State of Alaska Department of Revenue Grows Holdings in AT&T Inc. (NYSE:T)

State of Alaska Department of Revenue increased its position in shares of AT&T Inc. (NYSE:T) by 5.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 963,109 shares of the technology company’s stock after buying an additional 53,190 shares during the period. State of Alaska Department of Revenue’s holdings in AT&T were worth $21,187,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in T. Independence Bank of Kentucky raised its holdings in shares of AT&T by 48.4% in the first quarter. Independence Bank of Kentucky now owns 6,243 shares of the technology company’s stock valued at $110,000 after acquiring an additional 2,037 shares in the last quarter. Breakwater Capital Group raised its holdings in shares of AT&T by 8.7% in the first quarter. Breakwater Capital Group now owns 33,432 shares of the technology company’s stock valued at $588,000 after acquiring an additional 2,662 shares in the last quarter. Roberts Wealth Advisors LLC raised its holdings in shares of AT&T by 6.1% in the first quarter. Roberts Wealth Advisors LLC now owns 82,700 shares of the technology company’s stock valued at $1,343,000 after acquiring an additional 4,753 shares in the last quarter. Aviance Capital Partners LLC raised its holdings in shares of AT&T by 7.4% in the first quarter. Aviance Capital Partners LLC now owns 23,060 shares of the technology company’s stock valued at $406,000 after acquiring an additional 1,595 shares in the last quarter. Finally, Diversified Trust Co raised its holdings in shares of AT&T by 12.5% in the first quarter. Diversified Trust Co now owns 147,249 shares of the technology company’s stock valued at $2,592,000 after acquiring an additional 16,355 shares in the last quarter. 57.10% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

T has been the topic of several analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $22.00 target price on shares of AT&T in a research note on Thursday. Citigroup lifted their target price on AT&T from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. TD Cowen lifted their target price on AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. Oppenheimer lifted their target price on AT&T from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Wells Fargo & Company cut their target price on AT&T from $25.00 to $24.00 and set an “overweight” rating on the stock in a research note on Thursday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $23.40.

AT&T Price Performance

Shares of NYSE T opened at $21.83 on Friday. The business’s 50 day moving average price is $21.20 and its 200 day moving average price is $19.13. The firm has a market cap of $156.52 billion, a P/E ratio of 11.74, a P/E/G ratio of 3.67 and a beta of 0.60. AT&T Inc. has a 52 week low of $14.74 and a 52 week high of $22.58. The company has a quick ratio of 0.66, a current ratio of 0.70 and a debt-to-equity ratio of 1.05.

AT&T (NYSE:T) last issued its earnings results on Wednesday, October 23rd. The technology company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. The firm had revenue of $30.20 billion for the quarter, compared to analyst estimates of $30.50 billion. AT&T had a return on equity of 14.16% and a net margin of 10.41%. AT&T’s revenue for the quarter was down .5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.64 earnings per share. On average, sell-side analysts expect that AT&T Inc. will post 2.22 earnings per share for the current year.

AT&T Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a $0.2775 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $1.11 dividend on an annualized basis and a yield of 5.08%. AT&T’s dividend payout ratio is currently 59.68%.

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.