Wesbanco Bank Inc. Has $3.67 Million Position in American Tower Corporation $AMT

Key Points

• Wesbanco Bank Inc. significantly increased its stake in American Tower Corporation by 473.6% during the second quarter, now holding shares worth $3.67 million.
• American Tower reported a 9.4% year-over-year decline in revenue, with earnings per share slightly exceeding estimates at $2.60.
• Analysts have generally rated American Tower positively, with a consensus of moderate buy and target prices ranging from $250.00 to $260.00.

Wesbanco Bank Inc. increased its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 473.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,611 shares of the real estate investment trust's stock after purchasing an additional 13,715 shares during the quarter. Wesbanco Bank Inc.'s holdings in American Tower were worth $3,671,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in AMT. Elmwood Wealth Management Inc. grew its holdings in American Tower by 2.5% during the 1st quarter. Elmwood Wealth Management Inc. now owns 2,087 shares of the real estate investment trust's stock worth $454,000 after acquiring an additional 50 shares during the last quarter. 4J Wealth Management LLC raised its holdings in American Tower by 4.0% during the first quarter. 4J Wealth Management LLC now owns 1,301 shares of the real estate investment trust's stock worth $283,000 after buying an additional 50 shares during the last quarter. TCTC Holdings LLC raised its holdings in American Tower by 15.8% during the first quarter. TCTC Holdings LLC now owns 374 shares of the real estate investment trust's stock worth $81,000 after buying an additional 51 shares during the last quarter. Coyle Financial Counsel LLC raised its holdings in American Tower by 2.4% during the first quarter. Coyle Financial Counsel LLC now owns 2,238 shares of the real estate investment trust's stock worth $487,000 after buying an additional 53 shares during the last quarter. Finally, Fortitude Advisory Group L.L.C. raised its holdings in shares of American Tower by 2.9% in the first quarter. Fortitude Advisory Group L.L.C. now owns 1,907 shares of the real estate investment trust's stock valued at $416,000 after purchasing an additional 54 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Price Performance

Shares of NYSE AMT opened at $195.27 on Monday. The stock's 50-day moving average is $210.83 and its two-hundred day moving average is $213.52. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $241.97. The company has a market cap of $91.43 billion, a price-to-earnings ratio of 71.01, a price-to-earnings-growth ratio of 1.20 and a beta of 0.86.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share 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 company had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the prior year, the business earned $2.79 EPS. American Tower's revenue was down 9.4% on a year-over-year basis. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Analysts forecast that American Tower Corporation will post 10.14 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently commented on the stock. The Goldman Sachs Group reiterated a "buy" rating on shares of American Tower in a report on Tuesday, July 29th. Raymond James Financial set a $250.00 target price on shares of American Tower and gave the stock a "strong-buy" rating in a research report on Wednesday, July 30th. Royal Bank Of Canada raised their price objective on shares of American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. JPMorgan Chase & Co. raised their price objective on shares of American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Finally, Bank of America initiated coverage on shares of American Tower in a research report on Monday, May 19th. They set a "buy" rating and a $255.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $244.73.

Insider Transactions at American Tower

In related news, CEO Juan Font sold 720 shares of the firm's 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.18% of the stock is owned by corporate 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.

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