Central Pacific Bank Trust Division Has $833,000 Position in American Tower Corporation $AMT

Key Points

• Central Pacific Bank Trust Division increased its holdings in American Tower Corporation by 1,059.7% in Q2, owning 3,769 shares valued at $833,000.
• CEOs and other insiders have engaged in stock transactions, with CEO Juan Font selling 720 shares recently, resulting in a 2.98% decrease in their ownership.
• American Tower reported quarterly earnings of $2.60 EPS, slightly beating expectations, despite a 9.4% decline in revenue compared to last year.

Central Pacific Bank Trust Division increased its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 1,059.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,769 shares of the real estate investment trust's stock after purchasing an additional 3,444 shares during the period. Central Pacific Bank Trust Division's holdings in American Tower were worth $833,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. North Capital Inc. acquired a new position in American Tower in the first quarter worth about $25,000. Hopwood Financial Services Inc. raised its position in American Tower by 100.0% in the first quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 60 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. acquired a new position in American Tower in the first quarter worth about $31,000. Lowe Wealth Advisors LLC raised its position in American Tower by 218.0% in the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after purchasing an additional 109 shares in the last quarter. Finally, City Holding Co. acquired a new position in American Tower in the first quarter worth about $39,000. Institutional investors and hedge funds own 92.69% of the company's stock.

Insider Activity at American Tower

In other news, CEO Juan Font sold 720 shares of the stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total transaction of $149,997.60. Following the sale, the chief executive officer directly owned 23,425 shares of the company's stock, valued at $4,880,130.25. This represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.17% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Royal Bank Of Canada increased their price target on shares of American Tower from $250.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Raymond James Financial set a $250.00 price objective on shares of American Tower and gave the stock a "strong-buy" rating in a report on Wednesday, July 30th. Bank of America initiated coverage on shares of American Tower in a report on Monday, May 19th. They set a "buy" rating and a $255.00 price objective for the company. UBS Group raised their price objective on shares of American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Finally, HSBC lowered shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 price objective for the company. in a report on Wednesday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $244.73.

American Tower Price Performance

AMT opened at $195.27 on Friday. American Tower Corporation has a one year low of $172.51 and a one year high of $241.97. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95. The company's 50 day simple moving average is $210.83 and its 200-day simple moving average is $213.45. The stock has a market capitalization of $91.43 billion, a P/E ratio of 71.01, a price-to-earnings-growth ratio of 1.21 and a beta of 0.86.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, beating the consensus estimate of $2.59 by $0.01. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The business had revenue of $2.63 billion for the quarter, compared to analysts' expectations of $2.58 billion. During the same period in the prior year, the firm earned $2.79 earnings per share. American Tower's revenue was down 9.4% compared to the same quarter last year. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Sell-side analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

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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