Rhumbline Advisers Reduces AT&T Holdings Amid Market Shifts

Rhumbline Advisers has reduced its stake in AT&T Inc. (NYSE: T) by 1.5% during the second quarter, as disclosed in its latest filing with the U.S. Securities and Exchange Commission (SEC). The firm now holds 12,761,145 shares of the telecommunications giant, having sold 188,352 shares during this period. As of the latest filing, Rhumbline Advisers’ holdings in AT&T were valued at approximately $369.3 million.

Other institutional investors also adjusted their positions in AT&T. In the first quarter, Stone House Investment Management LLC initiated a new investment valued at about $25,000. Meanwhile, O’Brien Wealth Partners LLC acquired a new stake worth around $26,000 in the second quarter. Additionally, Kennebec Savings Bank significantly increased its holdings by 412.1%, now owning 973 shares valued at $28,000 after acquiring an additional 783 shares. Solstein Capital LLC also boosted its holdings in AT&T by 217.3%, owning 952 shares worth $28,000 following the acquisition of 652 shares last quarter. Finally, IMA Advisory Services Inc. purchased a new position valued at approximately $29,000 in the first quarter. Overall, institutional investors hold 57.1% of AT&T’s stock.

Analysts Adjust Ratings and Price Targets

AT&T’s stock has been the focus of recent analyst evaluations. On October 8, Weiss Ratings reaffirmed a “buy” rating for AT&T shares. Citigroup also reiterated a “buy” rating on August 26. However, Wall Street Zen downgraded AT&T from a “buy” to a “hold” rating on November 8. Analysts at TD Cowen raised their target price from $32.00 to $33.00, maintaining a “hold” rating in their report from October 23. Additionally, The Goldman Sachs Group initiated coverage on AT&T shares, issuing a “buy” rating with a target price of $32.00.

Currently, one equity research analyst has assigned a “Strong Buy” rating to AT&T, while seventeen provide a “Buy” rating and eight classify it as a “Hold.” According to MarketBeat.com, the consensus rating for the company stands at “Moderate Buy” with an average target price of $30.64.

AT&T’s Financial Performance and Dividend Announcement

On November 3, AT&T’s stock opened at $25.94. The company reported a quick ratio of 0.96, a current ratio of 1.01, and a debt-to-equity ratio also at 1.01. AT&T boasts a market capitalization of $183.9 billion, with a price-to-earnings (P/E) ratio of 8.42 and a P/E/G ratio of 2.16. The stock has experienced a fifty-two week low of $21.38 and a high of $29.79.

On October 22, AT&T announced its earnings results for the quarter, reporting an earnings per share (EPS) of $0.54, which met the consensus estimate. The company recorded a net margin of 17.87% and a return on equity of 12.72%. Revenue totaled $30.71 billion, slightly below the expected $30.85 billion, but reflecting a 1.7% increase year-over-year.

In addition to its financial disclosures, AT&T declared a quarterly dividend of $0.2775, which was paid on November 3 to shareholders recorded as of October 10. This dividend translates to an annualized amount of $1.11 and a yield of 4.3%, with the ex-dividend date also set for October 10. AT&T’s current dividend payout ratio is 36.04%.

AT&T Inc. operates as a holding company that provides various telecommunications and technology services. It functions through its Communications and Latin America segments, offering wireless and broadband services to both consumers and businesses globally.