American Tower Corporation $AMT Shares Sold by Vert Asset Management LLC

Key Points

• Vert Asset Management LLC reduced its stake in American Tower Corporation by 6.6% in the second quarter, now holding 93,250 shares valued at $20.61 million.
• American Tower reported a net margin of 12.60% and earnings per share of $2.60 in its latest quarterly results, slightly surpassing analysts' expectations.
• A quarterly dividend of $1.70 has been declared, with an annualized yield of 3.5% and an ex-dividend date set for September 30th.

Vert Asset Management LLC lowered its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 6.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 93,250 shares of the real estate investment trust's stock after selling 6,614 shares during the period. American Tower makes up 7.5% of Vert Asset Management LLC's portfolio, making the stock its 2nd biggest position. Vert Asset Management LLC's holdings in American Tower were worth $20,610,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Focus Financial Network Inc. boosted its stake in shares of American Tower by 9.1% in the second quarter. Focus Financial Network Inc. now owns 2,042 shares of the real estate investment trust's stock valued at $451,000 after purchasing an additional 170 shares during the period. Resolution Capital Ltd purchased a new position in shares of American Tower in the first quarter valued at $72,706,000. Golden State Wealth Management LLC boosted its stake in shares of American Tower by 23.0% in the first 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 period. Shum Financial Group Inc. boosted its stake in shares of American Tower by 3.5% in the first 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 period. Finally, Kovitz Investment Group Partners LLC boosted its stake in shares of American Tower by 126.0% in the first quarter. Kovitz Investment Group Partners LLC now owns 97,495 shares of the real estate investment trust's stock valued at $21,215,000 after purchasing an additional 54,360 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Trading Up 0.5%

American Tower stock opened at $193.22 on Thursday. The firm's 50-day moving average is $203.12 and its 200-day moving average is $212.08. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95. American Tower Corporation has a 1 year low of $172.51 and a 1 year high of $234.33. The company has a market cap of $90.47 billion, a P/E ratio of 70.26, a PEG ratio of 1.19 and a beta of 0.86.

American Tower (NYSE:AMT - Get Free Report) last posted 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 company had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same period last year, the firm posted $2.79 EPS. The company's revenue for the quarter was down 9.4% on a year-over-year basis. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. On average, equities 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 declared a quarterly dividend, which will be paid on Monday, October 20th. Stockholders of record on Tuesday, September 30th will be given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Tuesday, September 30th. American Tower's dividend payout ratio (DPR) is presently 247.27%.

Insider Activity

In related news, CEO Juan Font sold 720 shares of the stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $208.33, for a total value of $149,997.60. Following the sale, the chief executive officer owned 23,425 shares of the company's stock, valued at $4,880,130.25. This trade represents a 2.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.17% of the company's stock.

Analysts Set New Price Targets

AMT has been the topic of a number of research analyst reports. JPMorgan Chase & Co. increased their price objective on shares of American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Royal Bank Of Canada increased their price objective on shares of American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Barclays increased their price objective on shares of American Tower from $246.00 to $250.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Wells Fargo & Company reduced their price objective on shares of American Tower from $240.00 to $230.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. Finally, UBS Group increased their price objective on shares of American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $244.73.

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.

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