Keybank National Association OH Acquires 5,863 Shares of American Tower Co. (REIT) (NYSE:AMT)

Keybank National Association OH lifted its position in shares of American Tower Co. (REIT) (NYSE:AMT) by 2.0% during the second quarter, Holdings Channel reports. The institutional investor owned 299,525 shares of the real estate investment trust’s stock after purchasing an additional 5,863 shares during the period. Keybank National Association OH’s holdings in American Tower were worth $80,914,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wagner Wealth Management LLC purchased a new position in shares of American Tower during the 1st quarter valued at $26,000. Harvest Fund Management Co. Ltd purchased a new position in shares of American Tower during the 2nd quarter valued at $34,000. Albion Financial Group UT purchased a new position in shares of American Tower during the 2nd quarter valued at $36,000. Sound Income Strategies LLC lifted its stake in shares of American Tower by 116.4% during the 2nd quarter. Sound Income Strategies LLC now owns 158 shares of the real estate investment trust’s stock valued at $43,000 after buying an additional 85 shares in the last quarter. Finally, Emerald Advisers LLC purchased a new stake in American Tower in the 2nd quarter worth $47,000. Institutional investors own 89.57% of the company’s stock.

In other American Tower news, Director Robert D. Hormats sold 100 shares of American Tower stock in a transaction dated Tuesday, July 6th. The shares were sold at an average price of $272.87, for a total transaction of $27,287.00. Following the transaction, the director now directly owns 6,640 shares of the company’s stock, valued at $1,811,856.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David E. Sharbutt sold 739 shares of American Tower stock in a transaction dated Friday, September 3rd. The shares were sold at an average price of $300.71, for a total transaction of $222,224.69. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,085 shares of company stock worth $2,552,330. Insiders own 0.68% of the company’s stock.

Several analysts have commented on the stock. Wells Fargo & Company boosted their price target on shares of American Tower from $280.00 to $305.00 and gave the stock an “overweight” rating in a research note on Friday, July 16th. Citigroup cut shares of American Tower from a “buy” rating to a “neutral” rating in a research note on Tuesday, July 13th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of American Tower from $250.00 to $295.00 and gave the stock a “hold” rating in a research note on Thursday, July 8th. They noted that the move was a valuation call. Oppenheimer cut shares of American Tower from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $305.00 to $300.00 in a research report on Friday, September 10th. Finally, Truist Securities upped their target price on shares of American Tower from $280.00 to $315.00 and gave the company a “buy” rating in a research report on Friday, July 30th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, American Tower has an average rating of “Buy” and a consensus price target of $298.29.

NYSE:AMT traded down $4.66 during midday trading on Tuesday, reaching $269.44. 49,322 shares of the stock traded hands, compared to its average volume of 1,850,105. American Tower Co. has a 12-month low of $197.50 and a 12-month high of $303.72. The business has a 50-day moving average of $288.07 and a two-hundred day moving average of $265.89. The company has a debt-to-equity ratio of 4.83, a quick ratio of 0.77 and a current ratio of 0.77. The stock has a market capitalization of $122.63 billion, a PE ratio of 55.26, a price-to-earnings-growth ratio of 2.07 and a beta of 0.24.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Wednesday, July 28th. The real estate investment trust reported $1.65 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.27 by ($0.62). American Tower had a return on equity of 44.60% and a net margin of 25.84%. Research analysts anticipate that American Tower Co. will post 9.28 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Tuesday, September 28th will be paid a $1.31 dividend. This is an increase from American Tower’s previous quarterly dividend of $1.27. This represents a $5.24 annualized dividend and a dividend yield of 1.94%. The ex-dividend date of this dividend is Monday, September 27th. American Tower’s dividend payout ratio (DPR) is currently 60.19%.

About American Tower

American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.

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

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