TriaGen Wealth Management LLC has significantly increased its stake in AT&T Inc. (NYSE: T), acquiring an additional 69,661 shares during the third quarter, which marks a remarkable growth of 921.4%. By the end of September, TriaGen held a total of 77,221 shares, representing an investment valued at approximately $2.18 million.
The surge in TriaGen’s holdings is part of a broader trend, as several institutional investors have recently adjusted their positions in AT&T. For instance, Vanguard Group Inc. raised its stake by 1.6% during the second quarter, now owning approximately 661.36 million shares valued at around $19.14 billion. Similarly, State Street Corp increased its holdings by 2.4%, totaling 321.07 million shares worth about $9.29 billion.
Other notable investors include Kingstone Capital Partners Texas LLC, which acquired a stake valued at approximately $5.27 billion, and Geode Capital Management LLC, which boosted its position by 1.2%, now holding 172.04 million shares valued at approximately $4.96 billion. Norges Bank also entered the fray, purchasing a new stake worth around $2.23 billion. Currently, institutional investors and hedge funds collectively own 57.10% of AT&T’s stock.
In trading on Monday, AT&T shares opened at $24.54. The company boasts a market capitalization of $174 billion, a price-to-earnings ratio of 7.97, and a beta of 0.39. AT&T has experienced a twelve-month low of $21.38 and a high of $29.79. The stock’s 50-day moving average stands at $25.00, while its 200-day moving average is $26.90.
Dividend Announcement and Analyst Ratings
AT&T has also declared a quarterly dividend of $0.2775, set to be paid on February 2, 2024, to shareholders of record on January 12, 2024. This dividend translates to an annualized figure of $1.11 and a yield of 4.5%, with a payout ratio currently at 36.04%.
Analysts have varied opinions on AT&T’s future performance. Loop Capital has set a price target of $29.00, while Raymond James Financial has reaffirmed a “strong-buy” rating with an increased target price of $33.00, up from $31.00. Conversely, Wall Street Zen downgraded AT&T from a “buy” to a “hold” rating. Morgan Stanley and Royal Bank of Canada have also adjusted their price targets to $30.00.
Of the analysts covering AT&T, one has rated the stock as a Strong Buy, sixteen have issued Buy ratings, and nine have assigned a Hold rating. According to data from MarketBeat, AT&T currently holds a consensus rating of “Moderate Buy” with a target price averaging $30.24.
AT&T Inc. is a major global telecommunications company, offering a diverse range of communications and digital entertainment services. Its operations include consumer and business wireless services, broadband and fiber internet, and extensive network infrastructure. The company operates through AT&T Mobility and provides fixed-line and fiber networks for high-speed internet and home services, alongside a variety of mobile and enterprise connectivity solutions.
