Pinnacle West Asset Management Inc. Acquires 1,000 Shares of AT&T Inc. (NYSE:T)

Pinnacle West Asset Management Inc. raised its position in AT&T Inc. (NYSE:T) by 3.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 33,202 shares of the technology company’s stock after acquiring an additional 1,000 shares during the period. Pinnacle West Asset Management Inc.’s holdings in AT&T were worth $756,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Tradewinds Capital Management LLC raised its stake in shares of AT&T by 48.6% in the fourth quarter. Tradewinds Capital Management LLC now owns 1,314 shares of the technology company’s stock valued at $30,000 after buying an additional 430 shares during the period. Wealthstream Advisors Inc. raised its stake in shares of AT&T by 3.7% in the fourth quarter. Wealthstream Advisors Inc. now owns 12,383 shares of the technology company’s stock valued at $282,000 after buying an additional 444 shares during the period. Northeast Investment Management raised its stake in shares of AT&T by 0.9% in the fourth quarter. Northeast Investment Management now owns 51,198 shares of the technology company’s stock valued at $1,166,000 after buying an additional 451 shares during the period. Chesapeake Wealth Management raised its stake in shares of AT&T by 1.9% in the third quarter. Chesapeake Wealth Management now owns 24,304 shares of the technology company’s stock valued at $535,000 after buying an additional 460 shares during the period. Finally, Luts & Greenleigh Group Inc. grew its position in shares of AT&T by 2.8% in the fourth quarter. Luts & Greenleigh Group Inc. now owns 16,905 shares of the technology company’s stock valued at $385,000 after purchasing an additional 460 shares in the last quarter. 57.10% of the stock is currently owned by institutional investors.

AT&T Stock Down 0.4 %

Shares of NYSE:T opened at $26.65 on Wednesday. AT&T Inc. has a 52-week low of $15.94 and a 52-week high of $27.16. The firm has a market capitalization of $191.26 billion, a P/E ratio of 17.88, a P/E/G ratio of 3.00 and a beta of 0.59. The stock has a 50 day moving average price of $23.65 and a 200-day moving average price of $22.43. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.62 and a current ratio of 0.66.

AT&T (NYSE:T) last announced its earnings results on Monday, January 27th. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.06. AT&T had a return on equity of 13.97% and a net margin of 8.95%. As a group, equities research analysts anticipate that AT&T Inc. will post 2.14 EPS for the current fiscal year.

AT&T Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Friday, January 10th were paid a $0.2775 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $1.11 annualized dividend and a dividend yield of 4.17%. AT&T’s payout ratio is currently 74.50%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on T shares. Royal Bank of Canada upped their price objective on AT&T from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Tuesday, January 28th. DZ Bank raised AT&T from a “hold” rating to a “buy” rating and set a $27.00 target price for the company in a research note on Wednesday, January 29th. JPMorgan Chase & Co. boosted their target price on AT&T from $25.00 to $28.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Oppenheimer assumed coverage on AT&T in a research note on Tuesday, December 10th. They issued an “outperform” rating and a $28.00 target price for the company. Finally, Sanford C. Bernstein boosted their target price on AT&T from $28.00 to $29.00 and gave the company an “outperform” rating in a research note on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, AT&T has a consensus rating of “Moderate Buy” and a consensus target price of $26.33.

About AT&T

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.