Fifth Third Bancorp Boosts Stake in American Tower Corporation $AMT

Fifth Third Bancorp raised its position in shares of American Tower Corporation (NYSE:AMT) by 28.5% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 117,471 shares of the real estate investment trust’s stock after buying an additional 26,077 shares during the period. Fifth Third Bancorp’s holdings in American Tower were worth $20,273,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of AMT. Richards Merrill & Peterson Inc. acquired a new position in American Tower in the 4th quarter valued at about $25,000. Oakworth Capital Inc. increased its stake in American Tower by 90.7% during the fourth quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 68 shares during the period. Swiss RE Ltd. acquired a new stake in shares of American Tower during the fourth quarter worth about $25,000. Holos Integrated Wealth LLC acquired a new stake in shares of American Tower during the fourth quarter worth about $27,000. Finally, Triumph Capital Management purchased a new position in shares of American Tower in the third quarter valued at approximately $29,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Activity

In related news, EVP Ruth T. Dowling sold 556 shares of the company’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $178.48, for a total transaction of $99,234.88. Following the transaction, the executive vice president owned 29,877 shares of the company’s stock, valued at $5,332,446.96. This represents a 1.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Royal Bank Of Canada upgraded shares of American Tower from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $195.00 to $205.00 in a research note on Friday, June 26th. JPMorgan Chase & Co. reduced their price objective on American Tower from $245.00 to $240.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 29th. Jefferies Financial Group lifted their target price on American Tower from $209.00 to $210.00 and gave the company a “buy” rating in a report on Tuesday, April 14th. Scotiabank boosted their target price on American Tower from $214.00 to $218.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 29th. Finally, Sanford C. Bernstein upgraded American Tower from a “market perform” rating to an “outperform” rating and set a $207.00 price target on the stock in a report on Tuesday, May 19th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $215.57.

American Tower Trading Up 0.5%

NYSE AMT opened at $169.47 on Tuesday. The company has a debt-to-equity ratio of 3.07, a current ratio of 0.43 and a quick ratio of 0.43. The firm’s fifty day moving average price is $178.39 and its 200 day moving average price is $178.90. The company has a market capitalization of $78.95 billion, a price-to-earnings ratio of 27.38, a price-to-earnings-growth ratio of 0.70 and a beta of 0.91. American Tower Corporation has a 12 month low of $160.06 and a 12 month high of $234.33.

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

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Friday, June 12th were given a dividend of $1.79 per share. The ex-dividend date was Friday, June 12th. This represents a $7.16 annualized dividend and a yield of 4.2%. American Tower’s payout ratio is presently 115.67%.

American Tower Company 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.