American Tower Corporation (NYSE:AMT) Stake Lessened by M&T Bank Corp

M&T Bank Corp lessened its stake in American Tower Corporation (NYSE:AMT - Free Report) by 11.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 237,588 shares of the real estate investment trust's stock after selling 29,753 shares during the quarter. M&T Bank Corp owned 0.05% of American Tower worth $51,699,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Partners Group Holding AG increased its holdings in American Tower by 8.3% during the 4th quarter. Partners Group Holding AG now owns 378,592 shares of the real estate investment trust's stock valued at $69,438,000 after acquiring an additional 28,988 shares in the last quarter. Aviva PLC increased its holdings in American Tower by 13.4% during the 4th quarter. Aviva PLC now owns 388,487 shares of the real estate investment trust's stock valued at $71,252,000 after acquiring an additional 46,009 shares in the last quarter. Shum Financial Group Inc. increased its holdings in American Tower by 3.5% during the 1st quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust's stock valued at $913,000 after acquiring an additional 141 shares in the last quarter. Golden State Wealth Management LLC increased its holdings in American Tower by 23.0% during the 1st quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust's stock valued at $80,000 after acquiring an additional 69 shares in the last quarter. Finally, Mariner LLC increased its holdings in American Tower by 30.9% during the 4th quarter. Mariner LLC now owns 363,088 shares of the real estate investment trust's stock valued at $66,585,000 after acquiring an additional 85,693 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on AMT shares. Bank of America started coverage on shares of American Tower in a report on Monday, May 19th. They set a "buy" rating and a $255.00 target price for the company. Raymond James Financial raised their target price on shares of American Tower from $231.00 to $251.00 and gave the company a "strong-buy" rating in a report on Wednesday, April 30th. Morgan Stanley started coverage on shares of American Tower in a report on Tuesday, April 1st. They set an "overweight" rating and a $250.00 price target for the company. Barclays boosted their price objective on shares of American Tower from $214.00 to $223.00 and gave the company an "overweight" rating in a research report on Friday, March 21st. Finally, UBS Group raised their target price on shares of American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research report on Tuesday. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, American Tower currently has an average rating of "Buy" and an average target price of $240.88.

American Tower Stock Up 0.3%

Shares of AMT traded up $0.62 during mid-day trading on Tuesday, reaching $220.64. 2,022,592 shares of the stock traded hands, compared to its average volume of 2,503,340. The stock has a fifty day simple moving average of $216.64 and a 200 day simple moving average of $205.32. American Tower Corporation has a 12-month low of $172.51 and a 12-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 firm has a market cap of $103.29 billion, a price-to-earnings ratio of 56.72, a P/E/G ratio of 1.65 and a beta of 0.82.

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

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 13th will be paid a dividend of $1.70 per share. The ex-dividend date is Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a yield of 3.08%. American Tower's dividend payout ratio (DPR) is presently 174.81%.

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.