Wilmington Savings Fund Society FSB Makes New $1.78 Million Investment in American Tower Co. (NYSE:AMT)

Wilmington Savings Fund Society FSB acquired a new stake in shares of American Tower Co. (NYSE:AMT) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 7,669 shares of the real estate investment trust’s stock, valued at approximately $1,784,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Cultivar Capital Inc. purchased a new position in American Tower during the 2nd quarter worth $25,000. Fortitude Family Office LLC lifted its position in shares of American Tower by 269.0% during the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 78 shares in the last quarter. Fairscale Capital LLC purchased a new position in American Tower during the second quarter worth about $27,000. Hobbs Group Advisors LLC bought a new stake in American Tower in the 2nd quarter worth about $29,000. Finally, Northwest Investment Counselors LLC purchased a new stake in American Tower in the 3rd quarter valued at about $30,000. 92.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on AMT. Barclays lowered their target price on American Tower from $255.00 to $251.00 and set an “overweight” rating on the stock in a research note on Monday, November 18th. JPMorgan Chase & Co. lifted their price objective on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. The Goldman Sachs Group reduced their target price on shares of American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a research report on Thursday. BMO Capital Markets decreased their price target on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. Finally, Mizuho upped their price objective on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $235.85.

American Tower Stock Performance

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

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.45 by ($1.56). American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same period last year, the firm posted $2.58 earnings per share. The company’s revenue for the quarter was down 10.5% compared to the same quarter last year. As a group, equities research analysts predict that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Announces Dividend

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