M&T Bank Corp increased its position in shares of American Tower Co. (NYSE:AMT – Get Rating) by 8.2% during the first quarter, Holdings Channel reports. The institutional investor owned 343,929 shares of the real estate investment trust’s stock after buying an additional 26,090 shares during the quarter. M&T Bank Corp’s holdings in American Tower were worth $86,402,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Regal Investment Advisors LLC boosted its holdings in American Tower by 9.3% in the first quarter. Regal Investment Advisors LLC now owns 1,803 shares of the real estate investment trust’s stock valued at $453,000 after purchasing an additional 153 shares in the last quarter. Capital Square LLC boosted its holdings in American Tower by 31.9% in the first quarter. Capital Square LLC now owns 18,333 shares of the real estate investment trust’s stock valued at $4,605,000 after purchasing an additional 4,432 shares in the last quarter. Lansing Street Advisors acquired a new position in American Tower in the first quarter valued at approximately $47,000. Retirement Planning Co of New England Inc. boosted its holdings in American Tower by 48.1% in the first quarter. Retirement Planning Co of New England Inc. now owns 2,838 shares of the real estate investment trust’s stock valued at $713,000 after purchasing an additional 922 shares in the last quarter. Finally, Curi Wealth Management LLC boosted its holdings in American Tower by 24.7% in the first quarter. Curi Wealth Management LLC now owns 1,524 shares of the real estate investment trust’s stock valued at $383,000 after purchasing an additional 302 shares in the last quarter. 91.00% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. raised American Tower from an “underweight” rating to an “overweight” rating and upped their price target for the company from $245.00 to $285.00 in a report on Tuesday, June 21st. TheStreet raised American Tower from a “c+” rating to a “b” rating in a report on Wednesday, April 27th. Morgan Stanley decreased their price objective on American Tower from $268.00 to $252.00 and set an “equal weight” rating for the company in a report on Wednesday, July 20th. Bank of America initiated coverage on American Tower in a report on Sunday, June 5th. They issued a “buy” rating and a $315.00 price objective for the company. Finally, Jefferies Financial Group decreased their price target on American Tower from $308.00 to $293.00 and set a “buy” rating for the company in a report on Thursday, June 30th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $291.69.
American Tower Price Performance
American Tower (NYSE:AMT – Get Rating) last posted its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.99. The business had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.64 billion. American Tower had a return on equity of 28.93% and a net margin of 27.23%. The business’s revenue for the quarter was up 16.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.42 earnings per share. As a group, research analysts predict that American Tower Co. will post 9.37 EPS for the current fiscal year.
American Tower Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, July 8th. Shareholders of record on Friday, June 17th were paid a $1.43 dividend. This represents a $5.72 dividend on an annualized basis and a yield of 2.12%. This is a positive change from American Tower’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend was Thursday, June 16th. American Tower’s dividend payout ratio (DPR) is presently 94.08%.
Insiders Place Their Bets
In other American Tower news, Director Robert D. Hormats sold 150 shares of the firm’s stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $254.53, for a total value of $38,179.50. Following the sale, the director now directly owns 6,571 shares of the company’s stock, valued at approximately $1,672,516.63. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Robert D. Hormats sold 200 shares of American Tower stock in a transaction dated Wednesday, June 15th. The stock was sold at an average price of $235.40, for a total value of $47,080.00. Following the transaction, the director now directly owns 6,721 shares of the company’s stock, valued at approximately $1,582,123.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert D. Hormats sold 150 shares of American Tower stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $254.53, for a total value of $38,179.50. Following the completion of the transaction, the director now directly owns 6,571 shares in the company, valued at $1,672,516.63. The disclosure for this sale can be found here. 0.24% of the stock is owned by corporate insiders.
American Tower Company Profile
American Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information about American Tower, please visit the Earnings Materials and Investor Presentations sections of our investor relations website at www.americantower.com.
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