Ally Financial Inc. Invests $3.30 Million in American Tower Co. (NYSE:AMT)

Ally Financial Inc. purchased a new position in American Tower Co. (NYSE:AMT) in the 4th quarter, HoldingsChannel reports. The fund purchased 18,000 shares of the real estate investment trust’s stock, valued at approximately $3,301,000.

Other hedge funds also recently bought and sold shares of the company. Glenview Trust co increased its position in shares of American Tower by 0.8% during the fourth quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust’s stock worth $1,294,000 after acquiring an additional 54 shares during the period. CreativeOne Wealth LLC grew its stake in 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 in the last quarter. Precedent Wealth Partners LLC increased its holdings in American Tower by 4.7% during the 4th quarter. Precedent Wealth Partners LLC now owns 1,281 shares of the real estate investment trust’s stock worth $235,000 after purchasing an additional 58 shares during the period. Resonant Capital Advisors LLC raised its position in American Tower by 5.8% during the 4th quarter. Resonant Capital Advisors LLC now owns 1,113 shares of the real estate investment trust’s stock valued at $206,000 after purchasing an additional 61 shares in the last quarter. Finally, Calamos Wealth Management LLC lifted its holdings in shares of American Tower by 2.9% in the 4th quarter. Calamos Wealth Management LLC now owns 2,172 shares of the real estate investment trust’s stock worth $398,000 after buying an additional 61 shares during the period. Institutional investors own 92.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on AMT. Hsbc Global Res upgraded American Tower to a “strong-buy” rating in a report on Thursday, February 27th. Wells Fargo & Company raised shares of American Tower from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $210.00 to $230.00 in a research report on Monday, March 17th. Mizuho cut their price objective on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. BMO Capital Markets upped their target price on American Tower from $210.00 to $220.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. Finally, Citizens Jmp upgraded American Tower to a “strong-buy” rating in a report on Monday, January 27th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $232.07.

American Tower Trading Up 0.2 %

American Tower stock opened at $218.41 on Thursday. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. The stock has a market cap of $102.10 billion, a PE ratio of 92.16, a price-to-earnings-growth ratio of 1.29 and a beta of 0.87. The stock has a 50-day moving average of $207.07 and a two-hundred day moving average of $202.78. American Tower Co. has a one year low of $170.46 and a one year high of $243.56.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.62 EPS for the quarter, beating the consensus estimate of $1.79 by $0.83. The firm had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.51 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. American Tower’s revenue was up 3.7% on a year-over-year basis. During the same period last year, the firm posted $2.29 EPS. On average, research analysts anticipate that American Tower Co. will post 10.14 EPS for the current fiscal 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 issued a dividend of $1.70 per share. The ex-dividend date is Friday, April 11th. This is a positive change from American Tower’s previous quarterly dividend of $1.62. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.11%. American Tower’s payout ratio is 141.37%.

American Tower Company 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.