American Tower Co. (NYSE:AMT) Shares Sold by Truist Financial Corp

Truist Financial Corp lessened its holdings in shares of American Tower Co. (NYSE:AMT) by 21.2% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 167,666 shares of the real estate investment trust’s stock after selling 45,178 shares during the quarter. Truist Financial Corp’s holdings in American Tower were worth $36,196,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in American Tower by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 60,930,583 shares of the real estate investment trust’s stock worth $10,020,034,000 after acquiring an additional 196,942 shares during the period. Wellington Management Group LLP lifted its holdings in shares of American Tower by 5.6% during the third quarter. Wellington Management Group LLP now owns 12,984,052 shares of the real estate investment trust’s stock valued at $2,135,227,000 after purchasing an additional 691,934 shares during the last quarter. Morgan Stanley raised its position in American Tower by 3.7% during the third quarter. Morgan Stanley now owns 7,269,957 shares of the real estate investment trust’s stock valued at $1,195,545,000 after buying an additional 258,030 shares during the period. FMR LLC raised its position in American Tower by 2.1% during the third quarter. FMR LLC now owns 6,628,436 shares of the real estate investment trust’s stock valued at $1,090,046,000 after buying an additional 138,303 shares during the period. Finally, Invesco Ltd. increased its position in American Tower by 1.0% in the 3rd quarter. Invesco Ltd. now owns 5,711,667 shares of the real estate investment trust’s stock worth $939,284,000 after purchasing an additional 56,598 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Price Performance

Shares of NYSE:AMT opened at $171.69 on Monday. American Tower Co. has a 1-year low of $154.58 and a 1-year high of $219.10. The firm has a market capitalization of $80.07 billion, a PE ratio of 53.99, a PEG ratio of 1.36 and a beta of 0.67. The business’s 50 day moving average is $190.29 and its 200-day moving average is $194.42. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.29.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($1.16). American Tower had a return on equity of 12.80% and a net margin of 13.31%. The firm had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.74 billion. During the same period in the previous year, the business posted $2.34 EPS. American Tower’s revenue for the quarter was up 3.0% compared to the same quarter last year. Sell-side analysts predict that American Tower Co. will post 9.94 earnings per share for the current year.

American Tower Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 12th were given a dividend of $1.62 per share. The ex-dividend date was Thursday, April 11th. This represents a $6.48 annualized dividend and a dividend yield of 3.77%. American Tower’s dividend payout ratio (DPR) is presently 203.77%.

Insider Buying and Selling

In related news, CFO Rodney M. Smith sold 11,510 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 62,969 shares in the company, valued at approximately $12,953,352.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other American Tower news, Director Pamela D. A. Reeve sold 5,054 shares of American Tower stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total value of $962,584.84. Following the completion of the transaction, the director now owns 18,545 shares in the company, valued at approximately $3,532,080.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Rodney M. Smith sold 11,510 shares of American Tower stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total value of $2,367,722.10. Following the completion of the transaction, the chief financial officer now 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. 0.18% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. JPMorgan Chase & Co. dropped their target price on American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 28th. BMO Capital Markets lowered their price objective on American Tower from $235.00 to $228.00 and set an “outperform” rating on the stock in a report on Wednesday, February 28th. Barclays increased their price objective on American Tower from $224.00 to $234.00 and gave the company an “overweight” rating in a report on Tuesday, March 5th. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Finally, Mizuho initiated coverage on American Tower in a report on Monday, April 8th. They set a “neutral” rating and a $205.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and an average target price of $217.36.

About American Tower

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.