PNC Financial Services Group Inc. Has $67.03 Million Holdings in American Tower Corporation (NYSE:AMT)

Key Points

• PNC Financial Services Group Inc. increased its stake in American Tower Corporation by 8.5% during the first quarter, bringing its ownership to approximately $67 million.
• American Tower has received varying ratings from analysts, with Royal Bank of Canada and UBS lifting their price targets to $260, while HSBC downgraded its rating to "hold" with a price target of $235.
• The company reported earnings per share of $2.60 for the last quarter, exceeding expectations, but noted a 9.4% year-over-year decline in revenue.

PNC Financial Services Group Inc. boosted its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 8.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 308,029 shares of the real estate investment trust's stock after buying an additional 24,059 shares during the quarter. PNC Financial Services Group Inc. owned 0.07% of American Tower worth $67,027,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Brighton Jones LLC boosted its stake in shares of American Tower by 113.0% in the fourth quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock valued at $727,000 after purchasing an additional 2,104 shares during the period. World Investment Advisors boosted its stake in shares of American Tower by 42.7% in the fourth quarter. World Investment Advisors now owns 5,773 shares of the real estate investment trust's stock valued at $1,059,000 after purchasing an additional 1,728 shares during the period. Arete Wealth Advisors LLC boosted its stake in shares of American Tower by 26.3% in the fourth quarter. Arete Wealth Advisors LLC now owns 5,015 shares of the real estate investment trust's stock valued at $920,000 after purchasing an additional 1,045 shares during the period. Smith Moore & CO. boosted its stake in shares of American Tower by 5.3% in the fourth quarter. Smith Moore & CO. now owns 4,760 shares of the real estate investment trust's stock valued at $873,000 after purchasing an additional 239 shares during the period. Finally, Resona Asset Management Co. Ltd. purchased a new position in shares of American Tower in the fourth quarter valued at approximately $13,938,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Stock Performance

AMT traded down $2.26 during trading hours on Tuesday, hitting $210.73. 373,238 shares of the stock were exchanged, compared to its average volume of 2,619,007. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market cap of $98.65 billion, a price-to-earnings ratio of 76.87, a price-to-earnings-growth ratio of 1.17 and a beta of 0.82. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $243.56. The stock has a 50-day simple moving average of $218.75 and a 200-day simple moving average of $210.83.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, beating analysts' consensus estimates of $2.59 by $0.01. The company 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%. The company's quarterly revenue was down 9.4% compared to the same quarter last year. During the same period last year, the company earned $2.79 earnings per share. Analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were given a dividend of $1.70 per share. The ex-dividend date was Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a yield of 3.2%. American Tower's dividend payout ratio (DPR) is presently 247.27%.

Insider Buying and Selling

In other American Tower news, CEO Juan Font sold 720 shares of the firm's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $208.33, for a total transaction of $149,997.60. Following the completion of the sale, the chief executive officer directly owned 23,425 shares in the company, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.18% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Barclays raised their target price on shares of American Tower from $223.00 to $246.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. JPMorgan Chase & Co. raised their price objective on shares of American Tower from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Wells Fargo & Company cut their price objective on shares of American Tower from $240.00 to $230.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. HSBC cut shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 price objective on the stock. in a report on Wednesday, July 30th. Finally, Scotiabank raised their price objective on shares of American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a report on Wednesday, April 30th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $243.88.

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.