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.
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.
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.
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