Synovus Financial Corp Has $8.03 Million Stake in American Tower Corporation $AMT

Key Points

• Synovus Financial Corp reduced its holdings in American Tower Corporation (NYSE: AMT) by 6.1%, leaving it with a stake worth approximately $8.03 million.
• Several institutional investors have significantly increased their stakes in American Tower, including GAMMA Investing LLC, which boosted its holdings by over 23,600% in the first quarter.
• American Tower reported a quarterly earnings per share (EPS) of $2.60, beating analyst expectations and setting a full-year guidance of 10.460-10.650 EPS for FY 2025.

Synovus Financial Corp decreased its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 6.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 36,922 shares of the real estate investment trust's stock after selling 2,413 shares during the period. Synovus Financial Corp's holdings in American Tower were worth $8,034,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Nuveen LLC acquired a new stake in shares of American Tower in the first quarter valued at approximately $991,525,000. Price T Rowe Associates Inc. MD increased its holdings in shares of American Tower by 39.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,144,040 shares of the real estate investment trust's stock valued at $1,772,144,000 after purchasing an additional 2,309,627 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of American Tower by 23,627.3% in the first quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust's stock valued at $370,346,000 after purchasing an additional 1,694,784 shares in the last quarter. Bessemer Group Inc. boosted its stake in American Tower by 272.0% in the first quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust's stock valued at $247,390,000 after acquiring an additional 831,247 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its stake in American Tower by 490.9% in the first quarter. T. Rowe Price Investment Management Inc. now owns 650,789 shares of the real estate investment trust's stock valued at $141,612,000 after acquiring an additional 540,648 shares during the last quarter. 92.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Bank of America assumed coverage on shares of American Tower in a research note on Monday, May 19th. They issued a "buy" rating and a $255.00 price objective on the stock. UBS Group raised their price objective on shares of American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Hsbc Global Res cut shares of American Tower from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. JPMorgan Chase & Co. lifted their price target on shares of American Tower from $250.00 to $255.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Finally, BMO Capital Markets reissued an "outperform" rating and set a $245.00 price target (down from $250.00) on shares of American Tower in a research report on Wednesday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $244.73.

Insider Buying and Selling

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

American Tower Trading Up 1.0%

Shares of NYSE AMT opened at $211.77 on Monday. The company's fifty day moving average is $216.76 and its 200-day moving average is $212.80. The stock has a market cap of $99.16 billion, a price-to-earnings ratio of 77.01, a P/E/G ratio of 1.21 and a beta of 0.82. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $243.56. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, topping analysts' consensus estimates of $2.59 by $0.01. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.58 billion. During the same period last year, the business posted $2.79 earnings per share. The firm's quarterly revenue was down 9.4% on a year-over-year basis. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Equities research analysts predict that American Tower Corporation will post 10.14 EPS for the current year.

About American Tower

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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