Synovus Financial Corp Acquires 17,611 Shares of AT&T Inc. (NYSE:T)

Synovus Financial Corp grew its holdings in AT&T Inc. (NYSE:T) by 2.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 855,199 shares of the technology company’s stock after acquiring an additional 17,611 shares during the quarter. Synovus Financial Corp’s holdings in AT&T were worth $19,474,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Wellington Management Group LLP increased its holdings in AT&T by 1.7% during the 3rd quarter. Wellington Management Group LLP now owns 965,383 shares of the technology company’s stock worth $21,238,000 after purchasing an additional 16,024 shares in the last quarter. XTX Topco Ltd bought a new position in shares of AT&T during the third quarter worth about $502,000. M&T Bank Corp raised its position in AT&T by 1.1% in the 3rd quarter. M&T Bank Corp now owns 1,053,591 shares of the technology company’s stock valued at $23,178,000 after buying an additional 11,895 shares during the last quarter. Passumpsic Savings Bank raised its position in AT&T by 12.2% in the 3rd quarter. Passumpsic Savings Bank now owns 17,369 shares of the technology company’s stock valued at $382,000 after buying an additional 1,893 shares during the last quarter. Finally, Sculati Wealth Management LLC lifted its stake in AT&T by 38.9% in the 3rd quarter. Sculati Wealth Management LLC now owns 45,581 shares of the technology company’s stock valued at $1,003,000 after acquiring an additional 12,772 shares in the last quarter. Institutional investors and hedge funds own 57.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on T shares. Oppenheimer lifted their price objective on shares of AT&T from $27.00 to $32.00 and gave the company an “outperform” rating in a report on Tuesday, April 1st. Morgan Stanley upgraded shares of AT&T from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $19.00 to $28.00 in a research note on Monday, December 16th. UBS Group increased their price objective on shares of AT&T from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Scotiabank lifted their target price on AT&T from $28.50 to $29.00 and gave the company a “sector outperform” rating in a research report on Tuesday, April 8th. Finally, DZ Bank upgraded AT&T from a “hold” rating to a “buy” rating and set a $27.00 target price on the stock in a report on Wednesday, January 29th. One analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $27.24.

AT&T Price Performance

AT&T stock opened at $26.79 on Friday. The company has a market capitalization of $192.29 billion, a price-to-earnings ratio of 17.98, a PEG ratio of 3.00 and a beta of 0.42. The company has a current ratio of 0.66, a quick ratio of 0.62 and a debt-to-equity ratio of 1.00. AT&T Inc. has a 12 month low of $15.94 and a 12 month high of $29.03. The stock’s 50 day moving average is $26.59 and its 200-day moving average is $23.97.

AT&T (NYSE:T) last issued its quarterly earnings data on Monday, January 27th. The technology company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.06. AT&T had a return on equity of 13.97% and a net margin of 8.95%. Equities research analysts expect that AT&T Inc. will post 2.14 EPS for the current year.

AT&T Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 10th will be issued a dividend of $0.2775 per share. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $1.11 annualized dividend and a dividend yield of 4.14%. AT&T’s dividend payout ratio is presently 74.50%.

AT&T Profile

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.