Naviter Wealth LLC Has $7.39 Million Stock Holdings in American Tower Corporation $AMT

Key Points

• Naviter Wealth LLC increased its stake in American Tower Corporation by 10.1% during the second quarter, holding a total of approximately $7.39 million in shares.
• American Tower's quarterly earnings beat analyst estimates, reporting $2.60 EPS and $2.63 billion in revenue despite a year-over-year revenue decline of 9.4%.
• The company declared a quarterly dividend of $1.70 per share, representing an annualized yield of 3.7%, with a dividend payout ratio of 247.27%.

Naviter Wealth LLC increased its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 10.1% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 33,192 shares of the real estate investment trust's stock after purchasing an additional 3,033 shares during the period. American Tower makes up approximately 0.9% of Naviter Wealth LLC's holdings, making the stock its 20th largest position. Naviter Wealth LLC's holdings in American Tower were worth $7,387,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Axxcess Wealth Management LLC lifted its position in shares of American Tower by 16.6% during the 2nd quarter. Axxcess Wealth Management LLC now owns 4,581 shares of the real estate investment trust's stock worth $1,013,000 after purchasing an additional 652 shares during the last quarter. Heartland Bank & Trust Co bought a new position in American Tower during the second quarter valued at about $619,000. NorthRock Partners LLC increased its stake in American Tower by 13.4% during the second quarter. NorthRock Partners LLC now owns 7,250 shares of the real estate investment trust's stock valued at $1,615,000 after acquiring an additional 857 shares during the period. Verdence Capital Advisors LLC increased its stake in American Tower by 9.8% during the second quarter. Verdence Capital Advisors LLC now owns 2,224 shares of the real estate investment trust's stock valued at $492,000 after acquiring an additional 198 shares during the period. Finally, Oregon Public Employees Retirement Fund increased its stake in American Tower by 0.5% during the second quarter. Oregon Public Employees Retirement Fund now owns 40,391 shares of the real estate investment trust's stock valued at $8,927,000 after acquiring an additional 200 shares during the period. Institutional investors and hedge funds own 92.69% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AMT. UBS Group boosted their price target on American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. HSBC lowered American Tower from a "buy" rating to a "hold" rating and set a $235.00 price target on the stock. in a research note on Wednesday, July 30th. JPMorgan Chase & Co. boosted their price target on American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Raymond James Financial set a $250.00 price target on American Tower and gave the company a "strong-buy" rating in a research note on Wednesday, July 30th. Finally, The Goldman Sachs Group reiterated a "buy" rating on shares of American Tower in a research note on Tuesday, July 29th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, American Tower presently has a consensus rating of "Moderate Buy" and an average price target of $241.06.

Insider Buying and Selling

In related news, CEO Juan Font sold 720 shares of the stock in a transaction that occurred 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 sale, the chief executive officer directly owned 23,425 shares in the company, valued at $4,880,130.25. This represents a 2.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.18% of the stock is currently owned by company insiders.

American Tower Trading Down 2.0%

AMT stock opened at $183.03 on Tuesday. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $234.33. The firm has a market cap of $85.70 billion, a P/E ratio of 66.56, a P/E/G ratio of 1.13 and a beta of 0.86. The business's 50 day moving average is $198.16 and its 200-day moving average is $210.57. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly 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. The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.58 billion. American Tower had a return on equity of 24.85% and a net margin of 12.60%.American Tower's revenue for the quarter was down 9.4% on a year-over-year basis. During the same period in the prior year, the company earned $2.79 EPS. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Equities analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Tuesday, September 30th will be given a dividend of $1.70 per share. The ex-dividend date is Tuesday, September 30th. This represents a $6.80 dividend on an annualized basis and a yield of 3.7%. American Tower's dividend 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.

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