Joel Isaacson & Co. LLC increased its position in AT&T Inc. (NYSE:T – Get Rating) by 5.6% during the second quarter, HoldingsChannel reports. The institutional investor owned 54,374 shares of the technology company’s stock after acquiring an additional 2,878 shares during the period. Joel Isaacson & Co. LLC’s holdings in AT&T were worth $1,140,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. SWS Partners acquired a new position in AT&T in the first quarter worth approximately $25,000. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. acquired a new position in AT&T during the first quarter valued at approximately $27,000. Cordant Inc. acquired a new position in AT&T during the first quarter valued at approximately $31,000. Capital Management Associates NY acquired a new position in AT&T during the first quarter valued at approximately $34,000. Finally, SBK Financial Inc. acquired a new position in AT&T during the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 52.88% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities analysts have commented on T shares. Cowen lowered their price target on AT&T from $27.00 to $24.00 and set a “market perform” rating on the stock in a report on Friday, July 22nd. Barclays downgraded AT&T from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $22.00 to $20.00 in a report on Friday, July 22nd. Wells Fargo & Company lowered their price target on AT&T to $22.00 in a report on Friday, July 22nd. Truist Financial reduced their price objective on AT&T to $21.00 in a research report on Friday, July 22nd. Finally, Raymond James reissued an “outperform” rating and issued a $26.00 price objective on shares of AT&T in a research report on Thursday, July 7th. Eleven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, AT&T presently has a consensus rating of “Hold” and an average price target of $23.41.
AT&T Price Performance
AT&T (NYSE:T – Get Rating) last released its quarterly earnings data on Thursday, July 21st. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.04. AT&T had a return on equity of 13.11% and a net margin of 13.41%. The firm had revenue of $29.64 billion during the quarter, compared to analyst estimates of $29.48 billion. During the same period in the prior year, the company posted $0.89 earnings per share. The business’s revenue for the quarter was down 17.1% compared to the same quarter last year. As a group, sell-side analysts expect that AT&T Inc. will post 2.54 earnings per share for the current year.
AT&T Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, August 1st. Stockholders of record on Monday, July 11th were paid a $0.2775 dividend. The ex-dividend date of this dividend was Friday, July 8th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 6.97%. AT&T’s dividend payout ratio (DPR) is presently 40.81%.
AT&T Inc provides telecommunications, media, and technology services worldwide. Its Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, and carrying cases and hands-free devices through its own company-owned stores, agents, and third-party retail stores.
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