Arden Trust Co Buys 239 Shares of American Tower Co. (REIT) (NYSE:AMT)

Arden Trust Co grew its holdings in American Tower Co. (REIT) (NYSE:AMT) by 3.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 8,134 shares of the real estate investment trust’s stock after buying an additional 239 shares during the quarter. Arden Trust Co’s holdings in American Tower were worth $2,159,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Harvest Fund Management Co. Ltd acquired a new stake in shares of American Tower in the second quarter valued at $34,000. Albion Financial Group UT acquired a new stake in shares of American Tower in the second quarter valued at $36,000. GeoWealth Management LLC acquired a new stake in shares of American Tower in the second quarter valued at $37,000. Sound Income Strategies LLC increased its stake in shares of American Tower by 116.4% in the second quarter. Sound Income Strategies LLC now owns 158 shares of the real estate investment trust’s stock valued at $43,000 after buying an additional 85 shares in the last quarter. Finally, Emerald Advisers LLC acquired a new stake in shares of American Tower in the second quarter valued at $47,000. Institutional investors own 89.57% of the company’s stock.

A number of analysts have recently weighed in on the company. Argus raised their target price on American Tower from $288.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, August 12th. Wells Fargo & Company lowered their price objective on American Tower from $305.00 to $285.00 and set an “overweight” rating for the company in a research report on Friday. Morgan Stanley lifted their price objective on American Tower from $270.00 to $316.00 and gave the stock an “equal weight” rating in a research report on Friday, September 10th. They noted that the move was a valuation call. Truist Securities lifted their price objective on American Tower from $280.00 to $315.00 and gave the stock a “buy” rating in a research report on Friday, July 30th. Finally, Oppenheimer lowered American Tower from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $305.00 to $300.00 in a research report on Friday, September 10th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, American Tower has an average rating of “Buy” and an average target price of $297.71.

In other American Tower news, Director David E. Sharbutt sold 739 shares of the business’s stock in a transaction that occurred on Friday, September 3rd. The stock was sold at an average price of $300.71, for a total value of $222,224.69. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Robert D. Hormats sold 100 shares of the business’s stock in a transaction that occurred on Tuesday, August 24th. The shares were sold at an average price of $289.49, for a total value of $28,949.00. Following the completion of the sale, the director now owns 6,340 shares in the company, valued at approximately $1,835,366.60. The disclosure for this sale can be found here. Insiders have sold a total of 1,705 shares of company stock worth $476,767 in the last quarter. 0.68% of the stock is currently owned by company insiders.

Shares of AMT opened at $260.98 on Monday. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 3.32. American Tower Co. has a 1 year low of $197.50 and a 1 year high of $303.72. The stock has a market cap of $118.85 billion, a P/E ratio of 47.45, a price-to-earnings-growth ratio of 2.18 and a beta of 0.30. The stock’s 50-day moving average price is $276.66 and its two-hundred day moving average price is $274.40.

American Tower (NYSE:AMT) last released its quarterly earnings data on Wednesday, October 27th. The real estate investment trust reported $1.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.27 by ($0.69). American Tower had a net margin of 27.44% and a return on equity of 39.34%. The business had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.41 billion. During the same quarter last year, the firm earned $2.23 EPS. The company’s revenue for the quarter was up 21.9% on a year-over-year basis. As a group, equities analysts forecast that American Tower Co. will post 9.18 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 15th. Stockholders of record on Tuesday, September 28th were issued a dividend of $1.31 per share. This represents a $5.24 annualized dividend and a dividend yield of 2.01%. The ex-dividend date was Monday, September 27th. This is a boost from American Tower’s previous quarterly dividend of $1.27. American Tower’s payout ratio is 95.27%.

American Tower Profile

American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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