US Bancorp DE Decreases Stock Position in American Tower Corporation $AMT

Key Points

• US Bancorp DE reduced its holdings in American Tower Corporation by 4.3% during the second quarter, bringing its ownership to over 1 million shares valued at approximately $224 million.
• American Tower reported earnings of $2.60 EPS for the most recent quarter, exceeding analysts' expectations, with a revenue of $2.63 billion, although down 9.4% year-over-year.
• The company announced a quarterly dividend of $1.70 per share, with an annualized basis of $6.80, resulting in a dividend yield of 3.7%.

US Bancorp DE trimmed its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 4.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,015,529 shares of the real estate investment trust's stock after selling 45,348 shares during the quarter. US Bancorp DE owned 0.22% of American Tower worth $224,455,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in AMT. Brighton Jones LLC lifted its holdings in shares of American Tower by 113.0% in the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock valued at $727,000 after acquiring an additional 2,104 shares during the last quarter. First Citizens Bank & Trust Co. lifted its holdings in shares of American Tower by 6.5% in the 1st quarter. First Citizens Bank & Trust Co. now owns 1,939 shares of the real estate investment trust's stock valued at $422,000 after acquiring an additional 119 shares during the last quarter. City Holding Co. bought a new position in shares of American Tower in the 1st quarter valued at about $39,000. Farther Finance Advisors LLC lifted its holdings in shares of American Tower by 43.2% in the 1st quarter. Farther Finance Advisors LLC now owns 3,233 shares of the real estate investment trust's stock valued at $710,000 after acquiring an additional 975 shares during the last quarter. Finally, Signet Financial Management LLC lifted its holdings in shares of American Tower by 24.4% in the 1st quarter. Signet Financial Management LLC now owns 6,898 shares of the real estate investment trust's stock valued at $1,501,000 after acquiring an additional 1,351 shares during the last quarter. Institutional investors own 92.69% of the company's stock.

American Tower Price Performance

Shares of AMT stock opened at $185.46 on Thursday. 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 company has a market capitalization of $86.84 billion, a P/E ratio of 67.44, a P/E/G ratio of 1.15 and a beta of 0.86. The company's 50-day simple moving average is $199.72 and its two-hundred day simple moving average is $211.16. American Tower Corporation has a one year low of $172.51 and a one year high of $234.33.

American Tower (NYSE:AMT - Get Free Report) last issued its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, topping analysts' consensus estimates of $2.59 by $0.01. The business had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.58 billion. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The company's revenue for the quarter was down 9.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.79 EPS. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. As a group, equities analysts anticipate 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 Monday, October 20th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $1.70 per share. The ex-dividend date is Tuesday, September 30th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.7%. American Tower's dividend payout ratio (DPR) is currently 247.27%.

Insider Activity

In other news, CEO Juan Font sold 720 shares of the stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total transaction of $149,997.60. Following the transaction, the chief executive officer directly owned 23,425 shares in the company, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their ownership of the stock. The transaction 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.

Wall Street Analysts Forecast Growth

AMT has been the subject of a number of analyst reports. Wells Fargo & Company lowered their price target on shares of American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. JPMorgan Chase & Co. increased their price objective on shares of American Tower from $250.00 to $255.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. UBS Group increased their price objective on shares of American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Hsbc Global Res lowered shares of American Tower from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Finally, Barclays increased their price objective on shares of American Tower from $246.00 to $250.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, American Tower currently has a consensus rating of "Moderate Buy" and an average target price of $242.07.

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.

Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corporation (NYSE:AMT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.