PNC Financial Services Group Inc. Trims Position in American Tower Corporation $AMT

PNC Financial Services Group Inc. trimmed its holdings in shares of American Tower Corporation (NYSE:AMT) by 4.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 281,960 shares of the real estate investment trust’s stock after selling 13,272 shares during the period. PNC Financial Services Group Inc. owned approximately 0.06% of American Tower worth $54,227,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank acquired a new position in American Tower during the second quarter valued at $1,371,875,000. JPMorgan Chase & Co. raised its stake in shares of American Tower by 24.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 12,666,082 shares of the real estate investment trust’s stock valued at $2,799,458,000 after buying an additional 2,474,328 shares during the last quarter. Viking Global Investors LP lifted its holdings in shares of American Tower by 233.5% in the 2nd quarter. Viking Global Investors LP now owns 2,797,125 shares of the real estate investment trust’s stock valued at $618,221,000 after buying an additional 1,958,329 shares during the period. Invesco Ltd. boosted its stake in shares of American Tower by 11.9% in the second quarter. Invesco Ltd. now owns 6,680,524 shares of the real estate investment trust’s stock worth $1,476,529,000 after buying an additional 708,808 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in American Tower by 13.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,605,059 shares of the real estate investment trust’s stock worth $796,790,000 after acquiring an additional 434,537 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Stock Performance

NYSE:AMT opened at $192.03 on Tuesday. The company has a debt-to-equity ratio of 3.24, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market capitalization of $89.90 billion, a PE ratio of 30.68, a P/E/G ratio of 0.80 and a beta of 0.93. American Tower Corporation has a fifty-two week low of $166.88 and a fifty-two week high of $234.33. The company has a fifty day moving average of $177.43 and a two-hundred day moving average of $186.70.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Monday, December 29th were given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Monday, December 29th. American Tower’s dividend payout ratio is 108.63%.

Analysts Set New Price Targets

A number of research analysts have issued reports on AMT shares. UBS Group decreased their price target on American Tower from $260.00 to $254.00 and set a “buy” rating for the company in a report on Tuesday, January 20th. TD Cowen decreased their target price on shares of American Tower from $249.00 to $235.00 and set a “buy” rating for the company in a research note on Wednesday, October 29th. Barclays restated an “equal weight” rating and set a $200.00 price target (down previously from $203.00) on shares of American Tower in a research report on Monday, December 1st. Raymond James Financial decreased their price objective on shares of American Tower from $231.00 to $229.00 and set a “strong-buy” rating for the company in a research report on Friday, January 23rd. Finally, Mizuho dropped their target price on American Tower from $217.00 to $189.00 and set a “neutral” rating on the stock in a research report on Monday, January 12th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $218.79.

Insiders Place Their Bets

In related news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of American Tower stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $69.75, for a total value of $159,631,314.75. Following the sale, the insider directly owned 211,379 shares in the company, valued at approximately $14,743,685.25. The trade was a 91.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.18% of the company’s stock.

American Tower Profile

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.