Eastern Bank Decreases Stake in American Tower Corporation $AMT

Eastern Bank reduced its position in American Tower Corporation (NYSE:AMT) by 0.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 82,013 shares of the real estate investment trust’s stock after selling 95 shares during the period. Eastern Bank’s holdings in American Tower were worth $18,126,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Focus Financial Network Inc. raised its position in American Tower by 9.1% during the second quarter. Focus Financial Network Inc. now owns 2,042 shares of the real estate investment trust’s stock valued at $451,000 after purchasing an additional 170 shares during the period. Resolution Capital Ltd purchased a new stake in American Tower during the first quarter valued at approximately $72,706,000. Golden State Wealth Management LLC raised its position in American Tower by 23.0% during the first quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 69 shares during the period. Shum Financial Group Inc. raised its position in American Tower by 3.5% during the first quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust’s stock valued at $913,000 after purchasing an additional 141 shares during the period. Finally, Kovitz Investment Group Partners LLC raised its position in American Tower by 126.0% during the first quarter. Kovitz Investment Group Partners LLC now owns 97,495 shares of the real estate investment trust’s stock valued at $21,215,000 after purchasing an additional 54,360 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at American Tower

In related news, CEO Juan Font sold 720 shares of the stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $208.33, for a total value of $149,997.60. Following the transaction, the chief executive officer owned 23,425 shares of the company’s stock, valued at $4,880,130.25. This represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.17% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on AMT. Royal Bank Of Canada set a $220.00 price objective on American Tower and gave the company a “sector perform” rating in a research report on Wednesday, October 1st. Wall Street Zen downgraded American Tower from a “hold” rating to a “sell” rating in a report on Saturday, October 4th. Weiss Ratings reiterated a “hold (c-)” rating on shares of American Tower in a report on Wednesday. Barclays increased their price target on American Tower from $246.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, August 18th. Finally, HSBC downgraded American Tower from a “buy” rating to a “hold” rating and set a $235.00 price target on the stock. in a report on Wednesday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, American Tower has an average rating of “Moderate Buy” and a consensus target price of $242.07.

American Tower Stock Up 0.7%

Shares of NYSE:AMT opened at $186.60 on Friday. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $234.33. The stock has a market cap of $87.38 billion, a P/E ratio of 67.85, a price-to-earnings-growth ratio of 1.12 and a beta of 0.86. The business’s 50 day moving average is $198.75 and its 200 day moving average is $210.81. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.01. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The company had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.58 billion. During the same quarter in the prior year, the firm earned $2.79 earnings per share. American Tower’s revenue was down 9.4% compared to the same quarter last year. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. Sell-side analysts predict that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Tuesday, September 30th will be paid a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.80 annualized dividend and a yield of 3.6%. American Tower’s dividend payout ratio is 247.27%.

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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.