IFP Advisors Inc Sells 1,266 Shares of American Tower Corporation (NYSE:AMT)

IFP Advisors Inc reduced its position in American Tower Corporation (NYSE:AMT - Free Report) by 16.0% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 6,657 shares of the real estate investment trust's stock after selling 1,266 shares during the period. IFP Advisors Inc's holdings in American Tower were worth $1,449,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC grew its holdings in 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 valued at $727,000 after buying an additional 2,104 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in American Tower during the 4th quarter valued at about $235,000. LPL Financial LLC grew its holdings in American Tower by 3.4% during the 4th quarter. LPL Financial LLC now owns 368,499 shares of the real estate investment trust's stock valued at $67,586,000 after buying an additional 12,271 shares in the last quarter. Congress Wealth Management LLC DE grew its holdings in shares of American Tower by 7.3% during the fourth quarter. Congress Wealth Management LLC DE now owns 8,726 shares of the real estate investment trust's stock worth $1,601,000 after purchasing an additional 597 shares in the last quarter. Finally, CoreFirst Bank & Trust bought a new position in shares of American Tower in the fourth quarter worth approximately $204,000. 92.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on AMT shares. JMP Securities upped their target price on American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a research note on Wednesday, April 30th. Scotiabank increased their price objective on American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a research note on Wednesday, April 30th. Royal Bank Of Canada increased their price objective on American Tower from $240.00 to $250.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Morgan Stanley began coverage on American Tower in a research note on Tuesday, April 1st. They set an "overweight" rating and a $250.00 price objective for the company. Finally, Raymond James Financial increased their price objective on American Tower from $231.00 to $251.00 and gave the company a "strong-buy" rating in a research note on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $240.88.

American Tower Stock Up 2.7%

AMT stock opened at $232.51 on Wednesday. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $243.56. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.43. The stock has a market cap of $108.85 billion, a P/E ratio of 59.77, a PEG ratio of 1.26 and a beta of 0.82. The business's 50-day moving average price is $216.53 and its 200-day moving average price is $207.73.

American Tower (NYSE:AMT - Get Free Report) last issued its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $0.34. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The company had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter last year, the company earned $2.79 EPS. The firm's quarterly revenue was down 9.6% on a year-over-year basis. On average, equities research analysts forecast that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 13th were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date was Friday, June 13th. American Tower's dividend payout ratio (DPR) is 174.81%.

American Tower Company 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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