CNB Bank Reduces Holdings in American Tower Corporation (NYSE:AMT)

CNB Bank lowered its stake in American Tower Corporation (NYSE:AMT - Free Report) by 25.2% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,598 shares of the real estate investment trust's stock after selling 1,209 shares during the quarter. CNB Bank's holdings in American Tower were worth $783,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the stock. Minot DeBlois Advisors LLC purchased a new stake in shares of American Tower in the fourth quarter valued at $29,000. E Fund Management Hong Kong Co. Ltd. acquired a new position in American Tower in the 1st quarter valued at about $31,000. Graney & King LLC purchased a new position in American Tower in the 4th quarter valued at about $32,000. Lowe Wealth Advisors LLC boosted its stake in shares of American Tower by 218.0% during the 1st 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 during the last quarter. Finally, Crowley Wealth Management Inc. purchased a new stake in shares of American Tower during the fourth quarter worth about $37,000. Institutional investors and hedge funds own 92.69% of the company's stock.

American Tower Stock Performance

Shares of NYSE:AMT opened at $217.64 on Friday. The business's 50-day simple moving average is $215.79 and its 200 day simple moving average is $203.72. The company has a market cap of $101.89 billion, a P/E ratio of 55.95, a PEG ratio of 1.63 and a beta of 0.81. 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 Corporation has a one year low of $172.51 and a one year high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last posted its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, topping analysts' consensus estimates of $2.41 by $0.34. The business had revenue of $2.56 billion for the quarter, compared to analysts' expectations of $2.54 billion. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The business's revenue for the quarter was down 9.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.79 earnings per share. On average, sell-side analysts forecast that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Friday, June 13th. American Tower's payout ratio is 174.81%.

Analysts Set New Price Targets

AMT has been the topic of a number of analyst reports. Barclays raised their target price on shares of American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a research report on Friday, March 21st. Morgan Stanley started coverage on American Tower in a research report on Tuesday, April 1st. They issued an "overweight" rating and a $250.00 price objective for the company. Wells Fargo & Company increased their price objective on shares of American Tower from $230.00 to $240.00 and gave the stock an "overweight" rating in a report on Wednesday, April 30th. UBS Group boosted their target price on shares of American Tower from $245.00 to $250.00 and gave the company a "buy" rating in a report on Wednesday, April 30th. Finally, Scotiabank upped their price target on shares of American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $240.25.

American Tower Profile

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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