Park National Corp OH Sells 852 Shares of American Tower Co. (NYSE:AMT)

Park National Corp OH lowered its holdings in American Tower Co. (NYSE:AMT) by 1.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 47,770 shares of the real estate investment trust’s stock after selling 852 shares during the quarter. Park National Corp OH’s holdings in American Tower were worth $10,395,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of AMT. Brighton Jones LLC boosted its position in American Tower by 113.0% during the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust’s stock valued at $727,000 after acquiring an additional 2,104 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in shares of American Tower by 5.7% during the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,516 shares of the real estate investment trust’s stock worth $278,000 after purchasing an additional 82 shares during the last quarter. Blue Trust Inc. boosted its position in American Tower by 42.0% during the fourth quarter. Blue Trust Inc. now owns 7,349 shares of the real estate investment trust’s stock valued at $1,348,000 after purchasing an additional 2,172 shares in the last quarter. Patriot Financial Group Insurance Agency LLC boosted its position in American Tower by 3.0% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 4,531 shares of the real estate investment trust’s stock valued at $831,000 after purchasing an additional 133 shares in the last quarter. Finally, SteelPeak Wealth LLC purchased a new position in American Tower in the fourth quarter valued at about $924,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

AMT has been the topic of a number of recent analyst reports. BMO Capital Markets raised their price target on shares of American Tower from $210.00 to $220.00 and gave the company an “outperform” rating in a report on Wednesday, February 26th. Royal Bank of Canada raised their target price on shares of American Tower from $240.00 to $250.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. Wells Fargo & Company upped their price target on American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 30th. UBS Group raised their price objective on American Tower from $245.00 to $250.00 and gave the stock a “buy” rating in a research report on Wednesday, April 30th. Finally, Bank of America assumed coverage on American Tower in a research report on Monday, May 19th. They set a “buy” rating and a $255.00 target price on the stock. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $240.25.

American Tower Stock Performance

AMT opened at $212.50 on Thursday. 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 Co. has a 12-month low of $172.51 and a 12-month high of $243.56. The firm has a 50 day moving average of $215.09 and a two-hundred day moving average of $201.93. The firm has a market capitalization of $99.48 billion, a PE ratio of 89.66, a P/E/G ratio of 1.29 and a beta of 0.86.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.34. The firm had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.54 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm’s revenue was down 9.6% compared to the same quarter last year. During the same quarter last year, the company posted $2.79 earnings per share. On average, analysts anticipate that American Tower Co. will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 13th will be given a dividend of $1.70 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a yield of 3.20%. American Tower’s dividend payout ratio is currently 174.81%.

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.