UNIVEST FINANCIAL Corp Sells 2,651 Shares of American Tower Corporation (NYSE:AMT)

Key Points

• UNIVEST FINANCIAL Corp reduced its stake in American Tower Corporation by 3.9%, now holding 64,487 shares, valued at approximately $14.03 million.
• American Tower reported a quarterly EPS of $2.60, slightly exceeding analysts' expectations, but experienced a 9.4% decline in revenue year-over-year.
• The company's quarterly dividend of $1.70 per share reflects a dividend yield of 3.3% despite a high payout ratio of 247.27%.

UNIVEST FINANCIAL Corp lessened its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 3.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 64,487 shares of the real estate investment trust's stock after selling 2,651 shares during the quarter. American Tower accounts for approximately 0.9% of UNIVEST FINANCIAL Corp's holdings, making the stock its 23rd biggest holding. UNIVEST FINANCIAL Corp's holdings in American Tower were worth $14,032,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Cohen & Steers Inc. lifted its position in American Tower by 21.8% during the 4th quarter. Cohen & Steers Inc. now owns 19,176,365 shares of the real estate investment trust's stock worth $3,516,890,000 after buying an additional 3,437,602 shares in the last quarter. Capital Research Global Investors lifted its position in American Tower by 66.5% during the 4th quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust's stock worth $1,570,547,000 after buying an additional 3,421,413 shares in the last quarter. Capital World Investors lifted its position in American Tower by 160.6% during the 4th quarter. Capital World Investors now owns 4,920,100 shares of the real estate investment trust's stock worth $902,396,000 after buying an additional 3,032,005 shares in the last quarter. GAMMA Investing LLC lifted its position in American Tower by 23,627.3% during the 1st quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust's stock worth $370,346,000 after buying an additional 1,694,784 shares in the last quarter. Finally, Bessemer Group Inc. lifted its position in American Tower by 272.0% during the 1st quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust's stock worth $247,390,000 after buying an additional 831,247 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

American Tower Trading Up 1.8%

Shares of AMT stock traded up $3.79 on Friday, reaching $212.18. The company had a trading volume of 3,232,190 shares, compared to its average volume of 1,893,405. The company has a 50-day moving average of $218.73 and a 200-day moving average of $210.53. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $243.56. The company has a current ratio of 0.95, a quick ratio of 0.81 and a debt-to-equity ratio of 3.36. The stock has a market cap of $99.33 billion, a PE ratio of 77.16, a PEG ratio of 1.17 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share for the quarter, topping analysts' consensus estimates of $2.59 by $0.01. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.58 billion. American Tower had a return on equity of 24.85% and a net margin of 12.60%. The business's revenue was down 9.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.79 EPS. On average, equities analysts forecast that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 13th were paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Friday, June 13th. American Tower's dividend payout ratio is 247.27%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on AMT. Wells Fargo & Company dropped their price objective on American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a report on Wednesday. BMO Capital Markets reissued an "outperform" rating and set a $245.00 price objective (down from $250.00) on shares of American Tower in a report on Wednesday. Bank of America began coverage on American Tower in a report on Monday, May 19th. They set a "buy" rating and a $255.00 price objective for the company. Royal Bank Of Canada boosted their price objective on American Tower from $250.00 to $260.00 and gave the stock an "outperform" rating in a report on Thursday. Finally, Scotiabank boosted their price objective on American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a report on Wednesday, April 30th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $243.88.

Insiders Place Their Bets

In related news, CEO Juan Font sold 720 shares of the stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $208.33, for a total value of $149,997.60. Following the sale, the chief executive officer owned 23,425 shares in the company, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company 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.