Truist Financial Corp Cuts Stake in American Tower Corporation $AMT

Truist Financial Corp lowered its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 18.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 90,877 shares of the real estate investment trust's stock after selling 20,834 shares during the period. Truist Financial Corp's holdings in American Tower were worth $15,955,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Oakworth Capital Inc. grew its holdings in American Tower by 90.7% during the 4th quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust's stock valued at $25,000 after buying an additional 68 shares in the last quarter. Richards Merrill & Peterson Inc. bought a new position in shares of American Tower during the 4th quarter valued at approximately $25,000. Triumph Capital Management purchased a new position in shares of American Tower in the third quarter valued at $29,000. Holos Integrated Wealth LLC bought a new stake in American Tower in the fourth quarter worth $27,000. Finally, Root Financial Partners LLC bought a new stake in American Tower in the third quarter worth $32,000. 92.69% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Rajesh Kalathur purchased 2,671 shares of American Tower stock in a transaction that occurred on Tuesday, March 10th. The shares were bought at an average price of $185.30 per share, with a total value of $494,936.30. Following the purchase, the director directly owned 4,936 shares of the company's stock, valued at approximately $914,640.80. This represents a 117.92% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Eugene M. Noel sold 41,209 shares of the firm's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $191.05, for a total transaction of $7,872,979.45. Following the transaction, the chief operating officer directly owned 29,592 shares in the company, valued at approximately $5,653,551.60. This trade represents a 58.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 42,181 shares of company stock worth $8,046,071 over the last quarter. Company insiders own 0.08% of the company's stock.

American Tower Price Performance

AMT stock opened at $179.57 on Friday. The stock has a market cap of $83.69 billion, a PE ratio of 29.01, a P/E/G ratio of 0.75 and a beta of 0.90. American Tower Corporation has a 12 month low of $165.08 and a 12 month high of $234.33. The company has a 50-day moving average price of $179.45 and a 200 day moving average price of $179.74. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 3.07.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $2.84 earnings per share for the quarter, topping analysts' consensus estimates of $1.60 by $1.24. American Tower had a net margin of 26.81% and a return on equity of 27.79%. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.66 billion. During the same period in the prior year, the company posted $2.75 EPS. The firm's revenue for the quarter was up 6.8% on a year-over-year basis. American Tower has set its FY 2026 guidance at 10.900-11.07 EPS. Equities research analysts anticipate that American Tower Corporation will post 10.67 earnings per share for the current year.

American Tower Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 28th. Investors of record on Tuesday, April 14th were paid a dividend of $1.79 per share. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $7.16 dividend on an annualized basis and a dividend yield of 4.0%. This is an increase from American Tower's previous quarterly dividend of $1.70. American Tower's dividend payout ratio is 115.67%.

Analysts Set New Price Targets

AMT has been the subject of several research reports. The Goldman Sachs Group lowered their price objective on shares of American Tower from $230.00 to $210.00 and set a "buy" rating for the company in a research report on Friday, January 16th. UBS Group decreased their target price on shares of American Tower from $254.00 to $248.00 and set a "buy" rating on the stock in a research report on Wednesday, February 25th. Raymond James Financial reiterated a "strong-buy" rating and issued a $240.00 price target on shares of American Tower in a research report on Wednesday, April 29th. Jefferies Financial Group boosted their price objective on American Tower from $209.00 to $210.00 and gave the stock a "buy" rating in a research note on Tuesday, April 14th. Finally, JPMorgan Chase & Co. lowered their price objective on American Tower from $245.00 to $240.00 and set an "overweight" rating for the company in a research note on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $218.05.

About American Tower

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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