ProVise Management Group LLC Sells 542 Shares of American Tower Co. (NYSE:AMT)

ProVise Management Group LLC lessened its position in shares of American Tower Co. (NYSE:AMT) by 3.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,143 shares of the real estate investment trust’s stock after selling 542 shares during the period. ProVise Management Group LLC’s holdings in American Tower were worth $2,961,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Roxbury Financial LLC bought a new position in shares of American Tower in the 4th quarter valued at about $32,000. Legacy Investment Solutions LLC bought a new position in shares of American Tower in the 3rd quarter valued at about $34,000. Activest Wealth Management grew its holdings in shares of American Tower by 431.0% in the 3rd quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 125 shares in the last quarter. Bank of Jackson Hole Trust bought a new position in shares of American Tower in the 4th quarter valued at about $46,000. Finally, Versant Capital Management Inc lifted its stake in American Tower by 113.9% in the 4th quarter. Versant Capital Management Inc now owns 261 shares of the real estate investment trust’s stock valued at $48,000 after purchasing an additional 139 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on AMT shares. Citigroup raised their target price on shares of American Tower from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Mizuho cut their target price on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. BMO Capital Markets raised their target price 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. Hsbc Global Res upgraded shares of American Tower to a “strong-buy” rating in a research note on Thursday, February 27th. Finally, JMP Securities initiated coverage on shares of American Tower in a research note on Monday, January 27th. They issued an “outperform” rating and a $225.00 target price for the company. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $228.79.

American Tower Stock Up 1.0 %

Shares of AMT opened at $214.82 on Wednesday. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56. The firm’s 50 day moving average is $193.74 and its 200-day moving average is $205.54. The stock has a market capitalization of $100.42 billion, a PE ratio of 90.64, a P/E/G ratio of 1.29 and a beta of 0.85. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $2.51 billion. During the same period last year, the firm earned $2.29 earnings per share. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. Equities research analysts forecast that American Tower Co. will post 10.14 EPS for the current year.

American Tower Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, April 11th will be paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.17%. This is a boost from American Tower’s previous quarterly dividend of $1.62. The ex-dividend date is Friday, April 11th. American Tower’s dividend payout ratio (DPR) is 141.37%.

Insider Activity at American Tower

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

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.