Union Savings Bank Sells 977 Shares of American Tower Corporation (NYSE:AMT)

Union Savings Bank reduced its holdings in American Tower Corporation (NYSE:AMT) by 27.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,638 shares of the real estate investment trust’s stock after selling 977 shares during the quarter. Union Savings Bank’s holdings in American Tower were worth $574,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Glenview Trust co raised its holdings in American Tower by 0.8% in the fourth quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust’s stock worth $1,294,000 after buying an additional 54 shares during the last quarter. CreativeOne Wealth LLC raised its stake in shares of American Tower by 2.1% in the fourth quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust’s stock worth $477,000 after purchasing an additional 54 shares during the last quarter. Fortitude Advisory Group L.L.C. raised its stake in shares of American Tower by 2.9% in the first quarter. Fortitude Advisory Group L.L.C. now owns 1,907 shares of the real estate investment trust’s stock worth $416,000 after purchasing an additional 54 shares during the last quarter. Veracity Capital LLC raised its stake in shares of American Tower by 4.7% in the first quarter. Veracity Capital LLC now owns 1,237 shares of the real estate investment trust’s stock worth $269,000 after purchasing an additional 56 shares during the last quarter. Finally, Safe Harbor Fiduciary LLC raised its stake in shares of American Tower by 1.1% in the fourth quarter. Safe Harbor Fiduciary LLC now owns 5,330 shares of the real estate investment trust’s stock worth $978,000 after purchasing an additional 58 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on AMT. Raymond James Financial boosted their price target on American Tower from $231.00 to $251.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, April 30th. BMO Capital Markets boosted their price target on American Tower from $210.00 to $220.00 and gave the company an “outperform” rating in a report on Wednesday, February 26th. Wells Fargo & Company boosted their price target on American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, April 30th. Royal Bank Of Canada boosted their price target on American Tower from $240.00 to $250.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Finally, Hsbc Global Res raised American Tower to a “strong-buy” rating in a report on Thursday, February 27th. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, American Tower has an average rating of “Buy” and a consensus price target of $240.25.

American Tower Price Performance

Shares of American Tower stock opened at $217.23 on Friday. The stock has a 50 day moving average of $215.65 and a 200 day moving average of $203.37. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $243.56. The firm has a market cap of $101.70 billion, a PE ratio of 55.84, a PEG ratio of 1.60 and a beta of 0.81. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.43.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, beating analysts’ consensus estimates of $2.41 by $0.34. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The company had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same period in the prior year, the company earned $2.79 earnings per share. The firm’s revenue was down 9.6% on a year-over-year basis. On average, research analysts expect that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be paid a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.13%. The ex-dividend date is Friday, June 13th. American Tower’s payout ratio is 174.81%.

American Tower 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.