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

Truist Financial Corp trimmed its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 2.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor 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.

Several other institutional investors also recently bought and sold shares of the stock. Impax Asset Management Group plc grew its stake in shares of American Tower by 294.0% in the 1st quarter. Impax Asset Management Group plc now owns 130,979 shares of the real estate investment trust's stock worth $28,501,000 after buying an additional 97,737 shares in the last quarter. Catalyst Capital Advisors LLC bought a new stake in American Tower during the 1st quarter valued at about $344,000. Timber Creek Capital Management LLC lifted its holdings in American Tower by 29.7% during the 1st quarter. Timber Creek Capital Management LLC now owns 19,546 shares of the real estate investment trust's stock valued at $4,253,000 after buying an additional 4,481 shares in the last quarter. Pacific Heights Asset Management LLC lifted its holdings in American Tower by 42.9% during the 1st quarter. Pacific Heights Asset Management LLC now owns 100,000 shares of the real estate investment trust's stock valued at $21,760,000 after buying an additional 30,000 shares in the last quarter. Finally, IFM Investors Pty Ltd lifted its holdings in American Tower by 6.0% during the 1st quarter. IFM Investors Pty Ltd now owns 145,079 shares of the real estate investment trust's stock valued at $33,740,000 after buying an additional 8,263 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Performance

NYSE AMT traded down $2.00 on Monday, hitting $219.75. 1,894,852 shares of the company's stock traded hands, compared to its average volume of 2,505,262. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.43. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $243.56. The firm's 50-day moving average price is $216.46 and its two-hundred day moving average price is $205.07. The firm has a market capitalization of $102.87 billion, a PE ratio of 56.49, a P/E/G ratio of 1.65 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, beating the consensus estimate of $2.41 by $0.34. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The business had revenue of $2.56 billion during the quarter, compared to analysts' expectations of $2.54 billion. During the same period in the previous year, the business posted $2.79 EPS. The business's quarterly revenue was down 9.6% compared to the same quarter last year. As a group, analysts expect that American Tower Corporation will post 10.14 EPS for the current 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 paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.09%. The ex-dividend date of this dividend is Friday, June 13th. American Tower's payout ratio is 174.81%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Scotiabank lifted their price objective on shares of American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a report on Wednesday, April 30th. Wells Fargo & Company boosted their price target on shares of American Tower from $230.00 to $240.00 and gave the company an "overweight" rating in a report on Wednesday, April 30th. Raymond James Financial lifted their price objective on shares of American Tower from $231.00 to $251.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, April 30th. Barclays lifted their price objective on shares of American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a research report on Friday, March 21st. Finally, UBS Group lifted their price objective on shares of American Tower from $245.00 to $250.00 and gave the stock a "buy" rating in a research report on Wednesday, April 30th. Two 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 stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $240.25.

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.