American Tower Corp (NYSE:AMT) Stake Increased by Commerce Bank

Commerce Bank increased its stake in American Tower Corp (NYSE:AMT) by 5.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,250 shares of the real estate investment trust’s stock after buying an additional 1,306 shares during the period. Commerce Bank’s holdings in American Tower were worth $5,280,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of AMT. Assenagon Asset Management S.A. bought a new stake in shares of American Tower in the fourth quarter worth $383,000. Capital Investment Advisors LLC increased its stake in shares of American Tower by 5.7% in the fourth quarter. Capital Investment Advisors LLC now owns 1,785 shares of the real estate investment trust’s stock worth $410,000 after buying an additional 97 shares during the last quarter. NEXT Financial Group Inc increased its stake in American Tower by 14.8% during the fourth quarter. NEXT Financial Group Inc now owns 3,116 shares of the real estate investment trust’s stock valued at $717,000 after purchasing an additional 402 shares during the last quarter. RFG Advisory LLC bought a new stake in American Tower during the fourth quarter valued at $290,000. Finally, Harel Insurance Investments & Financial Services Ltd. increased its stake in American Tower by 105.6% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,278 shares of the real estate investment trust’s stock valued at $524,000 after purchasing an additional 1,170 shares during the last quarter. Institutional investors and hedge funds own 91.73% of the company’s stock.

Several analysts have weighed in on the stock. Credit Suisse Group assumed coverage on shares of American Tower in a research note on Tuesday, April 28th. They set an “outperform” rating and a $308.00 target price for the company. Oppenheimer upgraded shares of American Tower from a “market perform” rating to an “outperform” rating and set a $270.00 target price for the company in a research note on Friday. Morgan Stanley boosted their target price on shares of American Tower from $218.00 to $245.00 and gave the company an “equal weight” rating in a research note on Monday, April 27th. Edward Jones upgraded shares of American Tower from a “hold” rating to a “buy” rating in a research note on Tuesday, March 24th. Finally, Citigroup raised shares of American Tower from a “neutral” rating to a “buy” rating and set a $280.00 price target for the company in a report on Thursday, March 5th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $257.38.

In other American Tower news, Director David E. Sharbutt sold 2,200 shares of the business’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $243.60, for a total transaction of $535,920.00. Following the sale, the director now owns 4,097 shares in the company, valued at approximately $998,029.20. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Robert Joseph Meyer, Jr. sold 6,439 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $238.11, for a total value of $1,533,190.29. Following the sale, the chief accounting officer now owns 37,120 shares in the company, valued at approximately $8,838,643.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,392 shares of company stock worth $3,343,752. Corporate insiders own 0.65% of the company’s stock.

Shares of NYSE AMT opened at $242.43 on Friday. American Tower Corp has a twelve month low of $174.32 and a twelve month high of $260.43. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 6.91. The company has a market capitalization of $101.14 billion, a price-to-earnings ratio of 28.24, a PEG ratio of 1.94 and a beta of 0.44. The firm has a 50-day moving average of $239.56 and a two-hundred day moving average of $229.48.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Wednesday, April 29th. The real estate investment trust reported $0.93 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.05 by ($0.12). American Tower had a net margin of 24.55% and a return on equity of 35.63%. The business had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.99 billion. During the same period in the previous year, the company posted $1.84 earnings per share. American Tower’s revenue was up 9.9% compared to the same quarter last year. As a group, research analysts predict that American Tower Corp will post 8 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Friday, June 19th will be issued a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Thursday, June 18th. This is an increase from American Tower’s previous quarterly dividend of $1.08. American Tower’s payout ratio is presently 55.89%.

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 approximately 171,000 communications sites.

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

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