National Asset Management Inc. increased its stake in American Tower Corp (NYSE:AMT) by 5.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,992 shares of the real estate investment trust’s stock after purchasing an additional 201 shares during the period. National Asset Management Inc.’s holdings in American Tower were worth $786,000 as of its most recent filing with the SEC.
A number of other institutional investors have also added to or reduced their stakes in AMT. Reilly Financial Advisors LLC increased its holdings in shares of American Tower by 15.3% during the first quarter. Reilly Financial Advisors LLC now owns 406 shares of the real estate investment trust’s stock valued at $80,000 after acquiring an additional 54 shares in the last quarter. Webster Bank N. A. lifted its position in shares of American Tower by 4.9% during the 1st quarter. Webster Bank N. A. now owns 1,247 shares of the real estate investment trust’s stock valued at $246,000 after buying an additional 58 shares during the last quarter. Conning Inc. lifted its holdings in American Tower by 0.6% during the 1st quarter. Conning Inc. now owns 10,652 shares of the real estate investment trust’s stock worth $2,099,000 after purchasing an additional 60 shares in the last quarter. FTB Advisors Inc. lifted its holdings in American Tower by 4.1% during the 1st quarter. FTB Advisors Inc. now owns 1,660 shares of the real estate investment trust’s stock worth $327,000 after purchasing an additional 65 shares in the last quarter. Finally, FineMark National Bank & Trust lifted its holdings in American Tower by 2.8% during the 1st quarter. FineMark National Bank & Trust now owns 2,429 shares of the real estate investment trust’s stock worth $479,000 after purchasing an additional 67 shares in the last quarter. Hedge funds and other institutional investors own 94.23% of the company’s stock.
In related news, Director David E. Sharbutt sold 2,035 shares of American Tower stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $192.15, for a total value of $391,025.25. Following the completion of the sale, the director now owns 1,897 shares of the company’s stock, valued at $364,508.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Robert Joseph Meyer, Jr. sold 44,168 shares of American Tower stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $198.33, for a total value of $8,759,839.44. Following the completion of the sale, the senior vice president now directly owns 54,460 shares of the company’s stock, valued at approximately $10,801,051.80. The disclosure for this sale can be found here. In the last three months, insiders sold 215,986 shares of company stock valued at $41,954,910. Corporate insiders own 0.75% of the company’s stock.
American Tower (NYSE:AMT) last released its earnings results on Friday, May 3rd. The real estate investment trust reported $1.84 EPS for the quarter, beating the Zacks’ consensus estimate of $1.80 by $0.04. The company had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.80 billion. American Tower had a return on equity of 22.61% and a net margin of 17.95%. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.63 EPS. As a group, research analysts expect that American Tower Corp will post 7.51 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, June 19th will be issued a $0.92 dividend. 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%. American Tower’s dividend payout ratio (DPR) is presently 45.06%.
A number of analysts recently issued reports on AMT shares. Morgan Stanley increased their price objective on American Tower from $170.00 to $185.00 and gave the stock an “equal weight” rating in a report on Monday, March 11th. Oppenheimer reaffirmed a “market perform” rating and issued a $173.00 price target on shares of American Tower in a report on Thursday, February 28th. They noted that the move was a valuation call. Citigroup raised their price target on American Tower from $176.00 to $186.00 and gave the company a “neutral” rating in a report on Monday, March 4th. Royal Bank of Canada raised their price target on American Tower from $173.00 to $195.00 and gave the company an “outperform” rating in a report on Wednesday, March 6th. Finally, Bank of America raised their price target on American Tower from $172.00 to $208.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. Twelve analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $181.44.
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American Tower Company Profile
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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