UNIVEST FINANCIAL Corp lifted its position in American Tower Corp (NYSE:AMT) by 11.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 15,029 shares of the real estate investment trust’s stock after buying an additional 1,539 shares during the period. American Tower makes up 1.3% of UNIVEST FINANCIAL Corp’s holdings, making the stock its 29th largest position. UNIVEST FINANCIAL Corp’s holdings in American Tower were worth $3,886,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brooktree Capital Management bought a new stake in shares of American Tower in the 4th quarter worth $29,000. MCF Advisors LLC purchased a new position in shares of American Tower during the first quarter valued at approximately $27,000. Modus Advisors LLC purchased a new position in shares of American Tower during the second quarter valued at approximately $34,000. John W. Brooker & Co. CPAs purchased a new position in shares of American Tower during the first quarter valued at approximately $32,000. Finally, Weaver Consulting Group raised its holdings in shares of American Tower by 168.3% during the first quarter. Weaver Consulting Group now owns 169 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 106 shares during the last quarter. 91.12% of the stock is currently owned by institutional investors.
Several research analysts have recently weighed in on the stock. Wells Fargo & Co boosted their price objective on shares of American Tower from $265.00 to $272.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Edward Jones raised shares of American Tower from a “hold” rating to a “buy” rating in a report on Tuesday, March 24th. Morgan Stanley upped their target price on shares of American Tower from $245.00 to $250.00 and gave the stock an “equal weight” rating in a research report on Monday, June 1st. Raymond James upgraded shares of American Tower from a “market perform” rating to an “outperform” rating and set a $211.00 target price for the company in a research report on Thursday, March 26th. Finally, Deutsche Bank initiated coverage on shares of American Tower in a research report on Friday, June 5th. They set a “buy” rating and a $287.00 price objective for the company. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $261.86.
Shares of NYSE:AMT traded down $0.84 during trading on Thursday, reaching $263.86. The stock had a trading volume of 9,079 shares, compared to its average volume of 2,023,522. American Tower Corp has a one year low of $174.32 and a one year high of $269.73. The company has a market capitalization of $117.34 billion, a P/E ratio of 61.99, a PEG ratio of 2.26 and a beta of 0.45. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 5.40. The firm’s 50-day simple moving average is $256.88 and its 200 day simple moving average is $240.44.
American Tower (NYSE:AMT) last released its quarterly earnings results on Wednesday, April 29th. The real estate investment trust reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.12). American Tower had a net margin of 24.55% and a return on equity of 35.63%. The firm had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.99 billion. During the same quarter in the prior year, the business posted $1.84 earnings per share. The firm’s quarterly revenue was up 9.9% on a year-over-year basis. Equities research analysts forecast that American Tower Corp will post 8 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Friday, June 19th will be issued a $1.10 dividend. This is a boost from American Tower’s previous quarterly dividend of $1.08. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend is Thursday, June 18th. American Tower’s dividend payout ratio (DPR) is currently 56.92%.
In related news, EVP Steven O. Vondran sold 1,154 shares of American Tower stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $233.24, for a total value of $269,158.96. Following the completion of the sale, the executive vice president now directly owns 26,315 shares in the company, valued at approximately $6,137,710.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Robert Joseph Meyer, Jr. sold 6,439 shares of American Tower stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $238.11, for a total transaction of $1,533,190.29. Following the completion of the sale, the chief accounting officer now owns 37,120 shares of the company’s stock, valued at $8,838,643.20. The disclosure for this sale can be found here. Insiders sold a total of 9,881 shares of company stock worth $2,395,563 over the last 90 days. Company insiders own 0.65% of the company’s stock.
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 171,000 communications sites.
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