Washington Trust Advisors Inc. Has $11.91 Million Stock Holdings in American Tower Corporation (NYSE:AMT)

Washington Trust Advisors Inc. trimmed its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 2.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,731 shares of the real estate investment trust's stock after selling 1,169 shares during the quarter. American Tower makes up about 1.1% of Washington Trust Advisors Inc.'s portfolio, making the stock its 27th largest holding. Washington Trust Advisors Inc.'s holdings in American Tower were worth $11,909,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. LifePlan Financial LLC acquired a new position in American Tower during the 1st quarter worth approximately $264,000. Amalgamated Bank increased its position in American Tower by 2.3% in the 1st quarter. Amalgamated Bank now owns 98,936 shares of the real estate investment trust's stock valued at $21,528,000 after acquiring an additional 2,232 shares during the period. Verity Asset Management Inc. increased its position in American Tower by 4.1% in the 1st quarter. Verity Asset Management Inc. now owns 1,413 shares of the real estate investment trust's stock valued at $308,000 after acquiring an additional 56 shares during the period. Avidian Wealth Enterprises LLC acquired a new position in American Tower in the 1st quarter valued at approximately $200,000. Finally, Hutchens & Kramer Investment Management Group LLC increased its position in American Tower by 2.2% in the 1st quarter. Hutchens & Kramer Investment Management Group LLC now owns 5,388 shares of the real estate investment trust's stock valued at $1,172,000 after acquiring an additional 116 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Stock Performance

AMT opened at $218.06 on Monday. The company's fifty day moving average price is $215.69 and its two-hundred day moving average price is $203.92. The company has a market cap of $102.08 billion, a price-to-earnings ratio of 56.06, a PEG ratio of 1.62 and a beta of 0.82. 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.

American Tower (NYSE:AMT - Get Free Report) last announced its earnings results 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. The company had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.54 billion. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The firm's revenue for the quarter was down 9.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.79 earnings per share. On average, analysts expect that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be issued a dividend of $1.70 per share. The ex-dividend date is Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a yield of 3.12%. American Tower's dividend payout ratio (DPR) is presently 174.81%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on AMT shares. Wells Fargo & Company upped their price target on shares of American Tower from $230.00 to $240.00 and gave the company an "overweight" rating in a research report on Wednesday, April 30th. UBS Group upped their price objective on shares of American Tower from $245.00 to $250.00 and gave the company a "buy" rating in a research note on Wednesday, April 30th. Morgan Stanley started coverage on shares of American Tower in a research note on Tuesday, April 1st. They issued an "overweight" rating and a $250.00 price objective on the stock. Citigroup upped their price objective on shares of American Tower from $220.00 to $235.00 and gave the company a "buy" rating in a research note on Monday, March 10th. Finally, Bank of America began coverage on shares of American Tower in a research note on Monday, May 19th. They issued a "buy" rating and a $255.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, American Tower currently has an average rating of "Buy" and an average price target of $240.25.

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.

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