1ST Source Bank Buys 250 Shares of American Tower Co. (NYSE:AMT)

1ST Source Bank lifted its stake in shares of American Tower Co. (NYSE:AMT) by 11.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,371 shares of the real estate investment trust’s stock after acquiring an additional 250 shares during the period. 1ST Source Bank’s holdings in American Tower were worth $435,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Cibc World Markets Corp increased its position in shares of American Tower by 12.0% during the fourth quarter. Cibc World Markets Corp now owns 207,680 shares of the real estate investment trust’s stock worth $38,091,000 after acquiring an additional 22,234 shares in the last quarter. Arbor Capital Management Inc. ADV increased its position in shares of American Tower by 7.5% during the fourth quarter. Arbor Capital Management Inc. ADV now owns 6,587 shares of the real estate investment trust’s stock worth $1,221,000 after acquiring an additional 462 shares in the last quarter. First National Advisers LLC increased its position in shares of American Tower by 5.8% during the fourth quarter. First National Advisers LLC now owns 12,541 shares of the real estate investment trust’s stock worth $2,300,000 after acquiring an additional 682 shares in the last quarter. Glenview Trust co increased its position in shares of American Tower by 0.8% during the fourth quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust’s stock worth $1,294,000 after acquiring an additional 54 shares in the last quarter. Finally, Greenwich Wealth Management LLC boosted its holdings in American Tower by 2.1% during the fourth quarter. Greenwich Wealth Management LLC now owns 3,681 shares of the real estate investment trust’s stock worth $675,000 after purchasing an additional 75 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Insider Transactions at American Tower

In related news, CFO Rodney M. Smith sold 16,567 shares of the firm’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the transaction, the chief financial officer now directly owns 62,792 shares of the company’s stock, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.18% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Hsbc Global Res upgraded shares of American Tower to a “strong-buy” rating in a report on Thursday, February 27th. Morgan Stanley reduced their target price on shares of American Tower from $219.00 to $213.00 and set an “equal weight” rating for the company in a report on Monday, February 24th. JMP Securities assumed coverage on shares of American Tower in a report on Monday, January 27th. They set an “outperform” rating and a $225.00 target price for the company. BMO Capital Markets increased their target price on shares of American Tower from $210.00 to $220.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. Finally, Wells Fargo & Company upgraded shares of American Tower from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $210.00 to $230.00 in a report on Monday. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $228.79.

American Tower Stock Performance

NYSE AMT opened at $213.17 on Tuesday. The firm has a 50-day moving average of $192.99 and a 200-day moving average of $205.61. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. The stock has a market cap of $99.65 billion, a PE ratio of 89.95, a P/E/G ratio of 1.29 and a beta of 0.85. American Tower Co. has a 52-week low of $170.46 and a 52-week high of $243.56.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.83. The company had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.51 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. American Tower’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter last year, the company posted $2.29 EPS. On average, sell-side analysts anticipate that American Tower Co. will post 10.14 EPS for the current year.

American Tower Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, April 11th will be paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date is Friday, April 11th. This is a boost from American Tower’s previous quarterly dividend of $1.62. American Tower’s dividend payout ratio (DPR) is currently 141.37%.

American Tower Company 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.