Pinnacle West Asset Management Inc. Invests $659,000 in AT&T Inc. $T

Pinnacle West Asset Management Inc. acquired a new stake in shares of AT&T Inc. (NYSE:T) during the second quarter, HoldingsChannel reports. The fund acquired 31,857 shares of the technology company’s stock, valued at approximately $659,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp boosted its stake in shares of AT&T by 2.6% in the 4th quarter. State Street Corp now owns 332,089,723 shares of the technology company’s stock worth $8,249,109,000 after buying an additional 8,314,678 shares during the last quarter. Bank of America Corp DE increased its position in AT&T by 4.6% during the first quarter. Bank of America Corp DE now owns 125,191,700 shares of the technology company’s stock valued at $3,629,307,000 after acquiring an additional 5,449,222 shares during the last quarter. Norges Bank bought a new position in AT&T in the fourth quarter valued at about $2,181,977,000. Bank of New York Mellon Corp boosted its position in AT&T by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 75,323,574 shares of the technology company’s stock worth $1,559,198,000 after purchasing an additional 2,559,065 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in AT&T by 0.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 51,600,464 shares of the technology company’s stock worth $1,281,756,000 after purchasing an additional 225,708 shares during the last quarter. Hedge funds and other institutional investors own 57.10% of the company’s stock.

AT&T Stock Up 1.6%

NYSE T opened at $25.70 on Tuesday. AT&T Inc. has a 52 week low of $19.89 and a 52 week high of $29.79. The company has a quick ratio of 0.93, a current ratio of 0.97 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $176.13 billion, a P/E ratio of 8.51, a price-to-earnings-growth ratio of 1.03 and a beta of 0.23. The stock’s 50-day moving average price is $22.88 and its 200-day moving average price is $25.26.

AT&T (NYSE:T) last announced its quarterly earnings data on Wednesday, July 22nd. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.06. The company had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $31.80 billion. AT&T had a return on equity of 12.86% and a net margin of 16.94%.The firm’s revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.54 EPS. AT&T has set its FY 2026 guidance at 2.250-2.350 EPS. On average, equities research analysts predict that AT&T Inc. will post 2.34 earnings per share for the current year.

AT&T Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Friday, July 10th were paid a $0.2775 dividend. The ex-dividend date of this dividend was Friday, July 10th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.3%. AT&T’s dividend payout ratio is 36.75%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on T shares. The Goldman Sachs Group set a $30.00 price target on shares of AT&T in a research report on Wednesday, July 22nd. Oppenheimer downgraded shares of AT&T from an “outperform” rating to a “market perform” rating in a report on Wednesday, June 3rd. Wells Fargo & Company boosted their target price on shares of AT&T from $18.00 to $20.00 and gave the company an “underweight” rating in a research report on Thursday, July 23rd. TD Cowen upped their target price on shares of AT&T from $32.00 to $33.00 and gave the company a “hold” rating in a report on Thursday, July 23rd. Finally, Scotiabank decreased their price target on shares of AT&T from $31.00 to $29.25 and set a “sector perform” rating on the stock in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, AT&T has an average rating of “Moderate Buy” and a consensus price target of $29.19.

AT&T Company Profile

AT&T Inc is a global telecommunications company that provides a broad range of communications and digital entertainment services. Its core activities include consumer and business wireless services, broadband and fiber internet, and network infrastructure. The company operates branded wireless services through AT&T Mobility and deploys fixed-line and fiber networks to deliver high-speed internet and related home services.

AT&T’s product and service portfolio spans mobile voice and data plans, smartphones and device sales, home internet (including fiber-to-the-home where available), and managed connectivity solutions for enterprise customers.