SteelPeak Wealth LLC has decreased its holdings in AT&T Inc. (NYSE:T) by 12.4% during the first quarter of 2023, according to a recent filing with the U.S. Securities and Exchange Commission (SEC). The institutional investor now owns 415,395 shares after selling 58,647 shares in the period, representing a total value of approximately $11.7 million.
This adjustment in SteelPeak’s portfolio is part of a broader trend among institutional investors regarding AT&T. For instance, Norges Bank acquired a new position valued at around $1.86 billion in the fourth quarter. GQG Partners LLC increased its holdings by 37.3%, now owning nearly 96.8 million shares worth about $2.2 billion. Similarly, UBS Asset Management raised its stake by 31.8%, while Northern Trust Corp and Invesco Ltd. also expanded their positions significantly during the same period.
Wall Street Analysts Provide Mixed Outlook
Several brokerages have recently shared their insights on AT&T’s stock. TD Securities raised its price target from $29.00 to $30.00 and maintained a “hold” rating. On the other hand, Bank of America initiated coverage with a “buy” rating and a target price of $32.00. Oppenheimer also increased its target from $27.00 to $32.00, labeling it as “outperform.”
In contrast, one analyst has issued a sell rating, while six analysts have assigned a hold rating. The majority, comprising eighteen analysts, rated the stock as a buy, leading to an average target price of $29.10 according to MarketBeat data.
AT&T’s stock performance has been stable, opening at $27.61 recently. The company maintains a 50-day moving average price of $27.84 and a 200-day moving average price of $26.27. The stock has fluctuated within a 52-week range of $18.14 to $29.19.
Recent Earnings and Dividend Announcement
AT&T’s most recent quarterly earnings report, released on April 23, 2023, showed earnings per share (EPS) of $0.51, slightly below the consensus estimate of $0.52. The company reported a revenue of $30.63 billion, surpassing the expected $30.39 billion. Despite the earnings miss, revenue increased by 2% year-over-year.
The firm also announced a quarterly dividend, set to be paid on August 1, 2023. Shareholders on record as of July 10, 2023, will receive a dividend of $0.2775, translating to an annualized yield of approximately 4.02%. The company’s dividend payout ratio stands at 68.10%.
AT&T Inc. serves as a holding company that provides a range of telecommunications and technology services. It operates primarily through its Communications and Latin America segments, offering wireless, wireline telecom, and broadband services to both consumers and businesses globally.
