Amalgamated Bank Raises Stock Position in American Tower Corporation (NYSE:AMT)

Amalgamated Bank raised its stake in American Tower Corporation (NYSE:AMT - Free Report) by 2.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 98,936 shares of the real estate investment trust's stock after buying an additional 2,232 shares during the period. Amalgamated Bank's holdings in American Tower were worth $21,528,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. E Fund Management Hong Kong Co. Ltd. purchased a new stake in shares of American Tower in the first quarter valued at about $31,000. Lowe Wealth Advisors LLC lifted its holdings in shares of American Tower by 218.0% in the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 109 shares in the last quarter. Minot DeBlois Advisors LLC purchased a new stake in shares of American Tower in the fourth quarter valued at about $29,000. Graney & King LLC purchased a new stake in shares of American Tower in the fourth quarter valued at about $32,000. Finally, City Holding Co. purchased a new stake in shares of American Tower in the first quarter valued at about $39,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on the stock. UBS Group upped their price target on shares of American Tower from $245.00 to $250.00 and gave the company a "buy" rating in a report on Wednesday, April 30th. Scotiabank boosted 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 report on Wednesday, April 30th. Wells Fargo & Company boosted their price objective on shares of American Tower from $230.00 to $240.00 and gave the company an "overweight" rating in a research report on Wednesday, April 30th. Morgan Stanley began coverage on shares of American Tower in a research report on Tuesday, April 1st. They issued an "overweight" rating and a $250.00 price objective for the company. Finally, Royal Bank Of Canada boosted their price objective on shares of American Tower from $240.00 to $250.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $240.25.

American Tower Price Performance

AMT opened at $218.06 on Monday. 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 52-week low of $172.51 and a 52-week high of $243.56. The company has a 50 day moving average of $215.69 and a two-hundred day moving average of $203.92. The company has a market cap of $102.08 billion, a P/E ratio of 56.06, a P/E/G ratio of 1.62 and a beta of 0.82.

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

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 13th will be paid a dividend of $1.70 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.80 annualized dividend and a yield of 3.12%. American Tower's dividend payout ratio 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.

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