Bank of America Corp DE Invests $638.83 Million in American Tower Corporation $AMT

Bank of America Corp DE acquired a new stake in shares of American Tower Corporation (NYSE:AMT - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,905,537 shares of the real estate investment trust's stock, valued at approximately $638,829,000. Bank of America Corp DE owned about 0.84% of American Tower at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AMT. BlackRock Inc. bought a new stake in shares of American Tower in the 2nd quarter worth approximately $7,490,943,000. J. Stern & Co. LLP boosted its position in American Tower by 28,121.1% in the fourth quarter. J. Stern & Co. LLP now owns 37,686,978 shares of the real estate investment trust's stock worth $6,616,703,000 after purchasing an additional 37,553,436 shares during the last quarter. State Street Corp increased its position in shares of American Tower by 0.3% during the 4th quarter. State Street Corp now owns 20,987,534 shares of the real estate investment trust's stock valued at $3,719,634,000 after purchasing an additional 71,605 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of American Tower by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 13,499,035 shares of the real estate investment trust's stock worth $2,361,675,000 after purchasing an additional 227,361 shares during the period. Finally, Lazard Asset Management LLC boosted its holdings in shares of American Tower by 20.4% in the first quarter. Lazard Asset Management LLC now owns 7,325,943 shares of the real estate investment trust's stock worth $1,264,311,000 after buying an additional 1,240,780 shares during the last quarter. Institutional investors own 92.69% of the company's stock.

Analysts Set New Price Targets

AMT has been the subject of several recent research reports. Wolfe Research upgraded shares of American Tower from a "peer perform" rating to an "outperform" rating and set a $188.00 target price for the company in a research report on Wednesday, July 8th. Royal Bank Of Canada raised American Tower from a "sector perform" rating to an "outperform" rating and raised their price objective for the company from $195.00 to $205.00 in a research report on Friday, June 26th. Truist Financial reiterated a "buy" rating and issued a $207.00 target price (down from $208.00) on shares of American Tower in a research note on Wednesday, August 12th. Weiss Ratings upgraded shares of American Tower from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, July 14th. Finally, TD Cowen increased their price target on shares of American Tower from $225.00 to $227.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, American Tower has an average rating of "Moderate Buy" and a consensus price target of $215.29.

American Tower Trading Up 0.3%

Shares of American Tower stock opened at $177.47 on Wednesday. The company has a market cap of $82.69 billion, a P/E ratio of 24.41, a price-to-earnings-growth ratio of 2.84 and a beta of 0.89. The firm has a 50-day simple moving average of $172.46 and a two-hundred day simple moving average of $176.95. The company has a debt-to-equity ratio of 3.12, a quick ratio of 0.52 and a current ratio of 0.52. American Tower Corporation has a fifty-two week low of $160.06 and a fifty-two week high of $199.13.

American Tower (NYSE:AMT - Get Free Report) last announced its earnings results on Tuesday, July 28th. The real estate investment trust reported $2.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $1.14. American Tower had a return on equity of 32.76% and a net margin of 31.08%.The firm had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.70 billion. During the same quarter last year, the firm posted $2.60 EPS. The business's revenue was up 4.6% on a year-over-year basis. American Tower has set its FY 2026 guidance at 11.000-11.170 EPS. As a group, equities analysts predict that American Tower Corporation will post 10.8 earnings per share for the current fiscal year.

Insider Activity

In other American Tower news, Director Rajesh Kalathur acquired 2,829 shares of the business's stock in a transaction that occurred on Friday, August 21st. The stock was purchased at an average cost of $177.00 per share, with a total value of $500,733.00. Following the transaction, the director owned 7,765 shares of the company's stock, valued at $1,374,405. This trade represents a 57.31% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Ruth T. Dowling sold 1,106 shares of American Tower stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $174.96, for a total transaction of $193,505.76. Following the sale, the executive vice president owned 27,711 shares of the company's stock, valued at approximately $4,848,316.56. This represents a 3.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 6,791 shares of company stock valued at $1,204,091. 0.08% of the stock is currently owned by insiders.

About American Tower

American Tower Corporation NYSE: AMT is a global owner, operator and developer of wireless communications infrastructure. The company leases space on communications sites, including towers, rooftops and other structures, to wireless carriers, broadcasters, government agencies and other customers. Its infrastructure supports wireless networks and the transmission of voice, data and video services.

In addition to traditional macro towers, American Tower provides distributed antenna systems and other in-building or venue-based communications solutions designed to improve wireless coverage and capacity.

Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corporation (NYSE:AMT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.