Bank of America Corp DE Has $778.62 Million Stock Holdings in American Tower Corporation $AMT

Key Points

• Bank of America increased its American Tower holdings by 14.4% in the first quarter, adding 566,899 shares to own 4.51 million shares valued at approximately $778.6 million. Institutional investors collectively own 92.69% of the REIT.
• American Tower exceeded quarterly expectations, reporting $2.84 in EPS and $2.74 billion in revenue, with revenue up 6.8% year over year. The company also maintains a quarterly dividend of $1.79, equivalent to a 4.1% annualized yield.
• Analysts hold a “Moderate Buy” consensus rating with an average price target of $215.19, but American Tower’s high 3.12 debt-to-equity ratio leaves it sensitive to rising interest rates.

Bank of America Corp DE raised its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 14.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 4,511,662 shares of the real estate investment trust's stock after acquiring an additional 566,899 shares during the quarter. Bank of America Corp DE owned approximately 0.97% of American Tower worth $778,623,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Richards Merrill & Peterson Inc. acquired a new stake in American Tower in the fourth quarter valued at $25,000. Oakworth Capital Inc. lifted its holdings in American Tower by 90.7% during the 4th quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust's stock worth $25,000 after buying an additional 68 shares during the period. Swiss RE Ltd. acquired a new position in American Tower during the 4th quarter worth about $25,000. Triumph Capital Management bought a new stake in shares of American Tower in the 3rd quarter valued at about $29,000. Finally, Acumen Wealth Advisors LLC acquired a new stake in shares of American Tower in the fourth quarter valued at about $29,000. Institutional investors own 92.69% of the company's stock.

American Tower Trading Down 0.4%

NYSE AMT opened at $173.82 on Friday. The stock has a market capitalization of $80.98 billion, a P/E ratio of 23.91, a P/E/G ratio of 2.80 and a beta of 0.91. The business has a 50 day simple moving average of $175.87 and a 200 day simple moving average of $178.39. The company has a debt-to-equity ratio of 3.12, a current ratio of 0.52 and a quick ratio of 0.43. American Tower Corporation has a one year low of $160.06 and a one year high of $217.39.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $2.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.60 by $1.24. The firm had revenue of $2.74 billion for the quarter, compared to analysts' expectations of $2.66 billion. American Tower had a return on equity of 32.76% and a net margin of 31.08%.The company's revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the prior year, the business earned $2.75 EPS. Research analysts expect that American Tower Corporation will post 10.66 earnings per share for the current year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Friday, June 12th were paid a $1.79 dividend. This represents a $7.16 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Friday, June 12th. American Tower's payout ratio is 98.49%.

American Tower News Summary

Here are the key news stories impacting American Tower this week:

• Positive Sentiment: Analysts raised their valuation expectations for American Tower. One firm lifted its price target to $220, while BMO Capital Markets increased its target to $195, suggesting potential upside from recent trading levels. American Tower Price Target Raised to $220 BMO Raises American Tower Price Target
• Positive Sentiment: American Tower’s latest results were stronger than expected, with revenue up 6.8% year over year to $2.74 billion and EPS of $2.84 versus the $1.60 consensus estimate. Record CoreSite data-center leasing and continued demand from cloud and artificial-intelligence infrastructure provide additional growth support.
• Neutral Sentiment: EVP Ruth Dowling sold 1,791 shares across two transactions for approximately $309,641 under a pre-arranged Rule 10b5-1 plan. Because the sales were scheduled and she retained a sizable stake, the transactions are a limited signal about management’s outlook. SEC Insider Trading Filing
• Negative Sentiment: CFO Robert Joseph Meyer sold 5,000 shares worth approximately $894,450, reducing his ownership by 18.92%. Although the sale does not necessarily indicate deteriorating fundamentals, the larger transaction may weigh on investor sentiment. CFO SEC Insider Trading Filing
• Negative Sentiment: American Tower remains highly leveraged, with a debt-to-equity ratio of 3.12, making it sensitive to higher interest rates. Rising borrowing costs can pressure REIT valuations and reduce the appeal of its approximately 4.1% dividend yield.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on AMT shares. Mizuho upgraded American Tower from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from $189.00 to $205.00 in a research report on Wednesday, April 15th. BMO Capital Markets increased their target price on shares of American Tower from $190.00 to $195.00 and gave the company a "market perform" rating in a research report on Wednesday. Raymond James Financial restated a "strong-buy" rating and set a $240.00 price target on shares of American Tower in a report on Wednesday, April 29th. Barclays dropped their price target on shares of American Tower from $200.00 to $195.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 16th. Finally, Royal Bank Of Canada raised shares of American Tower from a "sector perform" rating to an "outperform" rating and upped their price objective for the company from $195.00 to $205.00 in a research note on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, American Tower currently has an average rating of "Moderate Buy" and a consensus target price of $215.19.

Insider Activity

In other news, EVP Ruth T. Dowling sold 1,106 shares of the company's stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $174.96, for a total transaction of $193,505.76. Following the transaction, the executive vice president directly owned 27,711 shares of the company's stock, valued at $4,848,316.56. This represents a 3.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Robert Joseph Meyer sold 5,000 shares of American Tower stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $178.89, for a total transaction of $894,450.00. Following the completion of the sale, the chief financial officer directly owned 21,428 shares of the company's stock, valued at approximately $3,833,254.92. The trade was a 18.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 6,791 shares of company stock worth $1,204,091 in the last quarter. Company insiders own 0.08% of the company's stock.

About American Tower

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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