First Financial Bank Trust Division Purchases 2,308 Shares of American Tower Corporation $AMT

Key Points

• First Financial Bank Trust Division increased its stake in American Tower Corporation by 21.2%, acquiring an additional 2,308 shares, bringing its total holdings to 13,212 shares valued at approximately $2.92 million.
• Despite a year-over-year revenue decline of 9.4%, American Tower reported earnings of $2.60 per share for the last quarter, slightly exceeding analyst expectations.
• Analysts have generally positive outlooks on the stock, with Goldman Sachs maintaining a "buy" rating and Royal Bank of Canada raising its target price from $250 to $260.

First Financial Bank Trust Division lifted its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 21.2% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,212 shares of the real estate investment trust's stock after purchasing an additional 2,308 shares during the quarter. First Financial Bank Trust Division's holdings in American Tower were worth $2,920,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. North Capital Inc. bought a new stake in shares of American Tower during the first quarter valued at approximately $25,000. Hopwood Financial Services Inc. boosted its position in shares of American Tower by 100.0% during the first quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust's stock valued at $26,000 after purchasing an additional 60 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. bought a new stake in shares of American Tower during the first quarter valued at approximately $31,000. Lowe Wealth Advisors LLC boosted its position in shares of American Tower by 218.0% during the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 109 shares in the last quarter. Finally, City Holding Co. bought a new stake in shares of American Tower during the first quarter valued at approximately $39,000. 92.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on AMT shares. The Goldman Sachs Group restated a "buy" rating on shares of American Tower in a research report on Tuesday, July 29th. Royal Bank Of Canada boosted their target price on American Tower from $250.00 to $260.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Hsbc Global Res downgraded American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Raymond James Financial set a $250.00 target price on American Tower and gave the stock a "strong-buy" rating in a report on Wednesday, July 30th. Finally, BMO Capital Markets reissued an "outperform" rating and issued a $245.00 target price (down from $250.00) on shares of American Tower in a report on Wednesday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $244.73.

American Tower Stock Down 0.7%

AMT stock opened at $195.27 on Friday. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $241.97. The business has a fifty day moving average price of $210.83 and a 200-day moving average price of $213.37. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market capitalization of $91.43 billion, a P/E ratio of 71.01, a P/E/G ratio of 1.21 and a beta of 0.86.

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

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 transaction of $149,997.60. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.17% of the stock is owned by corporate insiders.

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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