Triton Financial Acquires $609,000 Stake in AT&T Shares

Triton Financial Group Inc has made a significant investment in AT&T Inc. (NYSE:T), purchasing 21,037 shares valued at approximately $609,000 during the second quarter of the year. This acquisition reflects a growing interest in the telecommunications sector among institutional investors, as several other firms have also adjusted their positions in AT&T recently.

In the first quarter, Stone House Investment Management LLC acquired a new stake in AT&T worth about $25,000. O’Brien Wealth Partners LLC followed suit in the second quarter, investing $26,000 in the telecommunications giant. Additionally, Kennebec Savings Bank increased its stake by an impressive 412.1%, bringing its total to 973 shares valued at $28,000 after acquiring an additional 783 shares. Hager Investment Management Services LLC also expanded its holdings by 182.1% in the first quarter, now owning 993 shares valued at $28,000. IMA Advisory Services Inc. entered the scene by purchasing a new stake valued at approximately $29,000.

As a result of these activities, institutional investors and hedge funds now own 57.10% of AT&T’s stock.

Current Stock Performance and Financial Metrics

On the trading front, AT&T opened at $26.08 on Tuesday. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.81, and a quick ratio of 0.76. Its fifty-day simple moving average stands at $28.23, while the two-hundred-day moving average is $27.80. Over the past year, AT&T shares have experienced a low of $21.05 and a high of $29.79. The company boasts a market capitalization of $186.45 billion, a price-to-earnings (P/E) ratio of 14.82, a price-to-earnings-growth (PEG) ratio of 2.13, and a beta of 0.42.

In addition to its stock performance, AT&T recently announced a quarterly dividend of $0.2775 per share, set to be paid on November 3, 2023. Shareholders of record on October 10, 2023 will receive this dividend, translating to an annualized payout of $1.11 and a dividend yield of 4.3%. The company’s current dividend payout ratio stands at 63.07%.

Analysts’ Insights and Future Outlook

AT&T’s stock has caught the attention of several analysts, leading to a series of revised target prices. Morgan Stanley raised its target from $31.00 to $32.00 and assigned an “overweight” rating on July 16, 2023. Similarly, Sanford C. Bernstein also increased its price objective to $32.00 with an “outperform” rating on September 4, 2023. In contrast, HSBC Global Research downgraded AT&T from a “strong-buy” to a “hold” rating on July 24, 2023. UBS Group set a price target of $33.00 in a report on September 18, 2023, while The Goldman Sachs Group initiated coverage with a “buy” rating and a target price of $32.00.

Currently, one investment analyst rates AT&T with a “Strong Buy,” while sixteen have given it a “Buy” rating and seven analysts have issued a “Hold” rating. According to MarketBeat.com, the stock holds an average rating of “Moderate Buy” with an average price target of $30.65.

AT&T, Inc., as a holding company, provides telecommunications and technology services through its Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to both businesses and consumers in the United States and globally.

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