Truist Financial Corp Sells 6,925 Shares of American Tower Corporation $AMT

Key Points

• Truist Financial Corp reduced its stake in American Tower Corporation by 5.0%, selling 6,925 shares, and now holds 132,006 shares worth approximately $29.18 million.
• American Tower's stock experienced a 1.2% decline, with shares opening at $191.03 and a market capitalization of $89.45 billion.
• The company announced a quarterly dividend of $1.70 per share, resulting in an annualized dividend of $6.80 and a yield of 3.6%.

Truist Financial Corp lessened its stake in American Tower Corporation (NYSE:AMT - Free Report) by 5.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 132,006 shares of the real estate investment trust's stock after selling 6,925 shares during the quarter. Truist Financial Corp's holdings in American Tower were worth $29,176,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. 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 boosted its position in American Tower by 39.6% in the 1st 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 buying an additional 2,309,627 shares during the last quarter. Bessemer Group Inc. increased its stake in shares of American Tower by 272.0% in the 1st quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust's stock valued at $247,390,000 after buying an additional 831,247 shares during the period. Alyeska Investment Group L.P. bought a new stake in shares of American Tower during the first quarter worth $162,127,000. Finally, Amundi raised its position in shares of American Tower by 35.5% during the first quarter. Amundi now owns 2,838,421 shares of the real estate investment trust's stock worth $645,694,000 after acquiring an additional 743,617 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Stock Down 1.2%

Shares of American Tower stock opened at $191.03 on Friday. The company has a market capitalization of $89.45 billion, a P/E ratio of 69.47, a price-to-earnings-growth ratio of 1.19 and a beta of 0.86. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95. The business has a 50-day moving average of $202.32 and a two-hundred day moving average of $211.93. American Tower Corporation has a 1 year low of $172.51 and a 1 year high of $234.33.

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 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.01. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The business had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.58 billion. During the same period in the previous year, the firm earned $2.79 EPS. American Tower's quarterly revenue was down 9.4% compared to the same quarter last year. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. As a group, equities analysts predict that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Tuesday, September 30th will be issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Tuesday, September 30th. American Tower's dividend payout ratio (DPR) is presently 247.27%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on AMT. Wells Fargo & Company decreased their price target on American Tower from $240.00 to $230.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. HSBC lowered shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 target price on the stock. in a research note on Wednesday, July 30th. Barclays boosted their price target on shares of American Tower from $246.00 to $250.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. UBS Group lifted their target price on shares of American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. increased their price target on American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $242.07.

Insider Buying and Selling

In related news, CEO Juan Font sold 720 shares of the company's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total value of $149,997.60. Following the completion of the transaction, the chief executive officer directly owned 23,425 shares of the company's stock, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.17% of the company's stock.

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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