Naviter Wealth LLC Sells 1,360 Shares of American Tower Corporation (NYSE:AMT)

Naviter Wealth LLC cut its stake in American Tower Corporation (NYSE:AMT - Free Report) by 4.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 30,159 shares of the real estate investment trust's stock after selling 1,360 shares during the quarter. American Tower accounts for about 0.8% of Naviter Wealth LLC's investment portfolio, making the stock its 26th largest holding. Naviter Wealth LLC's holdings in American Tower were worth $6,501,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Glenview Trust co grew its position in American Tower by 0.8% during the fourth quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust's stock valued at $1,294,000 after buying an additional 54 shares during the period. CreativeOne Wealth LLC grew its position in American Tower by 2.1% during the fourth quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust's stock valued at $477,000 after buying an additional 54 shares during the period. Fortitude Advisory Group L.L.C. grew its position in American Tower by 2.9% during the first quarter. Fortitude Advisory Group L.L.C. now owns 1,907 shares of the real estate investment trust's stock valued at $416,000 after buying an additional 54 shares during the period. Veracity Capital LLC grew its position in American Tower by 4.7% during the first quarter. Veracity Capital LLC now owns 1,237 shares of the real estate investment trust's stock valued at $269,000 after buying an additional 56 shares during the period. Finally, Safe Harbor Fiduciary LLC grew its position in American Tower by 1.1% during the fourth quarter. Safe Harbor Fiduciary LLC now owns 5,330 shares of the real estate investment trust's stock valued at $978,000 after buying an additional 58 shares during the period. 92.69% of the stock is currently owned by institutional investors.

American Tower Stock Performance

AMT opened at $218.06 on Friday. The firm has a market cap of $102.08 billion, a P/E ratio of 56.06, a PEG ratio of 1.62 and a beta of 0.81. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $243.56. The company has a 50 day simple moving average of $215.69 and a two-hundred day simple moving average of $203.88. The company has a debt-to-equity ratio of 3.43, a current ratio of 0.81 and a quick ratio of 0.81.

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

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be issued a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.12%. The ex-dividend date is Friday, June 13th. American Tower's dividend payout ratio (DPR) is presently 174.81%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AMT. Wells Fargo & Company boosted their target price on shares of American Tower from $230.00 to $240.00 and gave the company an "overweight" rating in a research report on Wednesday, April 30th. UBS Group boosted their target price on shares of American Tower from $245.00 to $250.00 and gave the company a "buy" rating in a research report on Wednesday, April 30th. Scotiabank boosted their target price on shares of American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a research report on Wednesday, April 30th. Morgan Stanley began coverage on shares of American Tower in a research report on Tuesday, April 1st. They set an "overweight" rating and a $250.00 target price for the company. Finally, Royal Bank Of Canada boosted their target price on shares of American Tower from $240.00 to $250.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, American Tower has an average rating of "Buy" and an average price target of $240.25.

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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