American Tower Corp (AMT) Plans Quarterly Dividend of $0.75

American Tower Corp (NYSE:AMT) announced a quarterly dividend on Thursday, March 8th, RTT News reports. Stockholders of record on Wednesday, April 11th will be given a dividend of 0.75 per share by the real estate investment trust on Friday, April 27th. This represents a $3.00 annualized dividend and a dividend yield of 2.10%. This is an increase from American Tower’s previous quarterly dividend of $0.70.

American Tower has raised its dividend by an average of 34.8% annually over the last three years and has raised its dividend annually for the last 6 consecutive years. American Tower has a dividend payout ratio of 42.9% meaning its dividend is sufficiently covered by earnings. Analysts expect American Tower to earn $8.01 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 35.0%.

Shares of American Tower (AMT) traded up $0.11 on Friday, reaching $142.85. 521,657 shares of the company traded hands, compared to its average volume of 2,843,292. The company has a debt-to-equity ratio of 2.85, a current ratio of 1.25 and a quick ratio of 1.25. American Tower has a 12 month low of $113.11 and a 12 month high of $155.28. The company has a market capitalization of $60,880.00, a PE ratio of 54.30, a PEG ratio of 1.57 and a beta of 0.80.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $1.59 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.63 by ($0.04). American Tower had a net margin of 18.31% and a return on equity of 17.20%. The firm had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.69 billion. During the same period in the previous year, the company posted $1.52 earnings per share. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. analysts anticipate that American Tower will post 7.09 earnings per share for the current year.

A number of research analysts have weighed in on the company. ValuEngine upgraded American Tower from a “hold” rating to a “buy” rating in a report on Friday, November 10th. Zacks Investment Research downgraded American Tower from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. Oppenheimer raised their target price on American Tower from $155.00 to $160.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 20th. Citigroup cut their target price on American Tower from $169.00 to $162.00 and set a “buy” rating for the company in a research note on Monday. Finally, KeyCorp set a $171.00 price objective on American Tower and gave the stock a “buy” rating in a research report on Tuesday, February 27th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and sixteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $157.87.

American Tower declared that its Board of Directors has initiated a share repurchase plan on Thursday, December 7th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the real estate investment trust to buy shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

In related news, Director Samme L. Thompson sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $143.16, for a total value of $715,800.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David E. Sharbutt sold 1,584 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $144.44, for a total value of $228,792.96. Following the completion of the sale, the director now directly owns 4,861 shares in the company, valued at approximately $702,122.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 41,251 shares of company stock worth $5,885,334. 0.86% of the stock is currently owned by company insiders.

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About American Tower

American Tower Corporation (ATC) is a holding company. The Company operates as a real estate investment trust (REIT), which owns, operates and develops multitenant communications real estate. ATC’s segments include U.S. property, Asia property, EMEA property, Latin America property, Services and Other.

Dividend History for American Tower (NYSE:AMT)

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