Patriot Financial Group Insurance Agency LLC Increases Position in American Tower Corporation $AMT

Key Points

• Patriot Financial Group Insurance Agency LLC increased its stake in American Tower by 135% in the first quarter, ending with 11,612 shares worth about $2.0 million.
• American Tower has seen continued interest from institutions, with hedge funds and other institutional investors owning 92.69% of the stock.
• The company reported strong quarterly results, beating EPS and revenue expectations, and it also announced a quarterly dividend of $1.79 per share, equal to a 4.2% yield.

Patriot Financial Group Insurance Agency LLC lifted its stake in American Tower Corporation (NYSE:AMT - Free Report) by 135.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,612 shares of the real estate investment trust's stock after purchasing an additional 6,671 shares during the period. Patriot Financial Group Insurance Agency LLC's holdings in American Tower were worth $2,004,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Richards Merrill & Peterson Inc. purchased a new position in shares of American Tower in the fourth quarter valued at $25,000. Oakworth Capital Inc. boosted its position in shares of American Tower by 90.7% in the 4th quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust's stock worth $25,000 after buying an additional 68 shares in the last quarter. Swiss RE Ltd. acquired a new stake in American Tower in the 4th quarter valued at about $25,000. Holos Integrated Wealth LLC purchased a new position in American Tower during the 4th quarter valued at about $27,000. Finally, Triumph Capital Management purchased a new position in American Tower during the 3rd quarter valued at about $29,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on AMT. Scotiabank lifted their price objective on American Tower from $214.00 to $218.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 29th. Truist Financial raised their price target on American Tower from $205.00 to $208.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. Mizuho upgraded American Tower from a "neutral" rating to an "outperform" rating and upped their price objective for the company from $189.00 to $205.00 in a research report on Wednesday, April 15th. Barclays decreased their price objective on American Tower from $200.00 to $195.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 16th. Finally, Citizens Jmp reiterated a "market outperform" rating and set a $260.00 price objective on shares of American Tower in a research report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $216.95.

Insiders Place Their Bets

In related news, EVP Ruth T. Dowling sold 556 shares of the stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $178.48, for a total transaction of $99,234.88. Following the transaction, the executive vice president directly owned 29,877 shares in the company, valued at approximately $5,332,446.96. This represents a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.08% of the company's stock.

American Tower Stock Down 3.9%

Shares of NYSE AMT opened at $168.66 on Tuesday. The firm has a market cap of $78.58 billion, a P/E ratio of 27.25, a price-to-earnings-growth ratio of 0.73 and a beta of 0.90. The company has a debt-to-equity ratio of 3.07, a quick ratio of 0.43 and a current ratio of 0.43. American Tower Corporation has a 1 year low of $165.08 and a 1 year high of $234.33. The firm's 50 day moving average price is $181.01 and its 200 day moving average price is $179.73.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $2.84 earnings per share for the quarter, beating the consensus estimate of $1.60 by $1.24. American Tower had a return on equity of 27.79% and a net margin of 26.81%.The company had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.66 billion. During the same period in the previous year, the firm posted $2.75 EPS. American Tower's revenue was up 6.8% on a year-over-year basis. American Tower has set its FY 2026 guidance at 10.900-11.07 EPS. As a group, sell-side analysts anticipate that American Tower Corporation will post 10.66 earnings per share for the current year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Friday, June 12th will be paid a $1.79 dividend. This represents a $7.16 annualized dividend and a yield of 4.2%. The ex-dividend date is Friday, June 12th. American Tower's dividend payout ratio is presently 115.67%.

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.

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