American Tower Corp (NYSE:AMT) announced a quarterly dividend on Thursday, December 7th, RTT News reports. Investors of record on Thursday, December 28th will be paid a dividend of 0.70 per share by the real estate investment trust on Tuesday, January 16th. This represents a $2.80 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend is Wednesday, December 27th. This is an increase from American Tower’s previous quarterly dividend of $0.66.

American Tower has raised its dividend by an average of 23.7% annually over the last three years and has increased its dividend every year for the last 5 years. American Tower has a dividend payout ratio of 42.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect American Tower to earn $7.40 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 37.8%.

American Tower (NYSE:AMT) opened at $140.66 on Tuesday. The stock has a market capitalization of $60,322.89, a P/E ratio of 53.48, a price-to-earnings-growth ratio of 1.65 and a beta of 0.73. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 2.61. American Tower has a fifty-two week low of $102.51 and a fifty-two week high of $155.28.

In related news, Director David E. Sharbutt sold 1,584 shares of the stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $144.44, for a total transaction of $228,792.96. Following the completion of the sale, the director now directly owns 4,861 shares of the company’s stock, valued at $702,122.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Edmund Disanto sold 10,000 shares of the stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $136.00, for a total value of $1,360,000.00. Following the sale, the executive vice president now directly owns 151,928 shares of the company’s stock, valued at $20,662,208. The disclosure for this sale can be found here. Over the last three months, insiders sold 114,251 shares of company stock valued at $16,409,934. Company insiders own 0.86% of the company’s stock.

American Tower declared that its Board of Directors has initiated a stock repurchase program on Thursday, December 7th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Several brokerages have issued reports on AMT. Argus increased their price target on American Tower to $170.00 and gave the stock a “buy” rating in a report on Thursday, November 9th. Zacks Investment Research lowered American Tower from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. ValuEngine upgraded American Tower from a “hold” rating to a “buy” rating in a report on Friday, November 10th. Morgan Stanley increased their price target on American Tower from $155.00 to $172.00 and gave the stock an “overweight” rating in a report on Tuesday, November 14th. Finally, KeyCorp reissued an “overweight” rating and issued a $177.00 price objective (up from $156.00) on shares of American Tower in a research note on Monday, November 27th. Two investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. American Tower currently has a consensus rating of “Buy” and a consensus target price of $158.60.

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About American Tower

American Tower Corporation (ATC) is a holding company. The Company operates as a real estate investment trust (REIT), which owns, operates and develops multitenant communications real estate. ATC’s segments include U.S. property, Asia property, EMEA property, Latin America property, Services and Other.

Dividend History for American Tower (NYSE:AMT)

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