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

State of Alaska Department of Revenue reduced its position in AT&T Inc. (NYSE:T) by 7.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,037,026 shares of the technology company’s stock after selling 79,660 shares during the period. State of Alaska Department of Revenue’s holdings in AT&T were worth $18,250,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cantor Fitzgerald Investment Advisors L.P. purchased a new stake in shares of AT&T during the 4th quarter valued at about $11,554,000. Provence Wealth Management Group raised its position in AT&T by 55.8% during the fourth quarter. Provence Wealth Management Group now owns 16,217 shares of the technology company’s stock valued at $272,000 after purchasing an additional 5,807 shares during the period. Clearbridge Investments LLC lifted its stake in shares of AT&T by 250.3% in the 4th quarter. Clearbridge Investments LLC now owns 67,303 shares of the technology company’s stock valued at $1,129,000 after purchasing an additional 48,091 shares during the last quarter. Retireful LLC purchased a new position in shares of AT&T in the 4th quarter worth approximately $1,163,000. Finally, Brighton Jones LLC increased its position in shares of AT&T by 12.6% during the 4th quarter. Brighton Jones LLC now owns 46,265 shares of the technology company’s stock valued at $776,000 after purchasing an additional 5,161 shares during the last quarter. 57.10% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on T shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $17.00 price objective on shares of AT&T in a research report on Thursday, April 11th. BNP Paribas upgraded AT&T from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 11th. Wolfe Research upgraded AT&T from a “peer perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a research note on Tuesday, March 5th. StockNews.com lowered shares of AT&T from a “buy” rating to a “hold” rating in a research note on Friday, May 3rd. Finally, UBS Group reaffirmed a “buy” rating and issued a $24.00 price target on shares of AT&T in a research note on Tuesday, June 18th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $21.73.

AT&T Stock Performance

Shares of NYSE T traded down $0.15 during midday trading on Wednesday, reaching $18.67. The company had a trading volume of 19,462,929 shares, compared to its average volume of 36,718,398. AT&T Inc. has a 1 year low of $13.43 and a 1 year high of $19.32. The business’s 50-day simple moving average is $17.67 and its 200 day simple moving average is $17.21. The company has a current ratio of 0.68, a quick ratio of 0.63 and a debt-to-equity ratio of 1.06. The stock has a market cap of $133.87 billion, a P/E ratio of 10.13, a P/E/G ratio of 4.34 and a beta of 0.58.

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

AT&T Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be given a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a yield of 5.95%. The ex-dividend date of this dividend is Wednesday, July 10th. AT&T’s dividend payout ratio is currently 59.68%.

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.