Fifth Third Bancorp Has $33.40 Million Holdings in American Tower Corporation $AMT

Key Points

• Fifth Third Bancorp increased its stake in American Tower Corporation by 15.3% during the 2nd quarter, holding a total of 151,095 shares valued at approximately $33.40 million.
• A number of analysts have adjusted their price targets for American Tower, with Royal Bank of Canada raising it from $250 to $260, while Wells Fargo lowered it from $240 to $230.
• American Tower announced a quarterly dividend of $1.70 per share, with a yield of 3.5%, despite a dividend payout ratio of 247.27%.

Fifth Third Bancorp lifted its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 15.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 151,095 shares of the real estate investment trust's stock after buying an additional 20,001 shares during the quarter. Fifth Third Bancorp's holdings in American Tower were worth $33,395,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of American Tower by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 62,809,486 shares of the real estate investment trust's stock valued at $13,667,344,000 after buying an additional 434,118 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of American Tower by 39.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,144,040 shares of the real estate investment trust's stock valued at $1,772,144,000 after acquiring an additional 2,309,627 shares in the last quarter. Deutsche Bank AG increased its holdings in shares of American Tower by 4.0% during the first quarter. Deutsche Bank AG now owns 7,383,368 shares of the real estate investment trust's stock valued at $1,606,621,000 after acquiring an additional 285,195 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of American Tower by 1.4% during the first quarter. Dimensional Fund Advisors LP now owns 6,534,862 shares of the real estate investment trust's stock worth $1,421,965,000 after purchasing an additional 88,120 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of American Tower by 3.7% in the 1st quarter. Principal Financial Group Inc. now owns 6,136,981 shares of the real estate investment trust's stock worth $1,335,407,000 after purchasing an additional 220,565 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on AMT shares. Royal Bank Of Canada boosted their price target on shares of American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Wells Fargo & Company decreased their target price on shares of American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. JPMorgan Chase & Co. raised their price target on shares of American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. BMO Capital Markets reissued an "outperform" rating and issued a $245.00 price objective (down from $250.00) on shares of American Tower in a research note on Wednesday, July 30th. Finally, Hsbc Global Res lowered American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, American Tower currently has an average rating of "Moderate Buy" and an average target price of $244.73.

American Tower Stock Performance

Shares of American Tower stock opened at $192.98 on Thursday. The business's fifty day simple moving average is $206.52 and its 200 day simple moving average is $212.64. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $238.34. The firm has a market capitalization of $90.36 billion, a P/E ratio of 70.17, a price-to-earnings-growth ratio of 1.20 and a beta of 0.86.

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

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $1.70 per share. The ex-dividend date is Tuesday, September 30th. This represents a $6.80 annualized dividend and a dividend yield of 3.5%. American Tower's dividend payout ratio (DPR) is presently 247.27%.

Insider Activity at American Tower

In related news, CEO Juan Font sold 720 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $208.33, for a total value of $149,997.60. Following the transaction, the chief executive officer owned 23,425 shares in the company, valued at approximately $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 accessible through this link. Company insiders own 0.17% of the company's stock.

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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