US Bancorp DE Trims Position in American Tower Corporation (NYSE:AMT)

Key Points

• US Bancorp DE reduced its stake in American Tower Corporation by 3.2%, owning 1,060,877 shares worth approximately $230.85 million as of the latest SEC filing.
• Institutional investors collectively hold 92.69% of American Tower's stock, signaling strong institutional confidence in the company.
• Analysts have issued varied price targets for American Tower, with a consensus price target of $243.88 and several brokerages issuing "buy" and "hold" ratings.

US Bancorp DE lessened its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 3.2% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,060,877 shares of the real estate investment trust's stock after selling 35,277 shares during the period. US Bancorp DE owned about 0.23% of American Tower worth $230,849,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Aviva PLC lifted its stake in shares of American Tower by 13.4% in the 4th quarter. Aviva PLC now owns 388,487 shares of the real estate investment trust's stock worth $71,252,000 after purchasing an additional 46,009 shares during the period. Golden State Wealth Management LLC increased its holdings in American Tower by 23.0% in the 1st quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust's stock worth $80,000 after acquiring an additional 69 shares in the last quarter. Shum Financial Group Inc. lifted its position in shares of American Tower by 3.5% in the first quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust's stock valued at $913,000 after acquiring an additional 141 shares in the last quarter. Mariner LLC lifted its position in shares of American Tower by 30.9% in the fourth quarter. Mariner LLC now owns 363,088 shares of the real estate investment trust's stock valued at $66,585,000 after acquiring an additional 85,693 shares in the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc grew its holdings in American Tower by 13.3% during the 1st quarter. AEGON ASSET MANAGEMENT UK Plc now owns 231,913 shares of the real estate investment trust's stock valued at $50,487,000 after buying an additional 27,194 shares in the last quarter. Institutional investors own 92.69% of the company's stock.

American Tower Stock Performance

American Tower stock traded down $1.97 during mid-day trading on Tuesday, hitting $211.02. The company had a trading volume of 937,294 shares, compared to its average volume of 2,623,661. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $243.56. The company's fifty day moving average is $218.75 and its 200-day moving average is $210.83. The company has a market capitalization of $98.78 billion, a price-to-earnings ratio of 76.61, a P/E/G ratio of 1.17 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $2.58 billion. During the same quarter in the prior year, the firm posted $2.79 EPS. The business's quarterly revenue was down 9.4% compared to the same quarter last year. Equities research analysts predict that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

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

Analyst Ratings Changes

A number of research firms recently weighed in on AMT. BMO Capital Markets reissued an "outperform" rating and issued a $245.00 target price (down from $250.00) on shares of American Tower in a report on Wednesday, July 30th. JPMorgan Chase & Co. lifted their price objective on shares of American Tower from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Hsbc Global Res lowered shares of American Tower from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Bank of America started coverage on shares of American Tower in a research note on Monday, May 19th. They set a "buy" rating and a $255.00 price objective for the company. Finally, HSBC lowered shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 price objective for the company. in a research note on Wednesday, July 30th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $243.88.

Insider Activity

In other news, CEO Juan Font sold 720 shares of the stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $208.33, for a total transaction of $149,997.60. Following the transaction, the chief executive officer owned 23,425 shares in the company, valued at $4,880,130.25. This trade represents a 2.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.18% of the stock is owned by company insiders.

American Tower Company 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.