Allstate Corp Purchases 28,130 Shares of American Tower Corporation $AMT

Key Points

• Allstate Corp boosted its stake in American Tower by 132.9% in the fourth quarter, buying 28,130 additional shares to bring its total holdings to 49,304 shares worth about $8.66 million.
• American Tower reported better-than-expected quarterly results, posting EPS of $2.84 versus the $1.60 estimate and revenue of $2.74 billion versus $2.66 billion expected, with revenue up 6.8% year over year.
• The company declared a quarterly dividend of $1.79 per share, payable July 13, which annualizes to $7.16 per share for a yield of about 3.9%.

Allstate Corp raised its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 132.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 49,304 shares of the real estate investment trust's stock after purchasing an additional 28,130 shares during the period. Allstate Corp's holdings in American Tower were worth $8,656,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Richards Merrill & Peterson Inc. acquired a new stake in shares of American Tower during the 4th quarter valued at about $25,000. Oakworth Capital Inc. raised its holdings in shares of American Tower by 90.7% during the fourth quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust's stock valued at $25,000 after acquiring an additional 68 shares during the last quarter. Holos Integrated Wealth LLC acquired a new position in shares of American Tower during the fourth quarter valued at approximately $27,000. Triumph Capital Management acquired a new position in shares of American Tower during the third quarter valued at approximately $29,000. Finally, Lloyd Advisory Services LLC. purchased a new position in American Tower in the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

Insiders Place Their Bets

In other American Tower news, COO Eugene M. Noel sold 41,209 shares of the firm's stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $191.05, for a total transaction of $7,872,979.45. Following the transaction, the chief operating officer owned 29,592 shares of the company's stock, valued at approximately $5,653,551.60. This trade represents a 58.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Ruth T. Dowling sold 556 shares of the firm's stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $178.48, for a total value of $99,234.88. Following the transaction, the executive vice president directly owned 29,877 shares in the company, valued at approximately $5,332,446.96. The trade was a 1.83% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 42,181 shares of company stock valued at $8,046,071. 0.08% of the stock is currently owned by insiders.

American Tower Price Performance

American Tower stock opened at $185.36 on Wednesday. The stock has a market cap of $86.36 billion, a P/E ratio of 29.95, a price-to-earnings-growth ratio of 0.77 and a beta of 0.90. The company has a fifty day simple moving average of $177.50 and a 200-day simple moving average of $179.20. American Tower Corporation has a 12-month low of $165.08 and a 12-month high of $234.33. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 3.07.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $1.24. The business had revenue of $2.74 billion during the quarter, compared to analysts' expectations of $2.66 billion. American Tower had a net margin of 26.81% and a return on equity of 27.79%. The company's revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the previous year, the company earned $2.75 EPS. American Tower has set its FY 2026 guidance at 10.900-11.07 EPS. Equities analysts expect that American Tower Corporation will post 10.67 EPS for the current fiscal year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Friday, June 12th will be issued a dividend of $1.79 per share. The ex-dividend date of this dividend is Friday, June 12th. This represents a $7.16 annualized dividend and a dividend yield of 3.9%. American Tower's dividend payout ratio (DPR) is presently 115.67%.

Wall Street Analyst Weigh In

AMT has been the subject of a number of recent analyst reports. TD Cowen cut their price target on shares of American Tower from $235.00 to $225.00 in a report on Wednesday, February 25th. Weiss Ratings upgraded shares of American Tower from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, May 11th. Barclays dropped their target price on shares of American Tower from $200.00 to $195.00 and set an "equal weight" rating for the company in a report on Thursday, April 16th. Citizens Jmp reiterated a "market outperform" rating and issued a $260.00 target price on shares of American Tower in a report on Wednesday, April 29th. Finally, Scotiabank lifted their target price on shares of American Tower from $214.00 to $218.00 and gave the company an "outperform" rating in a report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $216.20.

American Tower Company Profile

American Tower NYSE: AMT is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company's core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.

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