AT&T breaches above $20 for the first time since July 2022

Published: January 26 2023, 03:45 GMT+0

AT&T breaches above $20 for the first time since July 2022

AT&T gained $1.26 and closed above the $20 level for the first time in 6 months. Daily trading volume (73.58 million shares) was above the current multiday average of 33 million.

As investors prepare for market open in 10 hours, yesterday's session was notable in that S&P 500 performed relatively strongly, finishing the day at 4,016.22. AT&T was largely unchanged while the broader Communication Services sector added 6.58%.

Just recently, AT&T's board disclosed a quarterly dividend of 27.75 cents per share to be paid on Wednesday, February 1st for all shareholders of record up until Tuesday, January 10th. Based on current prices, the company's decision thereby provides AT&T investors with an annual dividend yield of 5.44%.

A look at other communication services stocks also showed bullish price action as T-Mobile was up 1.55%.

While AT&T was bullish yesterday, the following communication services stocks underperformed: Alphabet went down 2.5%, closed at $99.21. Meta Platforms went down to $141.5, losing 1.15% after it closed at $143.14 yesterday.

AT&T hit a significant low of $14.63 around 3 months ago, but has since recovered 30.96%. So far this year, it has been under-performing the S&P 500 by 2.54%. The company is currently trading with a market cap of $145.53 billion with an average daily trading volume of 33 million shares.