Atlantic Union Bankshares Corp Decreases Stock Holdings in American Tower Corporation $AMT

Key Points

• Atlantic Union Bankshares cut its American Tower stake by 20.2% in the fourth quarter, selling 8,859 shares and leaving it with 35,000 shares valued at about $6.15 million.
• American Tower reported better-than-expected Q1 earnings, posting $2.84 per share versus $1.60 expected, while revenue rose 6.8% year over year to $2.74 billion.
• The company raised its quarterly dividend to $1.79 per share from $1.70, implying an annualized yield of about 4.1%, even as analysts maintain a Moderate Buy consensus with an average price target of $218.05.

Atlantic Union Bankshares Corp trimmed its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 20.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,000 shares of the real estate investment trust's stock after selling 8,859 shares during the quarter. Atlantic Union Bankshares Corp's holdings in American Tower were worth $6,145,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. World Investment Advisors grew its holdings in American Tower by 14.6% during the fourth quarter. World Investment Advisors now owns 4,327 shares of the real estate investment trust's stock valued at $760,000 after purchasing an additional 552 shares during the period. Seelaus Asset Management LLC lifted its position in shares of American Tower by 62.3% during the fourth quarter. Seelaus Asset Management LLC now owns 2,344 shares of the real estate investment trust's stock worth $412,000 after acquiring an additional 900 shares in the last quarter. Meridian Wealth Management LLC purchased a new stake in shares of American Tower in the 4th quarter valued at about $204,000. Bailard Inc. raised its holdings in shares of American Tower by 10.5% in the 4th quarter. Bailard Inc. now owns 6,331 shares of the real estate investment trust's stock valued at $1,112,000 after acquiring an additional 599 shares in the last quarter. Finally, AG2R LA Mondiale Gestion D Actifs raised its holdings in shares of American Tower by 10.4% in the 4th quarter. AG2R LA Mondiale Gestion D Actifs now owns 20,024 shares of the real estate investment trust's stock valued at $3,516,000 after acquiring an additional 1,887 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

American Tower Trading Down 2.7%

Shares of AMT stock opened at $174.04 on Thursday. The company has a market cap of $81.08 billion, a price-to-earnings ratio of 28.12, a PEG ratio of 0.75 and a beta of 0.90. The company has a debt-to-equity ratio of 3.07, a current ratio of 0.43 and a quick ratio of 0.43. The firm has a fifty day moving average price of $178.60 and a 200-day moving average price of $179.32. American Tower Corporation has a 1 year low of $165.08 and a 1 year high of $234.33.

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

American Tower Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 28th. Shareholders of record on Tuesday, April 14th were paid a $1.79 dividend. This represents a $7.16 annualized dividend and a yield of 4.1%. The ex-dividend date was Tuesday, April 14th. This is an increase from American Tower's previous quarterly dividend of $1.70. American Tower's dividend payout ratio is presently 115.67%.

Insiders Place Their Bets

In other American Tower news, Director Rajesh Kalathur bought 2,671 shares of the firm's stock in a transaction dated Tuesday, March 10th. The shares were purchased at an average cost of $185.30 per share, for a total transaction of $494,936.30. Following the transaction, the director owned 4,936 shares of the company's stock, valued at $914,640.80. This represents a 117.92% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Ruth T. Dowling sold 416 shares of the company's stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $177.54, for a total transaction of $73,856.64. Following the sale, the executive vice president owned 29,461 shares in the company, valued at $5,230,505.94. This represents a 1.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 42,181 shares of company stock worth $8,046,071 in the last 90 days. 0.08% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on AMT shares. Morgan Stanley lowered their price target on American Tower from $225.00 to $220.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 25th. Truist Financial raised their target price on American Tower from $205.00 to $208.00 and gave the stock a "buy" rating in a research note on Thursday, April 30th. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $195.00 price objective on shares of American Tower in a research report on Thursday, April 30th. JPMorgan Chase & Co. lowered their target price on shares of American Tower from $245.00 to $240.00 and set an "overweight" rating for the company in a report on Wednesday, April 29th. Finally, Weiss Ratings upgraded shares of American Tower from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, American Tower presently has a consensus rating of "Moderate Buy" and an average price target of $218.05.

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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