Royal Bank of Canada Buys 28,476 Shares of American Tower Co. (NYSE:AMT)

Royal Bank of Canada lifted its holdings in American Tower Co. (NYSE:AMT - Free Report) by 1.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,309,296 shares of the real estate investment trust's stock after buying an additional 28,476 shares during the quarter. Royal Bank of Canada owned 0.49% of American Tower worth $423,548,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of AMT. Glenview Trust co boosted its position in American Tower by 0.8% during the fourth quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust's stock worth $1,294,000 after purchasing an additional 54 shares in the last quarter. CreativeOne Wealth LLC increased its stake in American Tower by 2.1% in the fourth quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust's stock valued at $477,000 after purchasing an additional 54 shares during the last quarter. Precedent Wealth Partners LLC increased its stake in American Tower by 4.7% during the fourth quarter. Precedent Wealth Partners LLC now owns 1,281 shares of the real estate investment trust's stock worth $235,000 after acquiring an additional 58 shares during the last quarter. Resonant Capital Advisors LLC increased its stake in American Tower by 5.8% during the fourth quarter. Resonant Capital Advisors LLC now owns 1,113 shares of the real estate investment trust's stock worth $206,000 after acquiring an additional 61 shares during the last quarter. Finally, Calamos Wealth Management LLC increased its stake in American Tower by 2.9% during the fourth quarter. Calamos Wealth Management LLC now owns 2,172 shares of the real estate investment trust's stock worth $398,000 after acquiring an additional 61 shares during the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AMT has been the subject of a number of recent research reports. Raymond James increased their target price on American Tower from $231.00 to $251.00 and gave the company a "strong-buy" rating in a research note on Wednesday, April 30th. UBS Group raised their target price on American Tower from $245.00 to $250.00 and gave the company a "buy" rating in a research report on Wednesday, April 30th. Citizens Jmp upgraded American Tower to a "strong-buy" rating in a report on Monday, January 27th. Morgan Stanley started coverage on American Tower in a report on Tuesday, April 1st. They issued an "overweight" rating and a $250.00 target price on the stock. Finally, JMP Securities lifted their price target on American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a report on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $240.25.

American Tower Trading Up 0.1%

NYSE AMT traded up $0.32 during trading on Tuesday, hitting $215.45. 1,755,888 shares of the company's stock traded hands, compared to its average volume of 2,507,987. The firm has a market cap of $100.86 billion, a P/E ratio of 90.91, a PEG ratio of 1.29 and a beta of 0.86. The stock has a fifty day moving average of $215.11 and a two-hundred day moving average of $201.49. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. American Tower Co. has a 12-month low of $172.51 and a 12-month high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings data 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 firm 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 10.05% and a return on equity of 22.01%. The company's quarterly revenue was down 9.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.79 earnings per share. As a group, sell-side analysts expect that American Tower Co. 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 Friday, July 11th. Shareholders of record on Friday, June 13th will be issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date is Friday, June 13th. American Tower's dividend payout ratio (DPR) is presently 174.81%.

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.