FineMark National Bank & Trust Lowers Holdings in American Tower Co. (NYSE:AMT)

FineMark National Bank & Trust reduced its holdings in shares of American Tower Co. (NYSE:AMT) by 6.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,925 shares of the real estate investment trust’s stock after selling 1,416 shares during the period. FineMark National Bank & Trust’s holdings in American Tower were worth $4,021,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in AMT. Partners Group Holding AG raised its stake in shares of American Tower by 8.3% in the fourth quarter. Partners Group Holding AG now owns 378,592 shares of the real estate investment trust’s stock valued at $69,438,000 after acquiring an additional 28,988 shares in the last quarter. Nordea Investment Management AB raised its position in American Tower by 28.5% in the 4th quarter. Nordea Investment Management AB now owns 1,421,095 shares of the real estate investment trust’s stock valued at $260,743,000 after purchasing an additional 314,769 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in American Tower in the 3rd quarter valued at about $1,156,000. TigerOak Management L.L.C. acquired a new position in shares of American Tower during the fourth quarter worth about $1,102,000. Finally, Brookstone Capital Management increased its stake in shares of American Tower by 29.0% during the fourth quarter. Brookstone Capital Management now owns 8,879 shares of the real estate investment trust’s stock worth $1,629,000 after buying an additional 1,995 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Stock Down 1.6 %

AMT stock opened at $209.44 on Wednesday. The company has a market cap of $97.90 billion, a price-to-earnings ratio of 88.37, a price-to-earnings-growth ratio of 1.29 and a beta of 0.85. The company has a fifty day moving average price of $197.32 and a 200 day moving average price of $204.91. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.83. The business had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.51 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.29 earnings per share. Sell-side analysts expect that American Tower Co. will post 10.14 earnings per share 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 issued a $1.70 dividend. The ex-dividend date is Friday, April 11th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.25%. This is a positive change from American Tower’s previous quarterly dividend of $1.62. American Tower’s payout ratio is presently 141.37%.

Analyst Ratings Changes

A number of brokerages recently issued reports on AMT. Mizuho decreased their price target on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Barclays boosted their target price on shares of American Tower from $214.00 to $223.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. Hsbc Global Res upgraded American Tower to a “strong-buy” rating in a research note on Thursday, February 27th. Citizens Jmp raised American Tower to a “strong-buy” rating in a research report on Monday, January 27th. Finally, Citigroup raised their target price on American Tower from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $229.43.

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 value of $3,000,283.70. Following the completion of the sale, the chief financial officer now owns 62,792 shares in the company, valued at $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.18% of the company’s stock.

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.