US Bancorp DE Has $266.72 Million Stake in American Tower Co. (NYSE:AMT)

US Bancorp DE reduced its holdings in American Tower Co. (NYSE:AMT) by 9.2% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,146,855 shares of the real estate investment trust’s stock after selling 115,629 shares during the quarter. US Bancorp DE’s holdings in American Tower were worth $266,715,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AMT. Cultivar Capital Inc. acquired a new stake in shares of American Tower in the second quarter valued at about $25,000. Fortitude Family Office LLC increased its position in shares of American Tower by 269.0% during the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 78 shares during the last quarter. Fairscale Capital LLC bought a new stake in shares of American Tower during the 2nd quarter worth approximately $27,000. Hobbs Group Advisors LLC acquired a new stake in shares of American Tower in the 2nd quarter valued at approximately $29,000. Finally, Northwest Investment Counselors LLC bought a new position in shares of American Tower in the third quarter valued at $30,000. 92.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

AMT has been the subject of a number of recent analyst reports. TD Cowen increased their price target 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. JPMorgan Chase & Co. lifted their price target on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Mizuho upped their price objective on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Barclays raised their price objective on American Tower from $223.00 to $255.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Finally, StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $235.85.

American Tower Stock Performance

AMT stock traded up $0.39 during trading hours on Thursday, hitting $213.87. 322,906 shares of the stock were exchanged, compared to its average volume of 2,268,100. The company has a 50-day simple moving average of $228.58 and a two-hundred day simple moving average of $208.42. The firm has a market capitalization of $99.89 billion, a P/E ratio of 40.17, a P/E/G ratio of 1.09 and a beta of 0.83. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.42.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The business had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same period in the prior year, the business posted $2.58 earnings per share. American Tower’s revenue was down 10.5% compared to the same quarter last year. On average, analysts forecast that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were paid a dividend of $1.62 per share. The ex-dividend date was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 3.03%. American Tower’s dividend payout ratio (DPR) is presently 121.80%.

Insider Buying and Selling at American Tower

In related 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 value of $508,020.33. Following the transaction, the chief accounting officer now owns 31,873 shares in the company, valued at approximately $7,424,177.89. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Steven O. Vondran sold 21,537 shares of American Tower 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 transaction, the chief executive officer now owns 61,843 shares in the company, valued at approximately $14,223,890. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total value of $508,020.33. Following the sale, the chief accounting officer now owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,723 shares of company stock valued at $7,795,397 in the last three months. Corporate insiders own 0.18% of the company’s stock.

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.