Sovereign Financial Group Inc. Has $1.11 Million Holdings in AT&T Inc. (NYSE:T)

Sovereign Financial Group Inc. lifted its position in AT&T Inc. (NYSE:T) by 9.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 50,248 shares of the technology company’s stock after acquiring an additional 4,455 shares during the quarter. Sovereign Financial Group Inc.’s holdings in AT&T were worth $1,105,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of AT&T by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 624,994,998 shares of the technology company’s stock valued at $10,999,912,000 after purchasing an additional 2,588,539 shares during the period. Bank of New York Mellon Corp increased its stake in AT&T by 7.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 81,076,641 shares of the technology company’s stock valued at $1,549,375,000 after buying an additional 5,592,123 shares during the period. Legal & General Group Plc increased its stake in AT&T by 2.7% in the 2nd quarter. Legal & General Group Plc now owns 60,109,127 shares of the technology company’s stock valued at $1,148,689,000 after buying an additional 1,569,374 shares during the period. Ameriprise Financial Inc. lifted its position in AT&T by 2.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 51,558,884 shares of the technology company’s stock worth $985,307,000 after buying an additional 1,007,228 shares in the last quarter. Finally, LSV Asset Management boosted its stake in shares of AT&T by 1.1% during the 2nd quarter. LSV Asset Management now owns 30,092,610 shares of the technology company’s stock valued at $575,070,000 after buying an additional 315,580 shares during the period. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

AT&T Stock Up 0.4 %

T stock opened at $21.87 on Wednesday. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.70 and a quick ratio of 0.66. The company has a 50-day moving average of $20.58 and a two-hundred day moving average of $18.75. The stock has a market capitalization of $156.81 billion, a price-to-earnings ratio of 11.76, a price-to-earnings-growth ratio of 3.78 and a beta of 0.60. AT&T Inc. has a 52-week low of $14.23 and a 52-week high of $22.34.

AT&T (NYSE:T) last released its earnings results on Wednesday, July 24th. The technology company reported $0.57 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.57. AT&T had a return on equity of 14.16% and a net margin of 10.41%. The firm had revenue of $29.80 billion for the quarter, compared to analyst estimates of $30.05 billion. During the same quarter last year, the firm posted $0.63 EPS. The company’s revenue was down .3% on a year-over-year basis. As a group, equities research analysts anticipate that AT&T Inc. will post 2.22 EPS for the current year.

AT&T Dividend Announcement

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

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Tigress Financial increased their price objective on AT&T from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, September 27th. JPMorgan Chase & Co. raised their price target on AT&T from $21.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Oppenheimer boosted their price target on AT&T from $21.00 to $23.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. TD Cowen raised their price objective on shares of AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Finally, Royal Bank of Canada lifted their target price on shares of AT&T from $18.00 to $19.00 and gave the company a “sector perform” rating in a research note on Thursday, July 25th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $22.38.

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.