First Western Trust Bank lowered its stake in American Tower Co. (NYSE:AMT – Free Report) by 2.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 31,557 shares of the real estate investment trust’s stock after selling 629 shares during the period. First Western Trust Bank’s holdings in American Tower were worth $6,120,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently modified their holdings of AMT. BCK Partners Inc. bought a new position in shares of American Tower in the first quarter worth $2,892,000. Fairfield Bush & CO. increased its position in shares of American Tower by 138.9% in the first quarter. Fairfield Bush & CO. now owns 2,829 shares of the real estate investment trust’s stock worth $711,000 after purchasing an additional 1,645 shares during the period. Cetera Investment Advisers increased its position in shares of American Tower by 5.7% in the first quarter. Cetera Investment Advisers now owns 14,413 shares of the real estate investment trust’s stock worth $3,621,000 after purchasing an additional 771 shares during the period. Sequoia Financial Advisors LLC boosted its stake in American Tower by 33.5% in the first quarter. Sequoia Financial Advisors LLC now owns 3,015 shares of the real estate investment trust’s stock valued at $757,000 after buying an additional 756 shares in the last quarter. Finally, Loomis Sayles & Co. L P boosted its stake in American Tower by 1.4% in the first quarter. Loomis Sayles & Co. L P now owns 152,723 shares of the real estate investment trust’s stock valued at $38,367,000 after buying an additional 2,071 shares in the last quarter. Institutional investors own 89.29% of the company’s stock.
Analyst Ratings Changes
AMT has been the topic of several research analyst reports. Raymond James reduced their price objective on American Tower from $211.00 to $205.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 22nd. StockNews.com started coverage on American Tower in a research note on Thursday, October 5th. They set a “hold” rating on the stock. Barclays cut their price target on American Tower from $233.00 to $228.00 and set an “overweight” rating on the stock in a research note on Monday, August 7th. Scotiabank started coverage on American Tower in a research note on Friday, October 13th. They set a “sector outperform” rating and a $208.00 price target on the stock. Finally, Wells Fargo & Company cut their price target on American Tower from $215.00 to $210.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 17th. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $228.60.
American Tower Trading Up 0.1 %
AMT stock traded up $0.26 during mid-day trading on Monday, reaching $198.00. The company’s stock had a trading volume of 815,348 shares, compared to its average volume of 2,126,123. The company has a market cap of $92.30 billion, a price-to-earnings ratio of 129.24, a price-to-earnings-growth ratio of 1.70 and a beta of 0.63. The business’s 50 day moving average price is $172.84 and its 200 day moving average price is $182.65. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 3.15. American Tower Co. has a 12 month low of $154.58 and a 12 month high of $235.57.
American Tower Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, October 27th. Shareholders of record on Wednesday, October 11th were issued a $1.62 dividend. This is an increase from American Tower’s previous quarterly dividend of $1.57. This represents a $6.48 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date was Tuesday, October 10th. American Tower’s payout ratio is presently 423.53%.
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 nearly 225,000 communications sites and a highly interconnected footprint of U.S. data center facilities.
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