Peapack Gladstone Financial Corp Cuts Stock Holdings in American Tower Corporation $AMT

Peapack Gladstone Financial Corp trimmed its position in shares of American Tower Corporation (NYSE:AMT) by 9.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,729 shares of the real estate investment trust’s stock after selling 3,323 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in American Tower were worth $5,571,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Oakworth Capital Inc. boosted its holdings in American Tower by 90.7% during the 4th quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 68 shares during the last quarter. Richards Merrill & Peterson Inc. purchased a new position in shares of American Tower in the 4th quarter worth about $25,000. Triumph Capital Management purchased a new position in shares of American Tower in the 3rd quarter worth about $29,000. Holos Integrated Wealth LLC purchased a new position in shares of American Tower in the 4th quarter worth about $27,000. Finally, Westside Investment Management Inc. boosted its holdings in shares of American Tower by 103.6% in the 3rd quarter. Westside Investment Management Inc. now owns 169 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 86 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AMT has been the topic of a number of research analyst reports. Barclays cut their price target on shares of American Tower from $200.00 to $195.00 and set an “equal weight” rating on the stock in a report on Thursday, April 16th. Raymond James Financial reissued a “strong-buy” rating and issued a $240.00 price target on shares of American Tower in a report on Wednesday, April 29th. Jefferies Financial Group boosted their price target on shares of American Tower from $209.00 to $210.00 and gave the stock a “buy” rating in a report on Tuesday, April 14th. Morgan Stanley cut their price target on shares of American Tower from $225.00 to $220.00 and set an “overweight” rating on the stock in a report on Wednesday, February 25th. Finally, Weiss Ratings raised shares of American Tower from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $216.20.

American Tower Price Performance

Shares of NYSE:AMT opened at $185.44 on Wednesday. The company has a 50 day moving average of $177.78 and a 200 day moving average of $179.38. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 3.07. The stock has a market cap of $86.39 billion, a P/E ratio of 29.96, a P/E/G ratio of 0.78 and a beta of 0.90. American Tower Corporation has a 12 month low of $165.08 and a 12 month high of $234.33.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, April 28th. The real estate investment trust reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $1.24. The business had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.66 billion. American Tower had a net margin of 26.81% and a return on equity of 27.79%. American Tower’s revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.75 EPS. American Tower has set its FY 2026 guidance at 10.900-11.07 EPS. As a group, sell-side analysts forecast that American Tower Corporation will post 10.67 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Friday, June 12th will be issued a dividend of $1.79 per share. This represents a $7.16 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Friday, June 12th. American Tower’s dividend payout ratio is 115.67%.

Insider Buying and Selling

In related news, EVP Ruth T. Dowling sold 416 shares of the company’s stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $177.54, for a total transaction of $73,856.64. Following the sale, the executive vice president owned 29,461 shares of the company’s stock, valued at approximately $5,230,505.94. This represents a 1.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur acquired 2,671 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The stock was bought at an average price of $185.30 per share, for a total transaction of $494,936.30. Following the completion of the transaction, the director owned 4,936 shares of the company’s stock, valued at $914,640.80. The trade was a 117.92% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 0.08% of the company’s stock.

About American Tower

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.