratio of 0.93. AT&T Inc. has a 1 year low of $19.89 and a 1 year high of $29.79. The company has a 50 day simple moving average of $23.49 and a two-hundred day simple moving average of $25.16.
AT&T Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Friday, July 10th were issued a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend was Friday, July 10th. AT&T’s dividend payout ratio is 36.75%.
Analyst Upgrades and Downgrades
A number of research firms have commented on T. Wolfe Research upgraded shares of AT&T from a “peer perform” rating to an “outperform” rating and set a $29.00 target price on the stock in a research note on Thursday, July 23rd. Weiss Ratings upgraded shares of AT&T from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, August 3rd. 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. Barclays lowered their target price on shares of AT&T from $26.00 to $24.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 8th. Finally, Sanford C. Bernstein reissued an “outperform” rating and set a $25.00 price target on shares of AT&T in a report on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $29.19.
View Our Latest Stock Report on AT&T
About AT&T
AT&T Inc is a global telecommunications company that provides a broad range of communications and digital entertainment services. Its core activities include consumer and business wireless services, broadband and fiber internet, and network infrastructure. The company operates branded wireless services through AT&T Mobility and deploys fixed-line and fiber networks to deliver high-speed internet and related home services.
AT&T’s product and service portfolio spans mobile voice and data plans, smartphones and device sales, home internet (including fiber-to-the-home where available), and managed connectivity solutions for enterprise customers.
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