Allworth Financial Increases AT&T Holdings to $51.11 Million

Allworth Financial LP has raised its investment in AT&T Inc. by 19.5% during the second quarter, according to a recent filing with the Securities & Exchange Commission. The financial firm now owns 1,766,096 shares of the telecommunications giant, increasing its holdings by 288,081 shares during this period. As of the end of the most recent quarter, Allworth Financial’s stake in AT&T is valued at approximately $51.11 million.

Multiple other investment firms have also adjusted their positions in AT&T recently. For instance, Stone House Investment Management LLC acquired a new stake in the company worth about $25,000 in the first quarter. Similarly, O’Brien Wealth Partners LLC invested approximately $26,000 during the second quarter. Notably, Solstein Capital LLC increased its holdings by an impressive 217.3%, now owning 952 shares valued at around $28,000.

Kennebec Savings Bank also made significant changes, boosting its AT&T stake by 412.1%, resulting in ownership of 973 shares valued at $28,000. Additionally, Hager Investment Management Services LLC increased its holdings by 182.1%, now owning 993 shares worth about $28,000. Institutional investors collectively hold 57.10% of AT&T’s stock.

Analyst Ratings and Market Performance

Recent reports from research firms have shown a generally positive outlook for AT&T’s stock. Sanford C. Bernstein raised its target price from $31.00 to $32.00, rating the stock as “outperform.” Similarly, JPMorgan Chase & Co. increased their price target from $31.00 to $33.00, maintaining an “overweight” rating. Morgan Stanley also upped its target from $31.00 to $32.00, echoing similar sentiments.

Despite some optimistic ratings, HSBC downgraded AT&T from a “buy” to a “hold” status, setting a price objective of $30.00. Overall, the consensus rating for AT&T stands at “Moderate Buy,” with an average price target of $30.67.

As of Monday, shares of AT&T opened at $24.81. The company has a debt-to-equity ratio of 1.01 and reported a current ratio of 1.01, indicating a balanced financial position. The stock has experienced a low of $21.38 and a high of $29.79 over the past year, while the firm boasts a market capitalization of $175.85 billion.

Recent Earnings and Dividend Announcement

AT&T recently reported its earnings for the third quarter, revealing earnings per share of $0.54, aligning with analysts’ expectations. The company generated revenue of $30.71 billion, slightly below the consensus estimate of $30.85 billion. The firm showed a net margin of 17.87% and a return on equity of 12.72%. This marks a 1.7% increase in revenue compared to the same quarter last year when earnings per share were $0.60.

In addition to its earnings announcement, AT&T declared a quarterly dividend of $0.2775, which was paid on November 3, 2023. This dividend translates to an annualized rate of $1.11, yielding approximately 4.5%. The ex-dividend date was set for October 10, 2023, with a payout ratio of 36.04%.

AT&T Inc. operates as a holding company providing telecommunications and technology services, primarily through its Communications and Latin America segments. The Communications segment serves both businesses and consumers in the United States and globally. As AT&T continues to adapt in a competitive market, the investor interest and analyst ratings reflect a cautious optimism surrounding the company’s future prospects.