Private Trust Co. NA Sells 1,159 Shares of American Tower Corporation (NYSE:AMT)

Private Trust Co. NA lowered its position in American Tower Corporation (NYSE:AMT - Free Report) by 16.4% during the first quarter, according to its most recent filing with the SEC. The firm owned 5,928 shares of the real estate investment trust's stock after selling 1,159 shares during the period. Private Trust Co. NA's holdings in American Tower were worth $1,290,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of AMT. Minot DeBlois Advisors LLC bought a new stake in American Tower during the fourth quarter valued at $29,000. E Fund Management Hong Kong Co. Ltd. bought a new stake in shares of American Tower during the 1st quarter valued at about $31,000. Graney & King LLC bought a new stake in shares of American Tower during the 4th quarter valued at about $32,000. Lowe Wealth Advisors LLC grew its stake in American Tower by 218.0% during the first 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. bought a new stake in American Tower in the fourth quarter worth approximately $37,000. 92.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on AMT. 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 research report on Wednesday, April 30th. JMP Securities increased their target price on shares of American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a research note on Wednesday, April 30th. Wells Fargo & Company lifted their price target on shares of American Tower from $230.00 to $240.00 and gave the company an "overweight" rating in a research note on Wednesday, April 30th. Bank of America initiated coverage on shares of American Tower in a report on Monday, May 19th. They set a "buy" rating and a $255.00 price objective on the stock. Finally, Morgan Stanley started coverage on American Tower in a research note on Tuesday, April 1st. They issued an "overweight" rating and a $250.00 target price for the company. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $240.25.

American Tower Stock Down 0.5%

Shares of NYSE:AMT opened at $221.75 on Friday. The business's 50 day moving average is $216.24 and its 200 day moving average is $204.55. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $243.56. The stock has a market cap of $103.81 billion, a price-to-earnings ratio of 57.00, a PEG ratio of 1.65 and a beta of 0.82. 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 posted its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 period in the previous year, the firm earned $2.79 EPS. The business's revenue for the quarter was down 9.6% compared to the same quarter last year. On average, sell-side analysts forecast that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 13th will be paid a $1.70 dividend. The ex-dividend date is Friday, June 13th. This represents a $6.80 annualized dividend and a yield of 3.07%. American Tower's dividend payout ratio (DPR) is 174.81%.

American Tower 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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