PNC Financial Services Group Inc. Purchases 11,946 Shares of American Tower Corporation $AMT

PNC Financial Services Group Inc. grew its holdings in shares of American Tower Corporation (NYSE:AMT) by 3.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 404,541 shares of the real estate investment trust’s stock after acquiring an additional 11,946 shares during the period. PNC Financial Services Group Inc. owned 0.09% of American Tower worth $69,816,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in AMT. Riverwater Partners LLC lifted its stake in American Tower by 3.8% in the fourth quarter. Riverwater Partners LLC now owns 1,536 shares of the real estate investment trust’s stock valued at $270,000 after purchasing an additional 56 shares during the last quarter. Triumph Capital Management increased its position in American Tower by 37.3% in the fourth quarter. Triumph Capital Management now owns 206 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 56 shares during the last quarter. Personal CFO Solutions LLC raised its stake in shares of American Tower by 3.5% in the fourth quarter. Personal CFO Solutions LLC now owns 1,667 shares of the real estate investment trust’s stock valued at $293,000 after buying an additional 57 shares during the period. Twin City Private Wealth LLC lifted its position in shares of American Tower by 0.7% during the 4th quarter. Twin City Private Wealth LLC now owns 7,799 shares of the real estate investment trust’s stock valued at $1,382,000 after buying an additional 58 shares during the last quarter. Finally, Asset Advisory Group Inc. grew its stake in shares of American Tower by 3.0% during the 1st quarter. Asset Advisory Group Inc. now owns 2,072 shares of the real estate investment trust’s stock worth $358,000 after acquiring an additional 60 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on AMT. Sanford C. Bernstein upgraded shares of American Tower from a “market perform” rating to an “outperform” rating and set a $207.00 price objective for the company in a research report on Tuesday, May 19th. JPMorgan Chase & Co. reduced their price target on shares of American Tower from $245.00 to $240.00 and set an “overweight” rating for the company in a research report on Wednesday, April 29th. Barclays dropped their target price on shares of American Tower from $200.00 to $195.00 and set an “equal weight” rating for the company in a research report on Thursday, April 16th. The Goldman Sachs Group assumed coverage on shares of American Tower in a research note on Friday, June 26th. They issued a “buy” rating and a $215.00 price objective for the company. Finally, Mizuho upgraded American Tower from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $189.00 to $205.00 in a research report on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $215.57.

Insider Buying and Selling

In related news, EVP Ruth T. Dowling sold 416 shares of the firm’s stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $177.54, for a total value of $73,856.64. Following the completion of the transaction, the executive vice president directly owned 29,461 shares of the company’s stock, valued at approximately $5,230,505.94. This trade represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.08% of the stock is currently owned by insiders.

American Tower Stock Down 0.8%

AMT opened at $164.72 on Friday. The company has a debt-to-equity ratio of 3.07, a quick ratio of 0.43 and a current ratio of 0.43. The firm’s fifty day moving average is $176.85 and its 200 day moving average is $178.43. The stock has a market cap of $76.74 billion, a price-to-earnings ratio of 26.61, a price-to-earnings-growth ratio of 0.69 and a beta of 0.91. American Tower Corporation has a fifty-two week low of $160.06 and a fifty-two week high of $234.33.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $1.24. American Tower had a return on equity of 27.79% and a net margin of 26.81%.The firm had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.66 billion. During the same quarter in the prior year, the company posted $2.75 earnings per share. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. American Tower has set its FY 2026 guidance at 10.900-11.07 EPS. On average, sell-side analysts forecast that American Tower Corporation will post 10.66 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Friday, June 12th were issued a $1.79 dividend. This represents a $7.16 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date was Friday, June 12th. American Tower’s payout ratio is currently 115.67%.

About American Tower

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.