1ST Source Bank Boosts Stock Position in American Tower Co. (NYSE:AMT)

1ST Source Bank increased its holdings in shares of American Tower Co. (NYSE:AMT) by 23.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,121 shares of the real estate investment trust’s stock after buying an additional 400 shares during the period. 1ST Source Bank’s holdings in American Tower were worth $493,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Balentine LLC purchased a new position in American Tower during the third quarter valued at $586,000. Point72 Hong Kong Ltd purchased a new position in American Tower in the 3rd quarter valued at about $1,156,000. Czech National Bank increased its stake in American Tower by 6.9% during the 3rd quarter. Czech National Bank now owns 95,149 shares of the real estate investment trust’s stock worth $22,128,000 after buying an additional 6,163 shares in the last quarter. Banque Cantonale Vaudoise lifted its position in shares of American Tower by 46.8% in the third quarter. Banque Cantonale Vaudoise now owns 25,715 shares of the real estate investment trust’s stock valued at $5,980,000 after acquiring an additional 8,195 shares in the last quarter. Finally, Savvy Advisors Inc. boosted its stake in shares of American Tower by 268.2% in the third quarter. Savvy Advisors Inc. now owns 4,463 shares of the real estate investment trust’s stock worth $1,038,000 after acquiring an additional 3,251 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on AMT. JPMorgan Chase & Co. increased their price objective on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Mizuho boosted their target price on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Wells Fargo & Company lowered American Tower from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $245.00 to $230.00 in a research report on Thursday, October 10th. Finally, Scotiabank reduced their price objective on American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $235.85.

American Tower Stock Down 0.3 %

Shares of AMT opened at $197.17 on Friday. American Tower Co. has a 12-month low of $170.46 and a 12-month high of $243.56. The firm has a market cap of $92.14 billion, a P/E ratio of 83.19, a price-to-earnings-growth ratio of 1.33 and a beta of 0.83. The company’s 50-day moving average price is $210.40 and its 200 day moving average price is $213.24. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter last year, the business earned $2.58 earnings per share. The business’s revenue was down 10.5% compared to the same quarter last year. On average, sell-side analysts forecast that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, December 27th will be given a $1.62 dividend. The ex-dividend date of this dividend is Friday, December 27th. This represents a $6.48 annualized dividend and a yield of 3.29%. American Tower’s dividend payout ratio is presently 273.42%.

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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.