American Tower Corporation (NYSE:AMT) Shares Purchased by First National Trust Co

Key Points

• First National Trust Co significantly increased its stake in American Tower Corporation by 141.6% in the first quarter, now owning 15,169 shares valued at approximately $3.3 million.
• American Tower's recent quarterly earnings showed an EPS of $2.60, surpassing analysts' expectations, despite a 9.4% decline in revenue year-over-year.
• The company declared a quarterly dividend of $1.70 per share, resulting in an annualized dividend yield of 3.26% and a high dividend payout ratio of 174.81%.

First National Trust Co increased its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 141.6% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 15,169 shares of the real estate investment trust's stock after acquiring an additional 8,890 shares during the period. First National Trust Co's holdings in American Tower were worth $3,301,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in AMT. North Capital Inc. purchased a new position in shares of American Tower during the first quarter worth $25,000. Minot DeBlois Advisors LLC purchased a new position in shares of American Tower during the fourth quarter worth $29,000. E Fund Management Hong Kong Co. Ltd. purchased a new position in shares of American Tower during the first quarter worth $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 worth $35,000 after buying an additional 109 shares during the period. Finally, City Holding Co. purchased a new position in shares of American Tower during the first quarter worth $39,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on AMT. Royal Bank Of Canada raised their price target on American Tower from $250.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday. Hsbc Global Res lowered American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday. HSBC lowered American Tower from a "buy" rating to a "hold" rating and set a $235.00 target price for the company. in a report on Wednesday. BMO Capital Markets decreased their target price on American Tower from $250.00 to $245.00 and set an "outperform" rating for the company in a report on Wednesday. Finally, Bank of America began coverage on American Tower in a report on Monday, May 19th. They issued a "buy" rating and a $255.00 target price for the company. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $243.88.

Insider Activity at American Tower

In other news, CEO Juan Font sold 720 shares of American Tower stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $208.33, for a total transaction of $149,997.60. Following the sale, the chief executive officer owned 23,425 shares in the company, valued at approximately $4,880,130.25. The trade was 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.

American Tower Stock Performance

Shares of AMT traded up $3.79 during midday trading on Friday, reaching $212.18. 3,232,190 shares of the stock were exchanged, compared to its average volume of 1,893,405. The business's 50-day moving average price is $218.73 and its 200 day moving average price is $210.53. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.81. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $243.56. The company has a market capitalization of $99.33 billion, a price-to-earnings ratio of 77.16, a PEG ratio of 1.17 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last posted its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, topping analysts' consensus estimates of $2.59 by $0.01. American Tower had a return on equity of 24.85% and a net margin of 12.60%. The business had revenue of $2.63 billion for the quarter, compared to analysts' expectations of $2.58 billion. During the same quarter in the previous year, the firm earned $2.79 earnings per share. The business's revenue was down 9.4% compared to the same quarter last year. On average, sell-side analysts expect that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 13th were given a dividend of $1.70 per share. The ex-dividend date was Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.2%. American Tower's payout ratio is 247.27%.

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.