Private Trust Co. NA Lowers Position in American Tower Co. (NYSE:AMT)

Private Trust Co. NA lessened its holdings in American Tower Co. (NYSE:AMT) by 1.2% in the 3rd quarter, Holdings Channel.com reports. The firm owned 7,315 shares of the real estate investment trust’s stock after selling 86 shares during the quarter. Private Trust Co. NA’s holdings in American Tower were worth $1,701,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cultivar Capital Inc. bought a new stake in American Tower during the 2nd quarter valued at $25,000. Fortitude Family Office LLC boosted its position in 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 in the second quarter valued at about $27,000. Hobbs Group Advisors LLC purchased a new position in American Tower in the second quarter valued at about $29,000. Finally, Northwest Investment Counselors LLC bought a new position in American Tower in the third quarter worth about $30,000. 92.69% of the stock is currently owned by institutional investors.

American Tower Stock Performance

NYSE AMT opened at $207.60 on Tuesday. The stock has a market capitalization of $97.01 billion, a price-to-earnings ratio of 87.59, a PEG ratio of 1.36 and a beta of 0.84. The stock has a 50-day moving average of $218.10 and a 200 day moving average of $211.99. 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 twelve month low of $170.46 and a twelve month high of $243.56.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share 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 business had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.77 billion. During the same period in the previous year, the company earned $2.58 earnings per share. The company’s quarterly revenue was down 10.5% compared to the same quarter last year. Sell-side analysts anticipate that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were given a $1.62 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 3.12%. American Tower’s dividend payout ratio (DPR) is 273.42%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on AMT shares. BMO Capital Markets lowered their target price 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. Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. Mizuho boosted their price objective on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Deutsche Bank Aktiengesellschaft raised their target price on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Finally, Royal Bank of Canada boosted their price target on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $235.54.

American Tower 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.