First Bank & Trust Purchases 6,205 Shares of American Tower Corporation $AMT

Key Points

• First Bank & Trust increased its American Tower stake by 67.7% in the second quarter, purchasing 6,205 shares to bring its holdings to 15,374 shares valued at approximately $2.52 million. Institutional investors own 92.69% of AMT.
• American Tower shares recently traded at $169.06, down 2.0%, near the lower end of their 12-month range. The REIT pays a quarterly dividend of $1.79 per share, equivalent to a 4.2% yield.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $215.19, while company insiders sold 6,791 shares worth approximately $1.2 million during the quarter.

First Bank & Trust lifted its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 67.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,374 shares of the real estate investment trust's stock after buying an additional 6,205 shares during the period. First Bank & Trust's holdings in American Tower were worth $2,515,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of AMT. Richards Merrill & Peterson Inc. bought a new stake in American Tower in the 4th quarter valued at approximately $25,000. Oakworth Capital Inc. grew its stake in shares of American Tower by 90.7% during the 4th quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust's stock worth $25,000 after acquiring an additional 68 shares in the last quarter. Swiss RE Ltd. bought a new position in shares of American Tower during the 4th quarter worth approximately $25,000. Allied Private Wealth LLC acquired a new stake in shares of American Tower in the second quarter valued at approximately $29,000. Finally, Triumph Capital Management acquired a new stake in shares of American Tower in the third quarter valued at approximately $29,000. 92.69% of the stock is currently owned by institutional investors.

American Tower Trading Down 2.0%

NYSE AMT opened at $169.06 on Tuesday. American Tower Corporation has a 12 month low of $160.06 and a 12 month high of $214.79. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 3.12. The stock has a 50 day moving average of $174.14 and a 200-day moving average of $178.10. The company has a market cap of $78.78 billion, a PE ratio of 23.25, a PEG ratio of 2.74 and a beta of 0.90.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Friday, June 12th were given a dividend of $1.79 per share. This represents a $7.16 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend was Friday, June 12th. American Tower's dividend payout ratio is 98.49%.

Wall Street Analyst Weigh In

Several research analysts recently commented on AMT shares. Barclays reduced their target price on shares of American Tower from $200.00 to $195.00 and set an "equal weight" rating for the company in a report on Thursday, April 16th. Royal Bank Of Canada upgraded shares of American Tower from a "sector perform" rating to an "outperform" rating and lifted their price target for the company from $195.00 to $205.00 in a research note on Friday, June 26th. Citizens Jmp reissued a "market outperform" rating and set a $260.00 price target on shares of American Tower in a research report on Wednesday, April 29th. Wolfe Research upgraded shares of American Tower from a "peer perform" rating to an "outperform" rating and set a $188.00 price objective for the company in a research note on Wednesday, July 8th. Finally, Jefferies Financial Group decreased their price objective on American Tower from $210.00 to $201.00 and set a "buy" rating for the company in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, American Tower has an average rating of "Moderate Buy" and a consensus price target of $215.19.

Insiders Place Their Bets

In other news, CFO Robert Joseph Meyer sold 5,000 shares of the business's stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $178.89, for a total transaction of $894,450.00. Following the transaction, the chief financial officer directly owned 21,428 shares in the company, valued at $3,833,254.92. The trade was a 18.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Ruth T. Dowling sold 1,106 shares of the firm's 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 completion of the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 6,791 shares of company stock valued at $1,204,091. Corporate insiders own 0.08% of the company's stock.

American Tower Profile

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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