Provence Wealth Management Group Purchases 5,807 Shares of AT&T Inc. (NYSE:T)

Provence Wealth Management Group increased its stake in AT&T Inc. (NYSE:T) by 55.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,217 shares of the technology company’s stock after buying an additional 5,807 shares during the period. Provence Wealth Management Group’s holdings in AT&T were worth $272,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of T. Ameriprise Financial Inc. boosted its position in shares of AT&T by 185.6% in the 3rd quarter. Ameriprise Financial Inc. now owns 52,613,513 shares of the technology company’s stock worth $790,301,000 after purchasing an additional 34,189,954 shares in the last quarter. FMR LLC lifted its holdings in shares of AT&T by 130.5% during the third quarter. FMR LLC now owns 57,515,546 shares of the technology company’s stock worth $863,884,000 after purchasing an additional 32,558,342 shares during the period. California Public Employees Retirement System increased its stake in shares of AT&T by 38.0% in the third quarter. California Public Employees Retirement System now owns 34,558,594 shares of the technology company’s stock worth $519,070,000 after acquiring an additional 9,518,478 shares during the period. Barclays PLC lifted its position in AT&T by 30.6% during the third quarter. Barclays PLC now owns 26,227,124 shares of the technology company’s stock valued at $393,931,000 after purchasing an additional 6,137,909 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in AT&T by 43.0% in the third quarter. AQR Capital Management LLC now owns 14,739,648 shares of the technology company’s stock valued at $221,242,000 after purchasing an additional 4,432,136 shares during the last quarter. Institutional investors own 57.10% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on T shares. Barclays upgraded shares of AT&T from an “equal weight” rating to an “overweight” rating and set a $20.00 price target on the stock in a research report on Monday, April 29th. Scotiabank upped their price target on AT&T from $22.00 to $22.50 and gave the stock a “sector outperform” rating in a report on Thursday, April 25th. Wolfe Research raised AT&T from a “peer perform” rating to an “outperform” rating and set a $21.00 price objective on the stock in a report on Tuesday, March 5th. Tigress Financial upped their target price on AT&T from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Wednesday, January 31st. Finally, Citigroup lifted their price target on shares of AT&T from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, February 1st. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.81.

AT&T Stock Up 0.2 %

NYSE T traded up $0.03 on Friday, hitting $16.85. 24,023,192 shares of the stock were exchanged, compared to its average volume of 41,324,028. AT&T Inc. has a fifty-two week low of $13.43 and a fifty-two week high of $18.16. The company has a 50-day moving average price of $16.97 and a 200-day moving average price of $16.64. The company has a quick ratio of 0.63, a current ratio of 0.68 and a debt-to-equity ratio of 1.06. The company has a market cap of $120.52 billion, a PE ratio of 9.06, a PEG ratio of 3.31 and a beta of 0.57.

AT&T (NYSE:T) last issued its earnings results on Wednesday, April 24th. The technology company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.02. The business had revenue of $30.03 billion for the quarter, compared to analyst estimates of $30.62 billion. AT&T had a return on equity of 14.63% and a net margin of 11.13%. The business’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter last year, the company earned $0.60 EPS. Sell-side analysts anticipate that AT&T Inc. will post 2.24 EPS for the current fiscal year.

AT&T Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th were paid a $0.2775 dividend. The ex-dividend date of this dividend was Tuesday, April 9th. This represents a $1.11 dividend on an annualized basis and a yield of 6.59%. AT&T’s dividend payout ratio is presently 59.68%.

AT&T 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.