Wesbanco Bank Inc. Buys 83 Shares of American Tower Co. (NYSE:AMT)

Wesbanco Bank Inc. increased its stake in shares of American Tower Co. (NYSE:AMTFree Report) by 2.9% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,968 shares of the real estate investment trust’s stock after acquiring an additional 83 shares during the quarter. Wesbanco Bank Inc.’s holdings in American Tower were worth $488,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of AMT. Moneta Group Investment Advisors LLC raised its stake in American Tower by 101,474.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 10,474,342 shares of the real estate investment trust’s stock valued at $2,219,094,000 after purchasing an additional 10,464,030 shares in the last quarter. Norges Bank purchased a new stake in American Tower during the fourth quarter valued at $1,008,567,000. Cohen & Steers Inc. raised its stake in American Tower by 44.2% during the second quarter. Cohen & Steers Inc. now owns 9,842,980 shares of the real estate investment trust’s stock valued at $1,908,844,000 after purchasing an additional 3,016,160 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in shares of American Tower by 2,329.8% in the third quarter. Daiwa Securities Group Inc. now owns 1,329,779 shares of the real estate investment trust’s stock valued at $218,682,000 after acquiring an additional 1,275,052 shares during the period. Finally, Morgan Stanley raised its stake in shares of American Tower by 15.4% in the fourth quarter. Morgan Stanley now owns 7,231,486 shares of the real estate investment trust’s stock valued at $1,532,063,000 after acquiring an additional 962,800 shares during the period. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Insiders Place Their Bets

In other American Tower news, Director Pamela D. A. Reeve sold 5,054 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total transaction of $962,584.84. Following the completion of the transaction, the director now directly owns 18,545 shares in the company, valued at $3,532,080.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Pamela D. A. Reeve sold 5,054 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total transaction of $962,584.84. Following the completion of the sale, the director now owns 18,545 shares of the company’s stock, valued at $3,532,080.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Rodney M. Smith sold 11,510 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the sale, the chief financial officer now directly owns 62,969 shares of the company’s stock, valued at approximately $12,953,352.99. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AMT. JPMorgan Chase & Co. reduced their target price on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 28th. Barclays raised their price target on shares of American Tower from $224.00 to $234.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 5th. HSBC started coverage on shares of American Tower in a research note on Thursday, December 14th. They issued a “buy” rating and a $245.00 price target on the stock. StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Finally, BMO Capital Markets dropped their target price on shares of American Tower from $235.00 to $228.00 and set an “outperform” rating on the stock in a report on Wednesday, February 28th. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, American Tower presently has a consensus rating of “Moderate Buy” and a consensus target price of $217.55.

Check Out Our Latest Analysis on AMT

American Tower Stock Performance

AMT opened at $197.30 on Friday. The company has a debt-to-equity ratio of 3.29, a current ratio of 0.69 and a quick ratio of 0.69. The firm has a fifty day moving average price of $198.51 and a 200 day moving average price of $191.22. American Tower Co. has a 1 year low of $154.58 and a 1 year high of $219.10. The stock has a market cap of $92.01 billion, a P/E ratio of 62.04, a P/E/G ratio of 1.42 and a beta of 0.68.

American Tower (NYSE:AMTGet Free Report) last posted its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($1.16). The company had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.74 billion. American Tower had a return on equity of 12.80% and a net margin of 13.31%. The business’s revenue was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.34 earnings per share. Equities research analysts anticipate that American Tower Co. will post 9.92 earnings per share for the current year.

American Tower Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, April 12th will be given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date is Thursday, April 11th. American Tower’s dividend payout ratio is presently 213.84%.

American Tower Company Profile

(Free Report)

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

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