Prestige Wealth Management Group LLC Boosts Stock Position in American Tower Co. (NYSE:AMT)

Prestige Wealth Management Group LLC boosted its stake in American Tower Co. (NYSE:AMT) by 7.8% during the fourth quarter, Holdings Channel.com reports. The fund owned 6,443 shares of the real estate investment trust’s stock after purchasing an additional 467 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in American Tower were worth $1,192,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC acquired a new stake in American Tower in the 3rd quarter worth about $34,000. Roxbury Financial LLC acquired a new stake in shares of American Tower in the fourth quarter worth approximately $32,000. Crowley Wealth Management Inc. purchased a new stake in shares of American Tower during the fourth quarter worth approximately $37,000. Hobbs Group Advisors LLC lifted its holdings in American Tower by 51.0% in the 3rd quarter. Hobbs Group Advisors LLC now owns 222 shares of the real estate investment trust’s stock valued at $52,000 after purchasing an additional 75 shares in the last quarter. Finally, Larson Financial Group LLC boosted its stake in American Tower by 49.3% during the 3rd quarter. Larson Financial Group LLC now owns 227 shares of the real estate investment trust’s stock worth $53,000 after purchasing an additional 75 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on AMT shares. BMO Capital Markets upped their price objective on shares of American Tower from $210.00 to $220.00 and gave the company an “outperform” rating in a research note on Wednesday, February 26th. Morgan Stanley cut their price target on American Tower from $219.00 to $213.00 and set an “equal weight” rating for the company in a report on Monday, February 24th. Scotiabank lowered their price objective on American Tower from $236.00 to $220.00 and set a “sector outperform” rating on the stock in a research note on Thursday, January 23rd. Citigroup raised their target price on American Tower from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Finally, The Goldman Sachs Group lowered their price target on shares of American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, American Tower has a consensus rating of “Buy” and a consensus target price of $229.43.

Insider Transactions at American Tower

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the completion of the transaction, the chief financial officer now owns 62,792 shares in the company, valued at $11,371,631.20. The trade was a 20.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.18% of the company’s stock.

American Tower Stock Performance

Shares of American Tower stock opened at $212.75 on Tuesday. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The stock has a market capitalization of $99.45 billion, a price-to-earnings ratio of 89.77, a price-to-earnings-growth ratio of 1.29 and a beta of 0.85. The business has a 50-day moving average of $196.71 and a 200 day moving average of $205.10. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.83. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.51 billion. During the same period in the prior year, the business earned $2.29 EPS. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. As a group, sell-side analysts forecast that American Tower Co. will post 10.14 earnings per share for the current year.

American Tower Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, April 11th will be paid a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.20%. The ex-dividend date is Friday, April 11th. This is a boost from American Tower’s previous quarterly dividend of $1.62. American Tower’s dividend payout ratio (DPR) is presently 141.37%.

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.