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

Pinnacle West Asset Management Inc. bought a new stake in shares of AT&T Inc. (NYSE:T) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 31,857 shares of the technology company’s stock, valued at approximately $659,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. State Street Corp raised its position 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 acquiring an additional 8,314,678 shares in the last quarter. Bank of America Corp DE boosted its position in shares of 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 purchasing an additional 5,449,222 shares in the last quarter. Norges Bank bought a new stake in shares of AT&T during the fourth quarter valued at approximately $2,181,977,000. Bank of New York Mellon Corp grew its stake 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 period. Finally, Charles Schwab Investment Management Inc. raised its holdings 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 in the last quarter. Hedge funds and other institutional investors own 57.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Barclays dropped their target price on shares of AT&T from $26.00 to $24.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 8th. Scotiabank dropped their price objective on shares of AT&T from $31.00 to $29.25 and set a “sector perform” rating on the stock in a research note on Wednesday, July 15th. Weiss Ratings raised shares of AT&T from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, August 3rd. Oppenheimer cut AT&T from an “outperform” rating to a “market perform” rating in a research report on Wednesday, June 3rd. Finally, Royal Bank Of Canada lowered their price objective on AT&T from $31.00 to $27.00 and set an “outperform” rating for the company in a research note on Monday, July 20th. One investment 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, AT&T has an average rating of “Moderate Buy” and a consensus price target of $29.19.

AT&T Trading Up 1.6%

NYSE:T opened at $25.70 on Tuesday. The stock has a market cap of $176.13 billion, a price-to-earnings ratio of 8.51, a PEG ratio of 1.03 and a beta of 0.23. 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’s 50 day moving average price is $22.88 and its 200-day moving average price is $25.26. AT&T Inc. has a 52 week low of $19.89 and a 52 week high of $29.79.

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

AT&T Announces Dividend

The firm also recently declared 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 was Friday, July 10th. This represents a $1.11 annualized dividend and a dividend yield of 4.3%. AT&T’s payout ratio is currently 36.75%.

AT&T 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.