Parkside Financial Bank & Trust lowered its position in shares of American Tower Corp (NYSE:AMT) by 12.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 415 shares of the real estate investment trust’s stock after selling 59 shares during the period. Parkside Financial Bank & Trust’s holdings in American Tower were worth $82,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Parallel Advisors LLC raised its position in shares of American Tower by 12.0% in the 1st quarter. Parallel Advisors LLC now owns 9,204 shares of the real estate investment trust’s stock worth $1,814,000 after acquiring an additional 987 shares in the last quarter. Moors & Cabot Inc. bought a new position in shares of American Tower in the 1st quarter worth about $456,000. Somerville Kurt F acquired a new stake in shares of American Tower in the 1st quarter valued at about $207,000. Wealth Architects LLC acquired a new stake in shares of American Tower in the 1st quarter valued at about $247,000. Finally, Kayne Anderson Capital Advisors LP grew its stake in shares of American Tower by 0.9% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 10,800 shares of the real estate investment trust’s stock valued at $2,126,000 after buying an additional 100 shares during the period. Institutional investors own 94.34% of the company’s stock.
AMT stock traded down $1.42 during midday trading on Wednesday, reaching $201.13. 1,235,563 shares of the company’s stock traded hands, compared to its average volume of 1,399,858. The stock has a market capitalization of $89.53 billion, a price-to-earnings ratio of 25.17, a PEG ratio of 1.66 and a beta of 0.66. The company has a debt-to-equity ratio of 4.31, a current ratio of 0.50 and a quick ratio of 0.50. American Tower Corp has a 52 week low of $134.87 and a 52 week high of $205.31.
American Tower (NYSE:AMT) last released its quarterly earnings results on Friday, May 3rd. The real estate investment trust reported $1.84 EPS for the quarter, beating analysts’ consensus estimates of $1.80 by $0.04. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.80 billion. American Tower had a net margin of 17.95% and a return on equity of 22.61%. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.63 EPS. Equities research analysts anticipate that American Tower Corp will post 7.51 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, June 19th will be given a dividend of $0.92 per share. This is a positive change from American Tower’s previous quarterly dividend of $0.90. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date of this dividend is Tuesday, June 18th. American Tower’s payout ratio is 45.06%.
In related news, Director Joann A. Reed sold 1,538 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $175.61, for a total value of $270,088.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP William H. Hess sold 20,000 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $186.97, for a total transaction of $3,739,400.00. Following the completion of the transaction, the executive vice president now owns 92,231 shares of the company’s stock, valued at $17,244,430.07. The disclosure for this sale can be found here. Insiders sold 215,986 shares of company stock valued at $41,954,910 over the last quarter. 0.75% of the stock is owned by company insiders.
Several analysts have recently commented on AMT shares. Morgan Stanley raised their target price on American Tower from $170.00 to $185.00 and gave the company an “equal weight” rating in a research note on Monday, March 11th. Oppenheimer reiterated a “market perform” rating and set a $173.00 price target on shares of American Tower in a research note on Thursday, February 28th. They noted that the move was a valuation call. Citigroup lifted their price target on American Tower from $176.00 to $186.00 and gave the company a “neutral” rating in a research note on Monday, March 4th. Royal Bank of Canada boosted their target price on American Tower from $173.00 to $195.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 6th. Finally, Bank of America boosted their target price on American Tower from $172.00 to $208.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. Twelve research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. American Tower presently has an average rating of “Hold” and an average target price of $181.44.
About American Tower
American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 171,000 communications sites.
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