Verity Asset Management Inc. Buys New Stake in AT&T Inc. (T)

Verity Asset Management Inc. bought a new stake in AT&T Inc. (NYSE:T) during the second quarter, Holdings Channel reports. The institutional investor bought 6,708 shares of the technology company’s stock, valued at approximately $215,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Tradewinds Capital Management LLC grew its stake in shares of AT&T by 27.0% during the second quarter. Tradewinds Capital Management LLC now owns 7,332 shares of the technology company’s stock worth $235,000 after purchasing an additional 1,560 shares in the last quarter. Endurance Wealth Management Inc. grew its stake in shares of AT&T by 7.5% during the second quarter. Endurance Wealth Management Inc. now owns 22,644 shares of the technology company’s stock worth $728,000 after purchasing an additional 1,572 shares in the last quarter. Wagner Bowman Management Corp grew its stake in shares of AT&T by 3.3% during the second quarter. Wagner Bowman Management Corp now owns 49,723 shares of the technology company’s stock worth $1,596,000 after purchasing an additional 1,573 shares in the last quarter. Tiedemann Advisors LLC grew its stake in shares of AT&T by 8.1% during the first quarter. Tiedemann Advisors LLC now owns 21,192 shares of the technology company’s stock worth $754,000 after purchasing an additional 1,587 shares in the last quarter. Finally, Vivaldi Capital Management LLC grew its stake in shares of AT&T by 19.4% during the first quarter. Vivaldi Capital Management LLC now owns 9,984 shares of the technology company’s stock worth $356,000 after purchasing an additional 1,619 shares in the last quarter. 64.81% of the stock is currently owned by institutional investors.

T has been the subject of a number of analyst reports. Zacks Investment Research upgraded shares of AT&T from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a research note on Tuesday, July 17th. Macquarie reiterated a “buy” rating and set a $35.00 target price on shares of AT&T in a research note on Wednesday, September 12th. Bank of America reiterated a “buy” rating on shares of AT&T in a research note on Tuesday, August 21st. UBS Group upgraded shares of AT&T from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $33.00 to $38.00 in a research note on Friday, September 21st. They noted that the move was a valuation call. Finally, Tigress Financial raised shares of AT&T from a “neutral” rating to a “buy” rating in a research report on Monday, October 22nd. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. AT&T has a consensus rating of “Hold” and a consensus target price of $37.95.

In other AT&T news, Director Michael B. Mccallister bought 4,000 shares of AT&T stock in a transaction dated Friday, October 26th. The stock was acquired at an average cost of $29.14 per share, with a total value of $116,560.00. Following the completion of the acquisition, the director now owns 7,361 shares of the company’s stock, valued at $214,499.54. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Piazza Samuel A. Jr. Di bought 7,690 shares of AT&T stock in a transaction dated Wednesday, August 8th. The stock was acquired at an average cost of $32.48 per share, with a total value of $249,771.20. Following the completion of the acquisition, the director now directly owns 31,405 shares of the company’s stock, valued at approximately $1,020,034.40. The disclosure for this purchase can be found here. 0.09% of the stock is currently owned by corporate insiders.

Shares of T opened at $30.63 on Tuesday. AT&T Inc. has a 1-year low of $28.85 and a 1-year high of $39.33. The firm has a market capitalization of $187.36 billion, a P/E ratio of 10.04, a P/E/G ratio of 2.44 and a beta of 0.42. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.81 and a quick ratio of 0.81.

AT&T (NYSE:T) last announced its earnings results on Wednesday, October 24th. The technology company reported $0.90 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.04). AT&T had a net margin of 20.40% and a return on equity of 13.61%. The business had revenue of $45.74 billion during the quarter, compared to analysts’ expectations of $45.73 billion. During the same period in the previous year, the company posted $0.74 earnings per share. AT&T’s quarterly revenue was up 15.3% on a year-over-year basis. As a group, sell-side analysts predict that AT&T Inc. will post 3.51 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Wednesday, October 10th were issued a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, October 9th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 6.53%. AT&T’s payout ratio is 65.57%.

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AT&T Profile

AT&T Inc provides communications and digital entertainment services. The company operates through four segments: Business Solutions, Entertainment Group, Consumer Mobility, and International. The Business Solutions segment offers wireless services, strategic services, legacy voice, data services, wireless equipment, and other services to multinational companies, governmental and wholesale customers, and individual subscribers.

Read More: Leveraged Buyout (LBO)

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Institutional Ownership by Quarter for AT&T (NYSE:T)

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