Zions Bancorporation National Association UT Invests $430,000 in American Tower Corporation (NYSE:AMT)

Key Points

• Zions Bancorporation National Association UT acquired 1,977 shares of American Tower Corporation, worth approximately $430,000, as reported in a recent SEC filing.
• CEO Juan Font sold 720 shares of American Tower's stock for about $149,998, reducing his ownership stake by 2.98%.
• American Tower reported a quarterly EPS of $2.60, exceeding analysts' expectations, while also announcing a quarterly dividend of $1.70.

Zions Bancorporation National Association UT bought a new stake in American Tower Corporation (NYSE:AMT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm bought 1,977 shares of the real estate investment trust's stock, valued at approximately $430,000.

Several other hedge funds have also recently bought and sold shares of AMT. Golden State Wealth Management LLC grew its holdings in shares of American Tower by 23.0% during the 1st quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust's stock valued at $80,000 after purchasing an additional 69 shares during the last quarter. Shum Financial Group Inc. grew its holdings in shares of American Tower by 3.5% during the 1st quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust's stock valued at $913,000 after purchasing an additional 141 shares during the last quarter. Mariner LLC grew its holdings in shares of American Tower by 30.9% during the 4th quarter. Mariner LLC now owns 363,088 shares of the real estate investment trust's stock valued at $66,585,000 after purchasing an additional 85,693 shares during the last quarter. AEGON ASSET MANAGEMENT UK Plc grew its holdings in American Tower by 13.3% during the 1st quarter. AEGON ASSET MANAGEMENT UK Plc now owns 231,913 shares of the real estate investment trust's stock worth $50,487,000 after acquiring an additional 27,194 shares during the last quarter. Finally, Georgetown University grew its holdings in American Tower by 128.2% during the 4th quarter. Georgetown University now owns 45,654 shares of the real estate investment trust's stock worth $8,373,000 after acquiring an additional 25,651 shares during the last quarter. 92.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on AMT shares. JMP Securities boosted their target price on shares of American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a report on Wednesday, April 30th. The Goldman Sachs Group reissued a "buy" rating on shares of American Tower in a report on Tuesday, July 29th. Scotiabank boosted their target price on shares of American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a report on Wednesday, April 30th. JPMorgan Chase & Co. boosted their target price on shares of American Tower from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Finally, BMO Capital Markets reissued an "outperform" rating and set a $245.00 target price (down from $250.00) on shares of American Tower in a report on Wednesday, July 30th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $243.88.

Insider Activity

In other American Tower news, CEO Juan Font sold 720 shares of the firm's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total value of $149,997.60. Following the transaction, the chief executive officer directly owned 23,425 shares of the company's stock, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.17% of the stock is owned by insiders.

American Tower Stock Down 0.2%

Shares of American Tower stock traded down $0.33 during trading on Thursday, reaching $203.82. 2,636,816 shares of the company traded hands, compared to its average volume of 2,602,363. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $243.56. The company has a 50 day moving average price of $217.81 and a 200-day moving average price of $211.46. The firm has a market capitalization of $95.44 billion, a PE ratio of 74.12, a P/E/G ratio of 1.17 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last released its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.59 by $0.01. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The company had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the previous year, the company earned $2.79 EPS. American Tower's quarterly revenue was down 9.4% compared to the same quarter last year. As a group, equities research analysts expect that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

About American Tower

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.