Summit Financial Wealth Advisors LLC Purchases 10,084 Shares of AT&T Inc. (NYSE:T)

Summit Financial Wealth Advisors LLC boosted its position in AT&T Inc. (NYSE:T) by 2.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 496,523 shares of the technology company’s stock after purchasing an additional 10,084 shares during the quarter. AT&T comprises about 2.0% of Summit Financial Wealth Advisors LLC’s portfolio, making the stock its 15th biggest holding. Summit Financial Wealth Advisors LLC’s holdings in AT&T were worth $10,923,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Elios Financial Group Inc. bought a new stake in AT&T in the 3rd quarter valued at about $519,000. Dai ichi Life Insurance Company Ltd raised its position in shares of AT&T by 41.2% in the third quarter. Dai ichi Life Insurance Company Ltd now owns 958,034 shares of the technology company’s stock valued at $21,077,000 after buying an additional 279,646 shares in the last quarter. Associated Banc Corp boosted its stake in shares of AT&T by 4.2% in the third quarter. Associated Banc Corp now owns 80,577 shares of the technology company’s stock valued at $1,773,000 after buying an additional 3,268 shares during the period. Private Trust Co. NA grew its position in AT&T by 5.5% during the third quarter. Private Trust Co. NA now owns 63,578 shares of the technology company’s stock worth $1,399,000 after buying an additional 3,297 shares in the last quarter. Finally, Longfellow Investment Management Co. LLC increased its stake in AT&T by 0.6% during the 3rd quarter. Longfellow Investment Management Co. LLC now owns 89,169 shares of the technology company’s stock worth $1,962,000 after acquiring an additional 543 shares during the period. 57.10% of the stock is owned by institutional investors and hedge funds.

AT&T Price Performance

T stock opened at $23.10 on Tuesday. The company has a fifty day moving average price of $22.04 and a 200-day moving average price of $20.00. AT&T Inc. has a 52-week low of $15.94 and a 52-week high of $23.32. The company has a market capitalization of $165.75 billion, a P/E ratio of 18.78, a PEG ratio of 3.48 and a beta of 0.59. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.67 and a current ratio of 0.73.

AT&T (NYSE:T) last posted its quarterly earnings data 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 company had revenue of $30.20 billion for the quarter, compared to analyst estimates of $30.50 billion. AT&T had a net margin of 7.42% and a return on equity of 13.97%. The company’s quarterly revenue was down .5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.64 EPS. As a group, equities analysts expect 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. Investors of record on Thursday, October 10th were paid a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a yield of 4.81%. The ex-dividend date was Thursday, October 10th. AT&T’s dividend payout ratio (DPR) is currently 90.24%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Oppenheimer increased their target price on AT&T from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Redburn Atlantic upgraded shares of AT&T to a “strong sell” rating in a research note on Monday, September 16th. Evercore ISI boosted their target price on shares of AT&T from $19.00 to $21.00 and gave the company an “in-line” rating in a research report on Thursday, October 24th. Tigress Financial upped their price target on shares of AT&T from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, September 27th. Finally, Scotiabank cut shares of AT&T from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $23.40.

AT&T Company Profile

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.