LifePlan Financial LLC Purchases Shares of 1,211 American Tower Corporation (NYSE:AMT)

LifePlan Financial LLC purchased a new position in American Tower Corporation (NYSE:AMT - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,211 shares of the real estate investment trust's stock, valued at approximately $264,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Amalgamated Bank increased its stake in American Tower by 2.3% during the 1st quarter. Amalgamated Bank now owns 98,936 shares of the real estate investment trust's stock valued at $21,528,000 after purchasing an additional 2,232 shares in the last quarter. Verity Asset Management Inc. grew its holdings in shares of American Tower by 4.1% during the first quarter. Verity Asset Management Inc. now owns 1,413 shares of the real estate investment trust's stock valued at $308,000 after buying an additional 56 shares during the last quarter. Avidian Wealth Enterprises LLC bought a new stake in shares of American Tower during the first quarter worth about $200,000. Hutchens & Kramer Investment Management Group LLC raised its holdings in shares of American Tower by 2.2% in the 1st quarter. Hutchens & Kramer Investment Management Group LLC now owns 5,388 shares of the real estate investment trust's stock worth $1,172,000 after acquiring an additional 116 shares during the last quarter. Finally, Stonebridge Financial Group LLC boosted its stake in American Tower by 31.7% during the 1st quarter. Stonebridge Financial Group LLC now owns 12,237 shares of the real estate investment trust's stock valued at $2,663,000 after purchasing an additional 2,945 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on AMT shares. Bank of America began coverage on American Tower in a report on Monday, May 19th. They issued a "buy" rating and a $255.00 target price on the stock. Royal Bank Of Canada upped their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Morgan Stanley initiated coverage on shares of American Tower in a research report on Tuesday, April 1st. They set an "overweight" rating and a $250.00 price target on the stock. JMP Securities upped their price objective on shares of American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a research report on Wednesday, April 30th. Finally, Scotiabank increased their price objective on shares of American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a research note on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, American Tower has an average rating of "Buy" and a consensus target price of $240.25.

American Tower Stock Performance

AMT traded down $1.09 on Thursday, hitting $221.75. The company's stock had a trading volume of 1,369,114 shares, compared to its average volume of 2,496,502. The company's 50 day simple moving average is $216.02 and its 200-day simple moving average is $204.36. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.43. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $243.56. The firm has a market cap of $103.81 billion, a P/E ratio of 57.00, a price-to-earnings-growth ratio of 1.67 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, beating the consensus estimate of $2.41 by $0.34. The company had revenue of $2.56 billion during the quarter, compared to analysts' expectations of $2.54 billion. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The firm's quarterly revenue was down 9.6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.79 earnings per share. Analysts forecast that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be given a $1.70 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.07%. American Tower's dividend payout ratio (DPR) is currently 174.81%.

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.