Washington Trust Bank Has $1.59 Million Holdings in AT&T Inc. (NYSE:T)
Washington Trust Bank raised its holdings in AT&T Inc. (NYSE:T) by 16.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 52,576 shares of the technology company’s stock after buying an additional 7,330 shares during the quarter. Washington Trust Bank’s holdings in AT&T were worth $1,589,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of T. Lion Street Advisors LLC acquired a new position in AT&T in the first quarter valued at approximately $27,000. Horan Securities Inc. acquired a new position in AT&T in the first quarter valued at approximately $28,000. CBIZ Investment Advisory Services LLC raised its position in shares of AT&T by 186.0% during the first quarter. CBIZ Investment Advisory Services LLC now owns 958 shares of the technology company’s stock worth $28,000 after purchasing an additional 623 shares during the period. Harvest Fund Management Co. Ltd acquired a new position in shares of AT&T during the first quarter worth approximately $34,000. Finally, Efficient Wealth Management LLC acquired a new position in shares of AT&T during the first quarter worth approximately $35,000. 53.74% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Stephen J. Luczo purchased 100,000 shares of the company’s stock in a transaction dated Thursday, July 23rd. The shares were purchased at an average price of $29.69 per share, with a total value of $2,969,000.00. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 0.07% of the stock is owned by corporate insiders.
AT&T (NYSE:T) last announced its quarterly earnings data on Thursday, July 23rd. The technology company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The firm had revenue of $40.95 billion during the quarter, compared to the consensus estimate of $40.87 billion. AT&T had a return on equity of 13.03% and a net margin of 6.84%. The business’s revenue for the quarter was down 8.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.89 EPS. Equities research analysts forecast that AT&T Inc. will post 3.2 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Friday, July 10th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, July 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 7.03%. AT&T’s dividend payout ratio is presently 58.26%.
A number of equities analysts have recently weighed in on T shares. Nomura lowered their target price on AT&T from $39.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, April 22nd. Credit Suisse Group lowered their target price on AT&T from $36.00 to $33.00 and set a “neutral” rating on the stock in a research report on Monday, April 13th. Morgan Stanley lowered their target price on AT&T from $38.00 to $36.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 1st. Cfra lowered their target price on AT&T from $42.00 to $37.00 and set a “buy” rating on the stock in a research report on Thursday, April 23rd. Finally, Scotiabank upped their target price on AT&T from $33.00 to $34.00 and gave the stock a “sector perform” rating in a research report on Friday, July 24th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eleven have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $35.29.
AT&T Company Profile
AT&T Inc provides telecommunication, media, and technology services worldwide. The company operates through four segments: Communications, WarnerMedia, Latin America, and Xandr. The Communications segment provides wireless and wireline telecom, video, and broadband and Internet services; video entertainment services using satellite, IP-based, and streaming options; and audio programming services under the AT&T, Cricket, AT&T PREPAID, and DIRECTV brands to residential and business customers.
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