Pallas Capital Advisors LLC Buys New Position in American Tower Corporation $AMT

Key Points

• Pallas Capital Advisors purchased 7,631 shares of American Tower in the second quarter, valued at approximately $1.25 million. Institutional investors collectively own 92.69% of the REIT’s stock.
• American Tower reported quarterly revenue of $2.75 billion and adjusted earnings of $2.71 per share, exceeding analyst expectations, while revenue increased 4.6% year over year.
• The company pays a quarterly dividend of $1.79 per share, or $7.16 annually, representing a 4.2% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $215.14, versus a recent share price of $172.45.

Pallas Capital Advisors LLC purchased a new stake in American Tower Corporation (NYSE:AMT - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 7,631 shares of the real estate investment trust's stock, valued at approximately $1,248,000.

A number of other large investors have also modified their holdings of the business. Raleigh Capital Management Inc. lifted its stake in shares of American Tower by 489.1% during the first quarter. Raleigh Capital Management Inc. now owns 13,703 shares of the real estate investment trust's stock worth $2,365,000 after buying an additional 11,377 shares during the period. Canal Capital Management LLC increased its position in shares of American Tower by 81.9% in the 1st quarter. Canal Capital Management LLC now owns 34,471 shares of the real estate investment trust's stock valued at $5,949,000 after acquiring an additional 15,520 shares during the period. Bernzott Capital Advisors increased its position in shares of American Tower by 29.3% in the 1st quarter. Bernzott Capital Advisors now owns 42,161 shares of the real estate investment trust's stock valued at $7,276,000 after acquiring an additional 9,556 shares during the period. Legal & General Group Plc raised its stake in American Tower by 4.7% in the 4th quarter. Legal & General Group Plc now owns 4,873,695 shares of the real estate investment trust's stock worth $855,675,000 after acquiring an additional 220,447 shares during the last quarter. Finally, Swiss Life Asset Management Ltd lifted its position in American Tower by 13.9% during the 4th quarter. Swiss Life Asset Management Ltd now owns 101,993 shares of the real estate investment trust's stock worth $17,907,000 after acquiring an additional 12,464 shares during the period. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Stock Performance

AMT opened at $172.45 on Wednesday. The company has a debt-to-equity ratio of 3.12, a current ratio of 0.52 and a quick ratio of 0.52. The firm has a fifty day moving average price of $172.11 and a 200 day moving average price of $177.84. American Tower Corporation has a 1 year low of $160.06 and a 1 year high of $214.79. The stock has a market cap of $80.35 billion, a P/E ratio of 23.72, a P/E/G ratio of 2.79 and a beta of 0.90.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The real estate investment trust reported $2.71 EPS for the quarter, beating the consensus estimate of $1.57 by $1.14. American Tower had a net margin of 31.08% and a return on equity of 32.76%. The company had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.70 billion. During the same quarter last year, the business earned $2.60 earnings per share. The firm's revenue was up 4.6% on a year-over-year basis. American Tower has set its FY 2026 guidance at 11.000-11.170 EPS. Equities research analysts anticipate that American Tower Corporation will post 10.78 earnings per share for the current year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Friday, June 12th were given a dividend of $1.79 per share. The ex-dividend date was Friday, June 12th. This represents a $7.16 dividend on an annualized basis and a dividend yield of 4.2%. American Tower's dividend payout ratio (DPR) is 98.49%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on AMT. Scotiabank reissued an "outperform" rating on shares of American Tower in a report on Wednesday, July 29th. Truist Financial reiterated a "buy" rating and issued a $207.00 target price (down from $208.00) on shares of American Tower in a research report on Wednesday, August 12th. Royal Bank Of Canada upgraded shares of American Tower from a "sector perform" rating to an "outperform" rating and increased their price target for the stock from $195.00 to $205.00 in a report on Friday, June 26th. TD Cowen raised their price target on shares of American Tower from $225.00 to $227.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. Finally, Sanford C. Bernstein restated an "outperform" rating and set a $214.00 price objective on shares of American Tower in a research note on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, American Tower has a consensus rating of "Moderate Buy" and an average price target of $215.14.

Insider Activity

In related news, EVP Ruth T. Dowling sold 1,106 shares of American Tower stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $174.96, for a total value of $193,505.76. Following the completion of the transaction, the executive vice president owned 27,711 shares in the company, valued at $4,848,316.56. The trade was a 3.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Robert Joseph Meyer sold 5,000 shares of the stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $178.89, for a total value of $894,450.00. Following the transaction, the chief financial officer owned 21,428 shares in the company, valued at $3,833,254.92. This represents a 18.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 6,791 shares of company stock valued at $1,204,091. 0.08% of the stock is owned by company insiders.

American Tower Company Profile

American Tower NYSE: AMT is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company's core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.

Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corporation (NYSE:AMT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source