Centennial Bank AR Trims Position in American Tower Co. (NYSE:AMT)

Centennial Bank AR decreased its position in shares of American Tower Co. (NYSE:AMT) by 4.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 1,190 shares of the real estate investment trust’s stock after selling 55 shares during the period. Centennial Bank AR’s holdings in American Tower were worth $231,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Campbell & CO Investment Adviser LLC raised its stake in American Tower by 34.2% during the fourth quarter. Campbell & CO Investment Adviser LLC now owns 2,265 shares of the real estate investment trust’s stock worth $489,000 after purchasing an additional 577 shares during the period. Rafferty Asset Management LLC raised its stake in American Tower by 20.1% during the fourth quarter. Rafferty Asset Management LLC now owns 62,531 shares of the real estate investment trust’s stock worth $13,499,000 after purchasing an additional 10,449 shares during the period. Belpointe Asset Management LLC raised its stake in American Tower by 21.9% during the fourth quarter. Belpointe Asset Management LLC now owns 7,971 shares of the real estate investment trust’s stock worth $1,721,000 after purchasing an additional 1,432 shares during the period. Capital Research Global Investors raised its stake in American Tower by 14.9% during the fourth quarter. Capital Research Global Investors now owns 4,437,051 shares of the real estate investment trust’s stock worth $957,872,000 after purchasing an additional 574,203 shares during the period. Finally, Tower Research Capital LLC TRC raised its stake in American Tower by 208.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 69,714 shares of the real estate investment trust’s stock worth $15,050,000 after purchasing an additional 47,083 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on AMT. TD Cowen raised their target price on shares of American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. The Goldman Sachs Group started coverage on shares of American Tower in a report on Monday, July 1st. They set a “buy” rating and a $230.00 price target for the company. BMO Capital Markets raised their price target on shares of American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, September 13th. Royal Bank of Canada raised their price target on shares of American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a report on Thursday, August 15th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $234.00.

Insider Activity at American Tower

In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the transaction, the chief accounting officer now directly owns 31,873 shares of the company’s stock, valued at $7,424,177.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total transaction of $508,020.33. Following the completion of the sale, the chief accounting officer now owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. The disclosure for this sale can be found here. Insiders have sold a total of 33,723 shares of company stock worth $7,795,397 in the last ninety days. 0.18% of the stock is owned by insiders.

American Tower Trading Down 0.2 %

American Tower stock opened at $232.01 on Wednesday. The firm’s 50-day moving average is $227.84 and its 200-day moving average is $203.89. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81. American Tower Co. has a 1 year low of $154.58 and a 1 year high of $243.56. The company has a market cap of $108.37 billion, a P/E ratio of 52.49, a PEG ratio of 1.05 and a beta of 0.83.

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

American Tower Dividend Announcement

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

American Tower Profile

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.