Truist Financial Corp Sells 2,955 Shares of American Tower Corporation (NYSE:AMT)

Truist Financial Corp trimmed its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 2.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. North Capital Inc. acquired a new stake in American Tower in the first quarter valued at about $25,000. Minot DeBlois Advisors LLC bought a new stake in shares of American Tower during the 4th quarter valued at approximately $29,000. E Fund Management Hong Kong Co. Ltd. acquired a new position in American Tower during the 1st quarter worth approximately $31,000. Graney & King LLC acquired a new stake in American Tower in the fourth quarter valued at approximately $32,000. Finally, Lowe Wealth Advisors LLC grew its stake in shares of 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 buying an additional 109 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

American Tower Stock Up 0.3%

Shares of AMT traded up $0.62 during trading hours on Tuesday, hitting $220.64. The company had a trading volume of 2,022,592 shares, compared to its average volume of 2,503,340. The stock has a market capitalization of $103.29 billion, a price-to-earnings ratio of 56.72, a P/E/G ratio of 1.65 and a beta of 0.82. The firm has a fifty day moving average price of $216.64 and a 200-day moving average price of $205.32. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $243.56. The company has a debt-to-equity ratio of 3.43, a quick ratio of 0.81 and a current ratio of 0.81.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, topping the consensus estimate of $2.41 by $0.34. The company had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.54 billion. American Tower had a return on equity of 30.20% and a net margin of 17.34%. American Tower's revenue was down 9.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.79 earnings per share. On average, equities research analysts forecast that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Bank of America started coverage on American Tower in a report on Monday, May 19th. They set a "buy" rating and a $255.00 price target on the stock. Wells Fargo & Company upped their price objective on shares of American Tower from $230.00 to $240.00 and gave the stock an "overweight" rating in a report on Wednesday, April 30th. Raymond James Financial increased their price target on American Tower from $231.00 to $251.00 and gave the company a "strong-buy" rating in a research report on Wednesday, April 30th. Royal Bank Of Canada boosted their price target on shares of American Tower from $240.00 to $250.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Finally, Citigroup raised their price target on American Tower from $220.00 to $235.00 and gave the company a "buy" rating in a report on Monday, March 10th. Two investment 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. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $240.88.

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.