AT&T (NYSE:T) Stock Price Up 1.1% – Here’s What Happened

Shares of AT&T Inc. (NYSE:T) traded up 1.1% during mid-day trading on Monday . The company traded as high as $23.20 and last traded at $22.93. 7,894,861 shares were traded during mid-day trading, a decline of 78% from the average session volume of 35,390,961 shares. The stock had previously closed at $22.68.

Wall Street Analyst Weigh In

A number of research firms have issued reports on T. Royal Bank of Canada reissued a “sector perform” rating and issued a $22.00 price objective on shares of AT&T in a report on Thursday, October 24th. Scotiabank lowered AT&T from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Barclays upped their target price on AT&T from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Hsbc Global Res raised shares of AT&T to a “strong-buy” rating in a research report on Tuesday, October 1st. Finally, TD Cowen lifted their price target on AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $23.40.

AT&T Stock Performance

The company has a 50 day simple moving average of $21.89 and a 200-day simple moving average of $19.75. The stock has a market capitalization of $165.03 billion, a P/E ratio of 18.64, a price-to-earnings-growth ratio of 3.40 and a beta of 0.59. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.73 and a quick ratio of 0.67.

AT&T (NYSE:T) last released its quarterly earnings data on Wednesday, October 23rd. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. AT&T had a return on equity of 13.97% and a net margin of 7.42%. The company had revenue of $30.20 billion for the quarter, compared to analyst estimates of $30.50 billion. During the same period in the previous year, the company posted $0.64 EPS. The firm’s revenue for the quarter was down .5% compared to the same quarter last year. On average, equities analysts forecast that AT&T Inc. will post 2.22 EPS for the current year.

AT&T Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were paid a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a yield of 4.83%. The ex-dividend date was Thursday, October 10th. AT&T’s dividend payout ratio (DPR) is currently 90.24%.

Hedge Funds Weigh In On AT&T

A number of large investors have recently added to or reduced their stakes in T. Asset Allocation Strategies LLC boosted its position in AT&T by 22.6% during the third quarter. Asset Allocation Strategies LLC now owns 13,163 shares of the technology company’s stock valued at $290,000 after buying an additional 2,429 shares during the period. Coldstream Capital Management Inc. grew its position in shares of AT&T by 1.1% in the 3rd quarter. Coldstream Capital Management Inc. now owns 374,423 shares of the technology company’s stock worth $8,240,000 after buying an additional 3,909 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of AT&T by 2.3% during the third quarter. Geode Capital Management LLC now owns 161,120,657 shares of the technology company’s stock valued at $3,532,684,000 after buying an additional 3,630,972 shares during the period. MidWestOne Financial Group Inc. raised its holdings in shares of AT&T by 1.6% during the third quarter. MidWestOne Financial Group Inc. now owns 229,386 shares of the technology company’s stock valued at $5,046,000 after acquiring an additional 3,703 shares in the last quarter. Finally, Prestige Wealth Management Group LLC lifted its position in AT&T by 2.4% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 46,641 shares of the technology company’s stock valued at $1,026,000 after acquiring an additional 1,072 shares during the period. Hedge funds and other institutional investors own 57.10% of the company’s stock.

About AT&T

AT&T Inc provides telecommunications and technology services worldwide. The company operates through two segments, Communications and Latin America. The Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores.