Summit Financial LLC Purchases 101,206 Shares of AT&T Inc. (NYSE:T)

Summit Financial LLC grew its position in AT&T Inc. (NYSE:T) by 69.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 246,712 shares of the technology company’s stock after purchasing an additional 101,206 shares during the period. Summit Financial LLC’s holdings in AT&T were worth $5,618,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of T. Acropolis Investment Management LLC boosted its stake in shares of AT&T by 77.1% during the 3rd quarter. Acropolis Investment Management LLC now owns 22,881 shares of the technology company’s stock worth $503,000 after buying an additional 9,961 shares during the last quarter. Encompass More Asset Management bought a new stake in AT&T during the third quarter worth about $225,000. Tradition Wealth Management LLC acquired a new position in AT&T during the third quarter valued at approximately $270,000. True Wealth Design LLC increased its position in shares of AT&T by 1,936.9% during the 3rd quarter. True Wealth Design LLC now owns 5,520 shares of the technology company’s stock worth $121,000 after purchasing an additional 5,249 shares during the last quarter. Finally, Erste Asset Management GmbH bought a new stake in shares of AT&T during the 3rd quarter worth approximately $22,307,000. 57.10% of the stock is owned by institutional investors and hedge funds.

AT&T Trading Down 0.0 %

Shares of AT&T stock opened at $28.20 on Monday. The company has a quick ratio of 0.62, a current ratio of 0.66 and a debt-to-equity ratio of 1.00. AT&T Inc. has a 12-month low of $15.94 and a 12-month high of $28.51. The company has a market capitalization of $202.40 billion, a price-to-earnings ratio of 18.92, a PEG ratio of 3.00 and a beta of 0.56. The firm’s 50-day moving average price is $25.70 and its two-hundred day moving average price is $23.54.

AT&T (NYSE:T) last posted its quarterly earnings results on Monday, January 27th. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.06. AT&T had a net margin of 8.95% and a return on equity of 13.97%. On average, analysts forecast that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Thursday, April 10th will be given a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a dividend yield of 3.94%. AT&T’s dividend payout ratio is currently 74.50%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on T. Tigress Financial raised their target price on shares of AT&T from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, February 4th. Oppenheimer began coverage on shares of AT&T in a research report on Tuesday, December 10th. They set an “outperform” rating and a $28.00 price objective for the company. Scotiabank increased their price objective on shares of AT&T from $26.00 to $28.50 and gave the company a “sector outperform” rating in a research report on Monday, March 3rd. Citigroup lifted their target price on shares of AT&T from $26.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Sanford C. Bernstein increased their price target on shares of AT&T from $28.00 to $29.00 and gave the company an “outperform” rating in a report on Tuesday, January 28th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $26.79.

AT&T Company Profile

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.