Community Bank N.A. boosted its holdings in American Tower Corp (NYSE:AMT) by 79.5% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 5,385 shares of the real estate investment trust’s stock after purchasing an additional 2,385 shares during the quarter. Community Bank N.A.’s holdings in American Tower were worth $1,393,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. MCF Advisors LLC purchased a new position in American Tower in the first quarter valued at approximately $27,000. Modus Advisors LLC purchased a new position in American Tower in the second quarter valued at approximately $34,000. John W. Brooker & Co. CPAs purchased a new position in American Tower in the first quarter valued at approximately $32,000. Weaver Consulting Group raised its holdings in American Tower by 168.3% in the first quarter. Weaver Consulting Group now owns 169 shares of the real estate investment trust’s stock valued at $37,000 after buying an additional 106 shares during the period. Finally, Shine Investment Advisory Services Inc. purchased a new position in American Tower in the first quarter valued at approximately $38,000. Hedge funds and other institutional investors own 91.00% of the company’s stock.
Several research analysts recently commented on AMT shares. Oppenheimer restated a “buy” rating and issued a $270.00 price target on shares of American Tower in a report on Thursday. KeyCorp lowered shares of American Tower from an “overweight” rating to a “sector weight” rating in a research note on Monday, July 13th. Wells Fargo & Co lifted their price objective on shares of American Tower from $272.00 to $290.00 and gave the company an “overweight” rating in a research note on Friday, July 10th. Credit Suisse Group reiterated a “buy” rating and set a $300.00 price objective on shares of American Tower in a research note on Friday. Finally, Morgan Stanley lifted their price objective on shares of American Tower from $245.00 to $250.00 and gave the company an “equal weight” rating in a research note on Monday, June 1st. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $265.33.
American Tower (NYSE:AMT) last issued its quarterly earnings results on Thursday, July 30th. The real estate investment trust reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.99). The company had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.95 billion. American Tower had a return on equity of 39.62% and a net margin of 24.70%. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the firm posted $2.01 EPS. As a group, sell-side analysts forecast that American Tower Corp will post 7.99 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Friday, June 19th were paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date was Thursday, June 18th. This is a positive change from American Tower’s previous quarterly dividend of $1.08. American Tower’s payout ratio is 56.92%.
In other American Tower news, EVP Steven O. Vondran sold 1,388 shares of American Tower stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $259.50, for a total value of $360,186.00. Following the completion of the transaction, the executive vice president now owns 24,386 shares of the company’s stock, valued at $6,328,167. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Olivier Puech sold 415 shares of American Tower stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $266.70, for a total transaction of $110,680.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,220 shares of company stock valued at $3,317,755. 0.65% of the stock is currently owned by corporate insiders.
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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