Delta Financial Group Inc. Sells 256 Shares of American Tower Co. (NYSE:AMT)

Delta Financial Group Inc. lessened its holdings in American Tower Co. (NYSE:AMT) by 10.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 2,220 shares of the real estate investment trust’s stock after selling 256 shares during the period. Delta Financial Group Inc.’s holdings in American Tower were worth $407,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Fortitude Family Office LLC lifted its position in American Tower by 269.0% during the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 78 shares in the last quarter. Hara Capital LLC bought a new stake in American Tower during the third quarter worth about $31,000. Roxbury Financial LLC acquired a new position in American Tower during the fourth quarter valued at approximately $32,000. Legacy Investment Solutions LLC bought a new position in American Tower in the third quarter valued at approximately $34,000. Finally, Activest Wealth Management increased its position in shares of American Tower by 431.0% during the 3rd quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 125 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Insider Activity

In related news, CFO Rodney M. Smith sold 16,567 shares of the firm’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the transaction, the chief financial officer now directly owns 62,792 shares of the company’s stock, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.18% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Mizuho cut their price objective on American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. Citigroup cut their price target on shares of American Tower from $255.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, February 14th. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Scotiabank cut their target price on shares of American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a research note on Thursday, January 23rd. Finally, The Goldman Sachs Group lowered their price target on American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, American Tower currently has a consensus rating of “Moderate Buy” and a consensus price target of $225.79.

American Tower Price Performance

Shares of NYSE AMT opened at $191.32 on Monday. The firm has a market cap of $89.40 billion, a P/E ratio of 80.73, a price-to-earnings-growth ratio of 1.29 and a beta of 0.84. The business’s 50 day moving average is $185.67 and its 200-day moving average is $207.36. 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 1-year low of $170.46 and a 1-year high of $243.56.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, December 27th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date was Friday, December 27th. American Tower’s dividend 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.