American Tower Corporation (NYSE:AMT) Shares Sold by Truist Financial Corp

Truist Financial Corp lowered its position in American Tower Corporation (NYSE:AMT - Free Report) by 2.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 138,931 shares of the real estate investment trust's stock after selling 2,955 shares during the period. Truist Financial Corp's holdings in American Tower were worth $30,231,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Partners Group Holding AG grew its holdings in shares of American Tower by 8.3% in the 4th quarter. Partners Group Holding AG now owns 378,592 shares of the real estate investment trust's stock worth $69,438,000 after acquiring an additional 28,988 shares during the period. Aviva PLC grew its holdings in shares of American Tower by 13.4% in the 4th quarter. Aviva PLC now owns 388,487 shares of the real estate investment trust's stock worth $71,252,000 after acquiring an additional 46,009 shares during the period. Golden State Wealth Management LLC lifted its stake in American Tower by 23.0% in the 1st quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust's stock valued at $80,000 after buying an additional 69 shares in the last quarter. Shum Financial Group Inc. lifted its stake in American Tower by 3.5% in the 1st quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust's stock valued at $913,000 after buying an additional 141 shares in the last quarter. Finally, Mariner LLC lifted its stake in American Tower by 30.9% in the 4th quarter. Mariner LLC now owns 363,088 shares of the real estate investment trust's stock valued at $66,585,000 after buying an additional 85,693 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

American Tower Stock Down 0.3%

NYSE AMT traded down $0.70 during trading hours on Thursday, hitting $221.13. The company had a trading volume of 1,459,182 shares, compared to its average volume of 2,503,683. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $243.56. The company has a market capitalization of $103.52 billion, a price-to-earnings ratio of 56.85, a P/E/G ratio of 1.64 and a beta of 0.82. The company has a debt-to-equity ratio of 3.43, a current ratio of 0.81 and a quick ratio of 0.81. The firm's 50 day moving average is $216.55 and its 200 day moving average is $205.54.

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

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be paid a dividend of $1.70 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.80 annualized dividend and a dividend yield of 3.08%. American Tower's dividend payout ratio is presently 174.81%.

Analyst Ratings Changes

A number of research firms recently issued reports on AMT. Royal Bank Of Canada upped their target price on American Tower from $240.00 to $250.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Raymond James Financial upped their target price on American Tower from $231.00 to $251.00 and gave the company a "strong-buy" rating in a research note on Wednesday, April 30th. Wells Fargo & Company increased their price target on American Tower from $230.00 to $240.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 30th. Scotiabank increased their price target on American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, April 30th. Finally, Barclays increased their price target on American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a research note on Friday, March 21st. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $240.88.

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.