New Vernon Investment Management LLC reduced its stake in shares of AT&T Inc. (NYSE:T) by 12.9% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 30,042 shares of the company’s stock after selling 4,458 shares during the period. New Vernon Investment Management LLC’s holdings in AT&T were worth $1,298,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in T. AR Asset Management Inc. purchased a new stake in AT&T during the second quarter valued at $2,568,000. Wade G W & Inc. boosted its stake in AT&T by 5.3% in the second quarter. Wade G W & Inc. now owns 195,564 shares of the company’s stock valued at $8,450,000 after buying an additional 9,821 shares during the period. Pinnacle Wealth Management Advisory Group LLC boosted its stake in AT&T by 13.9% in the second quarter. Pinnacle Wealth Management Advisory Group LLC now owns 24,001 shares of the company’s stock valued at $1,037,000 after buying an additional 2,931 shares during the period. Adell Harriman & Carpenter Inc. boosted its stake in AT&T by 2.7% in the second quarter. Adell Harriman & Carpenter Inc. now owns 138,281 shares of the company’s stock valued at $5,975,000 after buying an additional 3,602 shares during the period. Finally, Point View Wealth Management Inc. boosted its stake in AT&T by 1.7% in the second quarter. Point View Wealth Management Inc. now owns 57,060 shares of the company’s stock valued at $2,466,000 after buying an additional 937 shares during the period. Hedge funds and other institutional investors own 53.64% of the company’s stock.
Shares of AT&T Inc. (NYSE:T) traded up 0.3020% during trading on Friday, reaching $39.4889. 3,382,602 shares of the company traded hands. The company has a market capitalization of $242.94 billion, a P/E ratio of 17.0284 and a beta of 0.30. The company’s 50-day moving average price is $40.38 and its 200-day moving average price is $40.51. AT&T Inc. has a 52 week low of $32.22 and a 52 week high of $43.89.
AT&T (NYSE:T) last announced its quarterly earnings data on Thursday, July 21st. The company reported $0.72 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.72. AT&T had a net margin of 8.76% and a return on equity of 13.93%. The business earned $40.50 billion during the quarter, compared to analyst estimates of $40.75 billion. Equities research analysts forecast that AT&T Inc. will post $2.86 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Monday, October 10th will be issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 4.88%. The ex-dividend date of this dividend is Wednesday, October 5th. AT&T’s dividend payout ratio (DPR) is currently 83.12%.
T has been the subject of a number of research reports. Zacks Investment Research upgraded shares of AT&T from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a report on Wednesday, June 29th. Deutsche Bank AG raised their price target on shares of AT&T from $41.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, June 28th. Barclays PLC initiated coverage on shares of AT&T in a report on Monday, June 27th. They issued a “buy” rating for the company. Jefferies Group restated a “buy” rating and issued a $44.00 price target on shares of AT&T in a report on Thursday, July 21st. Finally, Wells Fargo & Co. restated a “buy” rating on shares of AT&T in a report on Friday, July 22nd. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the company. AT&T presently has an average rating of “Hold” and an average target price of $41.86.
In other AT&T news, CEO John T. Stankey sold 2,131 shares of the stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $43.38, for a total transaction of $92,442.78. Following the completion of the sale, the chief executive officer now directly owns 13,583 shares of the company’s stock, valued at approximately $589,230.54. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.07% of the company’s stock.
AT&T Company Profile
AT&T Inc is a holding company. The Company offers communications and digital entertainment services in the United States and the world. It operates through four segments: Business Solutions, Entertainment Group, Consumer Mobility and International. The Business Solutions segment includes various categories, including wireless service, fixed strategic services, legacy voice and data services, other services and wireless equipment.
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