First Business Financial Services Inc. Invests $300,000 in American Tower Corporation $AMT

Key Points

• First Business Financial Services Inc. invested $300,000 in American Tower Corporation during Q2 by purchasing 1,359 shares.
• Several institutional investors, including Vanguard Group and Price T Rowe Associates, increased their stakes in American Tower, indicating strong interest in the stock.
• American Tower's quarterly revenues decreased by 9.4% year-over-year, although they reported earnings per share that slightly exceeded analyst estimates.

First Business Financial Services Inc. purchased a new position in American Tower Corporation (NYSE:AMT - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,359 shares of the real estate investment trust's stock, valued at approximately $300,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of American Tower by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 62,809,486 shares of the real estate investment trust's stock worth $13,667,344,000 after purchasing an additional 434,118 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of American Tower by 39.6% in 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 buying an additional 2,309,627 shares during the period. Deutsche Bank AG lifted its position in shares of American Tower by 4.0% during the 1st 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 buying an additional 285,195 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in American Tower by 1.4% in the 1st 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 acquiring an additional 88,120 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of American Tower by 3.7% in the first quarter. Principal Financial Group Inc. now owns 6,136,981 shares of the real estate investment trust's stock valued at $1,335,407,000 after purchasing an additional 220,565 shares during the period. Institutional investors own 92.69% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on AMT. JPMorgan Chase & Co. boosted their price objective on American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. HSBC lowered American Tower from a "buy" rating to a "hold" rating and set a $235.00 target price on the stock. in a research note on Wednesday, July 30th. UBS Group raised their target price on shares of American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of American Tower in a report on Wednesday, October 8th. Finally, BMO Capital Markets dropped their price target on American Tower from $245.00 to $220.00 and set an "outperform" rating for the company in a research note on Friday, October 17th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $236.75.

American Tower Trading Down 0.3%

NYSE:AMT opened at $190.56 on Friday. The firm has a market capitalization of $89.23 billion, a P/E ratio of 69.30, a P/E/G ratio of 1.16 and a beta of 0.86. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36. The company has a fifty day moving average of $195.60 and a 200 day moving average of $209.11. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $234.33.

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

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 20th. Stockholders of record on Tuesday, September 30th were given a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $6.80 annualized dividend and a dividend yield of 3.6%. American Tower's dividend payout ratio is currently 247.27%.

Insider Buying and Selling at American Tower

In related news, CEO Juan Font sold 720 shares of the company's stock in a transaction 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.17% of the stock is owned by corporate insiders.

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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