Bank of The West Sells 544 Shares of American Tower Corp (AMT)

Bank of The West lowered its stake in shares of American Tower Corp (NYSE:AMT) by 0.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 61,179 shares of the real estate investment trust’s stock after selling 544 shares during the quarter. American Tower accounts for about 1.0% of Bank of The West’s portfolio, making the stock its 23rd largest position. Bank of The West’s holdings in American Tower were worth $8,890,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of AMT. BlackRock Inc. increased its holdings in American Tower by 8.9% in the second quarter. BlackRock Inc. now owns 29,362,957 shares of the real estate investment trust’s stock valued at $4,233,258,000 after buying an additional 2,410,425 shares during the last quarter. AustralianSuper Pty Ltd purchased a new position in American Tower in the second quarter valued at $155,992,000. Dimensional Fund Advisors LP increased its holdings in American Tower by 13.4% in the second quarter. Dimensional Fund Advisors LP now owns 6,032,192 shares of the real estate investment trust’s stock valued at $869,663,000 after buying an additional 713,894 shares during the last quarter. Putnam Investments LLC increased its holdings in American Tower by 19.5% in the second quarter. Putnam Investments LLC now owns 2,710,662 shares of the real estate investment trust’s stock valued at $390,796,000 after buying an additional 441,479 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in American Tower by 12.6% in the first quarter. Principal Financial Group Inc. now owns 3,595,781 shares of the real estate investment trust’s stock valued at $522,610,000 after buying an additional 402,859 shares during the last quarter. 93.24% of the stock is currently owned by institutional investors and hedge funds.

In other news, Director Pamela D. A. Reeve sold 7,152 shares of the stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $148.92, for a total transaction of $1,065,075.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Edmund Disanto sold 13,000 shares of the stock in a transaction dated Friday, September 7th. The stock was sold at an average price of $146.78, for a total transaction of $1,908,140.00. Following the sale, the executive vice president now owns 160,021 shares of the company’s stock, valued at approximately $23,487,882.38. The disclosure for this sale can be found here. Insiders have sold 183,318 shares of company stock valued at $28,567,435 in the last quarter. Insiders own 0.87% of the company’s stock.

Several equities analysts recently commented on the company. Deutsche Bank lowered American Tower from a “buy” rating to a “hold” rating and dropped their target price for the company from $169.00 to $167.00 in a report on Thursday, November 1st. They noted that the move was a valuation call. Royal Bank of Canada upped their price objective on shares of American Tower to $173.00 and gave the company an “outperform” rating in a research note on Thursday, November 1st. Barclays upped their price objective on shares of American Tower from $156.00 to $164.00 and gave the company an “overweight” rating in a research note on Wednesday, October 31st. Bank of America set a $172.00 price objective on shares of American Tower and gave the company a “buy” rating in a research note on Wednesday, October 31st. Finally, KeyCorp upped their price objective on shares of American Tower from $165.00 to $170.00 and gave the company an “overweight” rating in a research note on Wednesday, October 31st. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $164.20.

NYSE AMT opened at $155.70 on Tuesday. The company has a debt-to-equity ratio of 3.11, a current ratio of 0.72 and a quick ratio of 0.72. American Tower Corp has a 1 year low of $130.37 and a 1 year high of $161.71. The firm has a market capitalization of $67.03 billion, a price-to-earnings ratio of 24.40, a P/E/G ratio of 1.47 and a beta of 0.59.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, October 30th. The real estate investment trust reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.02. American Tower had a net margin of 17.07% and a return on equity of 18.55%. The business had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the prior year, the firm earned $1.73 earnings per share. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. On average, sell-side analysts anticipate that American Tower Corp will post 7.58 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 17th. Stockholders of record on Friday, September 28th were paid a dividend of $0.79 per share. This is an increase from American Tower’s previous quarterly dividend of $0.77. The ex-dividend date was Thursday, September 27th. This represents a $3.16 annualized dividend and a dividend yield of 2.03%. American Tower’s dividend payout ratio is 49.53%.

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About American Tower

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 approximately 170,000 communications sites.

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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