ProVise Management Group LLC Acquires 4,953 Shares of American Tower Co. (NYSE:AMT)

ProVise Management Group LLC raised its holdings in shares of American Tower Co. (NYSE:AMT) by 48.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,221 shares of the real estate investment trust’s stock after purchasing an additional 4,953 shares during the quarter. ProVise Management Group LLC’s holdings in American Tower were worth $2,959,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Allstate Corp lifted its stake in shares of American Tower by 3.1% during the 4th quarter. Allstate Corp now owns 1,750 shares of the real estate investment trust’s stock worth $378,000 after buying an additional 53 shares during the last quarter. NBT Bank N A NY lifted its position in American Tower by 3.3% during the second quarter. NBT Bank N A NY now owns 1,693 shares of the real estate investment trust’s stock worth $329,000 after acquiring an additional 54 shares during the last quarter. O Brien Greene & Co. Inc boosted its holdings in shares of American Tower by 2.3% during the second quarter. O Brien Greene & Co. Inc now owns 2,476 shares of the real estate investment trust’s stock worth $481,000 after acquiring an additional 55 shares during the period. Glassman Wealth Services increased its stake in shares of American Tower by 4.7% during the fourth quarter. Glassman Wealth Services now owns 1,242 shares of the real estate investment trust’s stock worth $268,000 after purchasing an additional 56 shares during the period. Finally, CFO4Life Group LLC lifted its holdings in American Tower by 5.4% during the 1st quarter. CFO4Life Group LLC now owns 1,119 shares of the real estate investment trust’s stock worth $221,000 after purchasing an additional 57 shares during the last quarter. 92.69% of the stock is owned by institutional investors.

Insider Buying and Selling

In other American Tower news, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the sale, the executive vice president now owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the transaction, the executive vice president now directly owns 51,746 shares in the company, valued at approximately $12,070,789.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value of $4,953,510.00. Following the sale, the chief executive officer now owns 61,843 shares in the company, valued at approximately $14,223,890. The disclosure for this sale can be found here. Insiders sold a total of 33,723 shares of company stock worth $7,795,397 in the last three months. 0.18% of the stock is owned by corporate insiders.

American Tower Trading Down 1.5 %

Shares of AMT stock opened at $232.31 on Friday. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $243.56. The stock’s fifty day moving average price is $224.08 and its two-hundred day moving average price is $202.24. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market cap of $108.48 billion, a PE ratio of 52.56, a P/E/G ratio of 1.60 and a beta of 0.83.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.52). The business had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period last year, the business earned $2.46 earnings per share. Equities analysts predict that American Tower Co. will post 10.13 EPS for the current fiscal year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 2.79%. The ex-dividend date is Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is presently 146.61%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on AMT shares. Wells Fargo & Company upped their price objective on American Tower from $225.00 to $245.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Royal Bank of Canada upped their price target on shares of American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. BMO Capital Markets lifted their price objective on shares of American Tower from $246.00 to $260.00 and gave the stock an “outperform” rating in a research note on Friday, September 13th. Barclays decreased their target price on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. Finally, TD Cowen lifted their price target on shares of American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $233.29.

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.