Baird Financial Group Inc. Acquires 725,364 Shares of AT&T Inc. (NYSE:T)

Posted by on Mar 15th, 2023

Baird Financial Group Inc. increased its holdings in shares of AT&T Inc. (NYSE:T – Get Rating) by 55.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,042,311 shares of the technology company’s stock after purchasing an additional 725,364 shares during the period. Baird Financial Group Inc.’s holdings in AT&T were worth $31,329,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Northwest Investment Counselors LLC lifted its stake in AT&T by 46.3% in the 3rd quarter. Northwest Investment Counselors LLC now owns 3,800 shares of the technology company’s stock valued at $58,000 after acquiring an additional 1,203 shares in the last quarter. Canandaigua National Corp lifted its stake in AT&T by 1.0% in the 3rd quarter. Canandaigua National Corp now owns 77,837 shares of the technology company’s stock valued at $1,194,000 after acquiring an additional 775 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich lifted its stake in AT&T by 8.5% in the 3rd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 647,685 shares of the technology company’s stock valued at $9,935,000 after acquiring an additional 50,475 shares in the last quarter. Solitude Financial Services lifted its stake in AT&T by 22.7% in the 3rd quarter. Solitude Financial Services now owns 52,360 shares of the technology company’s stock valued at $803,000 after acquiring an additional 9,675 shares in the last quarter. Finally, Empowered Funds LLC bought a new stake in AT&T in the 3rd quarter valued at approximately $164,000. Institutional investors own 51.86% of the company’s stock.

AT&T Price Performance

NYSE:T opened at $18.44 on Wednesday. The company has a current ratio of 0.59, a quick ratio of 0.53 and a debt-to-equity ratio of 1.21. AT&T Inc. has a fifty-two week low of $14.46 and a fifty-two week high of $21.53. The stock has a fifty day moving average price of $19.26 and a 200-day moving average price of $18.18.

AT&T (NYSE:T – Get Rating) last announced its quarterly earnings data on Wednesday, January 25th. The technology company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.03. AT&T had a positive return on equity of 14.18% and a negative net margin of 6.60%. The business had revenue of $31.30 billion during the quarter, compared to the consensus estimate of $31.50 billion. During the same period in the prior year, the company earned $0.78 EPS. AT&T’s revenue for the quarter was down 23.6% on a year-over-year basis. As a group, research analysts forecast that AT&T Inc. will post 2.42 earnings per share for the current year.

AT&T Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 1st. Shareholders of record on Tuesday, January 10th were issued a $0.2775 dividend. The ex-dividend date of this dividend was Monday, January 9th. This represents a $1.11 dividend on an annualized basis and a yield of 6.02%. AT&T’s payout ratio is presently -93.28%.

Analysts Set New Price Targets

Several research firms have weighed in on T. StockNews.com lowered AT&T from a “buy” rating to a “hold” rating in a research report on Monday, January 30th. Moffett Nathanson reaffirmed an “underperform” rating and set a $17.00 price target on shares of AT&T in a research report on Monday, December 19th. TheStreet lowered AT&T from a “b” rating to a “c” rating in a research report on Wednesday, January 25th. Citigroup boosted their price target on AT&T from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, January 24th. Finally, Cowen boosted their price target on AT&T from $24.00 to $25.00 in a research report on Thursday, January 26th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.00.

About AT&T

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AT&T, Inc is a holding company, which engages in the provision of telecommunications media and technology service. It operates through the Communications and Latin America segments. The Communications segment offers services to businesses and consumers located in the U.S., or in U.S. territories, and businesses globally.

See Also

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

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