Allianz SE Buys 5,283 Shares of American Tower Corporation (NYSE:AMT)

Key Points

• Allianz SE increased its stake in American Tower Corporation by 17.5% during the 1st quarter, acquiring an additional 5,283 shares and bringing its total holdings to 35,484 shares valued at approximately $7.72 million.
• American Tower reported a net margin of 12.60% and earnings per share of $2.60 for the quarter, slightly surpassing analysts' expectations while experiencing a 9.4% decline in revenue year-over-year.
• American Tower announced a quarterly dividend of $1.70 per share, resulting in an annualized yield of 3.2%, although it currently shows a dividend payout ratio of 247.27%.

Allianz SE increased its stake in American Tower Corporation (NYSE:AMT - Free Report) by 17.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,484 shares of the real estate investment trust's stock after acquiring an additional 5,283 shares during the quarter. Allianz SE's holdings in American Tower were worth $7,721,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Commonwealth Equity Services LLC increased its stake in American Tower by 0.5% during the 1st quarter. Commonwealth Equity Services LLC now owns 143,051 shares of the real estate investment trust's stock valued at $31,128,000 after purchasing an additional 744 shares in the last quarter. Raiffeisen Bank International AG increased its stake in American Tower by 19.0% during the 1st quarter. Raiffeisen Bank International AG now owns 40,191 shares of the real estate investment trust's stock valued at $8,665,000 after purchasing an additional 6,427 shares in the last quarter. Manchester Capital Management LLC increased its stake in American Tower by 5.2% during the 1st quarter. Manchester Capital Management LLC now owns 1,754 shares of the real estate investment trust's stock valued at $382,000 after purchasing an additional 87 shares in the last quarter. Pathway Financial Advisers LLC increased its stake in American Tower by 2.2% during the 1st quarter. Pathway Financial Advisers LLC now owns 4,254 shares of the real estate investment trust's stock valued at $926,000 after purchasing an additional 91 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in American Tower by 8.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 308,029 shares of the real estate investment trust's stock valued at $67,027,000 after purchasing an additional 24,059 shares in the last quarter. Institutional investors own 92.69% of the company's stock.

American Tower Trading Up 1.8%

Shares of American Tower stock opened at $212.18 on Friday. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $243.56. The company has a market cap of $99.33 billion, a price-to-earnings ratio of 77.16, a PEG ratio of 1.17 and a beta of 0.82. The company has a current ratio of 0.95, a quick ratio of 0.81 and a debt-to-equity ratio of 3.36. The company's 50-day moving average price is $218.73 and its 200-day moving average price is $210.53.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same period in the prior year, the firm posted $2.79 earnings per share. The company's revenue for the quarter was down 9.4% on a year-over-year basis. On average, equities analysts expect that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Friday, June 13th. American Tower's dividend payout ratio (DPR) is presently 247.27%.

Analysts Set New Price Targets

AMT has been the subject of a number of recent research reports. Hsbc Global Res lowered shares of American Tower from a "strong-buy" rating to a "hold" rating in a research note on Wednesday. Bank of America initiated coverage on shares of American Tower in a research note on Monday, May 19th. They issued a "buy" rating and a $255.00 target price for the company. Scotiabank upped their target price on shares of American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, April 30th. JMP Securities upped their target price on shares of American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a research note on Wednesday, April 30th. Finally, BMO Capital Markets reissued an "outperform" rating and issued a $245.00 price target (down from $250.00) on shares of American Tower in a report on Wednesday. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $243.88.

Insider Buying and Selling

In other news, CEO Juan Font sold 720 shares of the stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $208.33, for a total transaction of $149,997.60. Following the completion of the sale, the chief executive officer owned 23,425 shares of the company's stock, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.17% of the stock is owned by insiders.

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.

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