Axxcess Wealth Management LLC Purchases 1,272 Shares of American Tower Corporation (NYSE:AMT)

Axxcess Wealth Management LLC raised its position in American Tower Corporation (NYSE:AMT - Free Report) by 47.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,929 shares of the real estate investment trust's stock after purchasing an additional 1,272 shares during the period. Axxcess Wealth Management LLC's holdings in American Tower were worth $855,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. North Capital Inc. purchased a new stake in American Tower during the 1st quarter worth $25,000. Minot DeBlois Advisors LLC acquired a new stake in American Tower in the fourth quarter valued at $29,000. E Fund Management Hong Kong Co. Ltd. bought a new stake in shares of American Tower in the 1st quarter worth about $31,000. Graney & King LLC bought a new position in shares of American Tower during the fourth quarter worth about $32,000. Finally, Lowe Wealth Advisors LLC grew its position in shares of American Tower by 218.0% in the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after acquiring an additional 109 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on AMT shares. Royal Bank Of Canada boosted their target price on shares of American Tower from $240.00 to $250.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Morgan Stanley started coverage on shares of American Tower in a research note on Tuesday, April 1st. They set an "overweight" rating and a $250.00 target price for the company. Raymond James Financial upped their price objective on shares of American Tower from $231.00 to $251.00 and gave the stock a "strong-buy" rating in a report on Wednesday, April 30th. Bank of America began coverage on American Tower in a research note on Monday, May 19th. They set a "buy" rating and a $255.00 price target for the company. Finally, Barclays raised their price target on American Tower from $214.00 to $223.00 and gave the company an "overweight" rating in a research report on Friday, March 21st. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $240.88.

American Tower Stock Down 1.3%

American Tower stock traded down $2.88 during mid-day trading on Tuesday, reaching $218.90. The company's stock had a trading volume of 1,753,305 shares, compared to its average volume of 2,497,772. The company has a market capitalization of $102.48 billion, a price-to-earnings ratio of 56.27, a price-to-earnings-growth ratio of 1.62 and a beta of 0.82. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $243.56. The business's 50 day simple moving average is $216.35 and its 200 day simple moving average is $206.61. The company has a debt-to-equity ratio of 3.43, a quick ratio of 0.81 and a current ratio of 0.81.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, beating the consensus estimate of $2.41 by $0.34. The firm had revenue of $2.56 billion during the quarter, compared to analysts' expectations of $2.54 billion. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The business's quarterly revenue was down 9.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.79 earnings per share. As a group, research analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 13th were issued a dividend of $1.70 per share. The ex-dividend date was Friday, June 13th. This represents a $6.80 annualized dividend and a dividend yield of 3.11%. American Tower's dividend payout ratio is presently 174.81%.

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.