First Horizon Corp Buys 8,732 Shares of American Tower Corporation $AMT

Key Points

• First Horizon Corp increased its stake in American Tower by 13.6% in the first quarter, buying 8,732 additional shares and bringing its total holding to 72,836 shares worth about $12.57 million.
• American Tower reported strong quarterly results, posting EPS of $2.84 versus the $1.60 consensus estimate and revenue of $2.74 billion, which topped expectations and rose 6.8% from a year earlier.
• The company also announced a quarterly dividend of $1.79 per share, equal to an annualized yield of about 4.3%, while analysts currently rate the stock a Moderate Buy with a consensus price target of $215.57.

First Horizon Corp boosted its position in American Tower Corporation (NYSE:AMT - Free Report) by 13.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,836 shares of the real estate investment trust's stock after buying an additional 8,732 shares during the period. First Horizon Corp's holdings in American Tower were worth $12,570,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in AMT. Brighton Jones LLC lifted its position in shares of American Tower by 113.0% during the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock worth $727,000 after buying an additional 2,104 shares in the last quarter. Sivia Capital Partners LLC grew its stake in shares of American Tower by 34.3% during the 2nd quarter. Sivia Capital Partners LLC now owns 1,442 shares of the real estate investment trust's stock worth $319,000 after acquiring an additional 368 shares during the period. United Bank lifted its stake in shares of American Tower by 12.7% during the 2nd quarter. United Bank now owns 6,488 shares of the real estate investment trust's stock valued at $1,434,000 after buying an additional 733 shares in the last quarter. Treasurer of the State of North Carolina raised its holdings in American Tower by 2.2% during the 2nd quarter. Treasurer of the State of North Carolina now owns 218,511 shares of the real estate investment trust's stock valued at $48,295,000 after acquiring an additional 4,778 shares during the period. Finally, Ieq Capital LLC grew its position in shares of American Tower by 52.2% in the second quarter. Ieq Capital LLC now owns 34,248 shares of the real estate investment trust's stock valued at $7,570,000 after purchasing an additional 11,751 shares in the last quarter. Institutional investors own 92.69% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on AMT shares. Weiss Ratings lowered shares of American Tower from a "hold (c)" rating to a "hold (c-)" rating in a research report on Monday, June 29th. Barclays lowered their target price on shares of 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. JPMorgan Chase & Co. dropped their price objective on American Tower from $245.00 to $240.00 and set an "overweight" rating for the company in a research note on Wednesday, April 29th. Royal Bank Of Canada upgraded American Tower from a "sector perform" rating to an "outperform" rating and upped their target price for the stock from $195.00 to $205.00 in a research note on Friday, June 26th. Finally, Wolfe Research upgraded American Tower from a "peer perform" rating to an "outperform" rating and set a $188.00 price target for the company in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $215.57.

American Tower Stock Down 0.2%

Shares of AMT opened at $164.78 on Friday. The firm has a market cap of $76.77 billion, a P/E ratio of 26.62, a P/E/G ratio of 0.69 and a beta of 0.91. American Tower Corporation has a 1 year low of $160.06 and a 1 year high of $234.33. The stock has a 50 day simple moving average of $178.85 and a two-hundred day simple moving average of $178.96. The company has a debt-to-equity ratio of 3.07, a current ratio of 0.43 and a quick ratio of 0.43.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $2.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.60 by $1.24. American Tower had a return on equity of 27.79% and a net margin of 26.81%.The firm had revenue of $2.74 billion for the quarter, compared to analysts' expectations of $2.66 billion. During the same period last year, the firm earned $2.75 earnings per share. The company's revenue for the quarter was up 6.8% compared to the same quarter last year. American Tower has set its FY 2026 guidance at 10.900-11.07 EPS. On average, analysts forecast that American Tower Corporation will post 10.66 earnings per share for the current fiscal year.

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Friday, June 12th will be issued a $1.79 dividend. The ex-dividend date is Friday, June 12th. This represents a $7.16 annualized dividend and a dividend yield of 4.3%. American Tower's dividend payout ratio (DPR) is currently 115.67%.

Insider Activity at American Tower

In related news, EVP Ruth T. Dowling sold 556 shares of the company's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $178.48, for a total transaction of $99,234.88. Following the completion of the sale, the executive vice president directly owned 29,877 shares in the company, valued at $5,332,446.96. This represents a 1.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.08% of the stock is currently owned by insiders.

American Tower Company 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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