Shum Financial Group Inc. Makes New Investment in AT&T Inc. (NYSE:T)

Shum Financial Group Inc. bought a new position in shares of AT&T Inc. (NYSE:T) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 15,492 shares of the technology company’s stock, valued at approximately $342,000.

A number of other institutional investors have also recently bought and sold shares of T. Avestar Capital LLC grew its holdings in shares of AT&T by 10.7% in the 3rd quarter. Avestar Capital LLC now owns 36,892 shares of the technology company’s stock valued at $812,000 after buying an additional 3,556 shares during the period. Brooklyn Investment Group grew its holdings in shares of AT&T by 9.7% in the 3rd quarter. Brooklyn Investment Group now owns 54,009 shares of the technology company’s stock valued at $1,188,000 after buying an additional 4,760 shares during the period. FMR LLC grew its holdings in shares of AT&T by 1.9% in the 3rd quarter. FMR LLC now owns 60,986,064 shares of the technology company’s stock valued at $1,341,693,000 after buying an additional 1,149,688 shares during the period. Summit Financial Wealth Advisors LLC boosted its stake in AT&T by 2.1% in the 3rd quarter. Summit Financial Wealth Advisors LLC now owns 496,523 shares of the technology company’s stock worth $10,923,000 after purchasing an additional 10,084 shares during the period. Finally, Elios Financial Group Inc. acquired a new position in AT&T in the 3rd quarter worth $519,000. Institutional investors and hedge funds own 57.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Hsbc Global Res raised shares of AT&T to a “strong-buy” rating in a research report on Tuesday, October 1st. Oppenheimer boosted their price target on shares of AT&T from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Wells Fargo & Company dropped their target price on shares of AT&T from $25.00 to $24.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Evercore ISI upped their target price on shares of AT&T from $19.00 to $21.00 and gave the company an “in-line” rating in a report on Thursday, October 24th. Finally, Moffett Nathanson increased their target price on shares of AT&T from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, AT&T has a consensus rating of “Moderate Buy” and an average target price of $23.40.

AT&T Stock Down 0.6 %

Shares of NYSE T traded down $0.14 during mid-day trading on Tuesday, reaching $22.96. 3,822,617 shares of the company’s stock traded hands, compared to its average volume of 35,333,691. AT&T Inc. has a 1-year low of $15.94 and a 1-year high of $23.32. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.73 and a quick ratio of 0.67. The business has a 50-day simple moving average of $22.04 and a 200 day simple moving average of $20.00. The stock has a market cap of $164.74 billion, a P/E ratio of 18.78, a PEG ratio of 3.48 and a beta of 0.59.

AT&T (NYSE:T) last released its earnings results on Wednesday, October 23rd. The technology company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. AT&T had a net margin of 7.42% and a return on equity of 13.97%. The firm had revenue of $30.20 billion during the quarter, compared to the consensus estimate of $30.50 billion. During the same period in the prior year, the firm earned $0.64 EPS. The company’s revenue was down .5% compared to the same quarter last year. On average, analysts expect that AT&T Inc. will post 2.22 EPS for the current fiscal year.

AT&T Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were paid a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.83%. The ex-dividend date was Thursday, October 10th. AT&T’s payout ratio is currently 90.24%.

About AT&T

AT&T Inc provides telecommunications and technology services worldwide. The company operates through two segments, Communications and Latin America. The Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores.