American Tower Corporation (NYSE:AMT) Shares Acquired by Pinnacle Bancorp Inc.

Pinnacle Bancorp Inc. raised its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 245.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,231 shares of the real estate investment trust's stock after buying an additional 2,297 shares during the quarter. Pinnacle Bancorp Inc.'s holdings in American Tower were worth $703,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AMT. Minot DeBlois Advisors LLC purchased a new stake in American Tower in the 4th quarter valued at about $29,000. E Fund Management Hong Kong Co. Ltd. purchased a new stake in shares of American Tower during the 1st quarter worth about $31,000. Graney & King LLC purchased a new stake in shares of American Tower during the 4th quarter worth about $32,000. Lowe Wealth Advisors LLC grew its holdings in shares of American Tower by 218.0% during the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after purchasing an additional 109 shares during the period. Finally, Crowley Wealth Management Inc. purchased a new stake in shares of American Tower during the 4th quarter worth about $37,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Stock Up 0.2%

Shares of AMT traded up $0.54 during trading on Friday, reaching $218.06. The company's stock had a trading volume of 2,086,256 shares, compared to its average volume of 2,498,698. The company has a fifty day moving average of $215.69 and a two-hundred day moving average of $203.85. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $243.56. The company has a market cap of $102.08 billion, a price-to-earnings ratio of 56.06, a P/E/G ratio of 1.61 and a beta of 0.81. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.43.

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

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.12%. The ex-dividend date of this dividend is Friday, June 13th. American Tower's dividend payout ratio is currently 174.81%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AMT. Citigroup boosted their target price on American Tower from $220.00 to $235.00 and gave the stock a "buy" rating in a report on Monday, March 10th. Royal Bank Of Canada boosted their target price on American Tower from $240.00 to $250.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. UBS Group boosted their target price on American Tower from $245.00 to $250.00 and gave the stock a "buy" rating in a report on Wednesday, April 30th. Bank of America initiated coverage on American Tower in a report on Monday, May 19th. They set a "buy" rating and a $255.00 target price for the company. Finally, Scotiabank upped their price target on American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a report on Wednesday, April 30th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, American Tower presently has a consensus rating of "Buy" and a consensus target price 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.