Eastern Bank Purchases 9,016 Shares of American Tower Corporation $AMT

Key Points

• Eastern Bank increased its American Tower stake by 5.9% in the second quarter, acquiring 9,016 shares and bringing its total holdings to 162,107 shares valued at approximately $26.5 million.
• Institutional ownership remains high at 92.69%, with several major investors adding to their positions; however, American Tower insiders sold 6,791 shares worth about $1.2 million over the past 90 days.
• American Tower pays a quarterly dividend of $1.79 per share, equivalent to a 4.1% yield, while analysts maintain a “Moderate Buy” consensus and an average price target of $215.19 versus the stock’s $173.07 opening price.

Eastern Bank raised its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 5.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 162,107 shares of the real estate investment trust's stock after acquiring an additional 9,016 shares during the period. Eastern Bank's holdings in American Tower were worth $26,516,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in AMT. Raleigh Capital Management Inc. increased its stake in shares of American Tower by 489.1% in the first quarter. Raleigh Capital Management Inc. now owns 13,703 shares of the real estate investment trust's stock worth $2,365,000 after buying an additional 11,377 shares during the period. Canal Capital Management LLC raised its holdings in American Tower by 81.9% during the 1st quarter. Canal Capital Management LLC now owns 34,471 shares of the real estate investment trust's stock valued at $5,949,000 after buying an additional 15,520 shares during the last quarter. Bernzott Capital Advisors boosted its position in American Tower by 29.3% during the 1st quarter. Bernzott Capital Advisors now owns 42,161 shares of the real estate investment trust's stock valued at $7,276,000 after buying an additional 9,556 shares during the period. Legal & General Group Plc grew its holdings in American Tower by 4.7% in the 4th quarter. Legal & General Group Plc now owns 4,873,695 shares of the real estate investment trust's stock worth $855,675,000 after acquiring an additional 220,447 shares during the last quarter. Finally, Rathbones Group PLC grew its holdings in American Tower by 14.9% in the 4th quarter. Rathbones Group PLC now owns 474,216 shares of the real estate investment trust's stock worth $83,258,000 after acquiring an additional 61,428 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at American Tower

In other news, EVP Ruth T. Dowling sold 1,106 shares of the firm's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $174.96, for a total value of $193,505.76. Following the transaction, the executive vice president owned 27,711 shares of the company's stock, valued at $4,848,316.56. This trade represents a 3.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Robert Joseph Meyer sold 5,000 shares of the stock in a transaction that occurred on Wednesday, July 29th. The stock was 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 $3,833,254.92. This represents a 18.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 6,791 shares of company stock valued at $1,204,091 over the last 90 days. 0.08% of the stock is currently owned by company insiders.

American Tower Stock Performance

AMT stock opened at $173.07 on Tuesday. The stock's 50 day simple moving average is $175.66 and its 200 day simple moving average is $178.44. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 3.12. American Tower Corporation has a 12-month low of $160.06 and a 12-month high of $214.79. The stock has a market capitalization of $80.63 billion, a PE ratio of 23.81, a price-to-earnings-growth ratio of 2.78 and a beta of 0.90.

American Tower Announces Dividend

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

Analysts Set New Price Targets

Several brokerages have recently commented on AMT. Truist Financial upped their price objective on shares of American Tower from $205.00 to $208.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. BMO Capital Markets raised their target price on American Tower from $190.00 to $195.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 29th. Scotiabank reiterated an "outperform" rating on shares of American Tower in a report on Wednesday, July 29th. Barclays reduced their target price on American Tower from $200.00 to $195.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 16th. Finally, The Goldman Sachs Group set a $210.00 target price on American Tower in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $215.19.

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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