Granite Bay Wealth Management LLC Makes New Investment in AT&T Inc. (NYSE:T)

Granite Bay Wealth Management LLC acquired a new stake in AT&T Inc. (NYSE:T) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 77,902 shares of the technology company’s stock, valued at approximately $1,489,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Octavia Wealth Advisors LLC boosted its position in shares of AT&T by 2.1% in the 2nd quarter. Octavia Wealth Advisors LLC now owns 25,313 shares of the technology company’s stock valued at $484,000 after purchasing an additional 519 shares during the period. Carolinas Wealth Consulting LLC raised its holdings in shares of AT&T by 2.3% during the second quarter. Carolinas Wealth Consulting LLC now owns 23,650 shares of the technology company’s stock valued at $452,000 after acquiring an additional 521 shares during the period. WealthCare Investment Partners LLC lifted its position in shares of AT&T by 2.2% in the 2nd quarter. WealthCare Investment Partners LLC now owns 24,138 shares of the technology company’s stock valued at $461,000 after acquiring an additional 525 shares in the last quarter. Integral Investment Advisors Inc. boosted its stake in AT&T by 3.2% in the 2nd quarter. Integral Investment Advisors Inc. now owns 17,177 shares of the technology company’s stock worth $322,000 after purchasing an additional 538 shares during the period. Finally, Financial Counselors Inc. grew its position in AT&T by 0.6% during the 2nd quarter. Financial Counselors Inc. now owns 92,450 shares of the technology company’s stock worth $1,767,000 after purchasing an additional 539 shares in the last quarter. Institutional investors and hedge funds own 57.10% of the company’s stock.

AT&T Stock Performance

Shares of NYSE T opened at $21.99 on Tuesday. The business’s 50-day simple moving average is $20.21 and its 200-day simple moving average is $18.54. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.66 and a current ratio of 0.70. AT&T Inc. has a 52 week low of $14.12 and a 52 week high of $22.34. The firm has a market cap of $157.64 billion, a price-to-earnings ratio of 11.82, a P/E/G ratio of 3.68 and a beta of 0.59.

AT&T (NYSE:T) last announced its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.57 EPS for the quarter, meeting the consensus estimate of $0.57. The company had revenue of $29.80 billion for the quarter, compared to the consensus estimate of $30.05 billion. AT&T had a return on equity of 14.16% and a net margin of 10.41%. The company’s revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter last year, the company posted $0.63 earnings per share. As a group, equities research analysts expect that AT&T Inc. will post 2.2 earnings per share for the current fiscal year.

AT&T Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be issued a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a yield of 5.05%. The ex-dividend date is Thursday, October 10th. AT&T’s dividend payout ratio (DPR) is 59.68%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on T shares. Moffett Nathanson raised their target price on AT&T from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. UBS Group restated a “buy” rating and set a $24.00 price objective on shares of AT&T in a research report on Tuesday, June 18th. Oppenheimer upped their target price on AT&T from $21.00 to $23.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. BNP Paribas upgraded shares of AT&T from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 11th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of AT&T from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, June 28th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target 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.