Community Bank N.A. Boosts Stake in American Tower Corp (NYSE:AMT)

Community Bank N.A. grew its stake in American Tower Corp (NYSE:AMT) by 79.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,385 shares of the real estate investment trust’s stock after buying an additional 2,385 shares during the period. Community Bank N.A.’s holdings in American Tower were worth $1,393,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. StrongBox Wealth LLC raised its holdings in shares of American Tower by 13.1% in the second quarter. StrongBox Wealth LLC now owns 3,641 shares of the real estate investment trust’s stock worth $941,000 after buying an additional 423 shares during the last quarter. HCR Wealth Advisors purchased a new position in shares of American Tower during the second quarter worth $221,000. EFG Asset Management Americas Corp. raised its holdings in shares of American Tower by 19.5% during the second quarter. EFG Asset Management Americas Corp. now owns 17,626 shares of the real estate investment trust’s stock worth $4,555,000 after purchasing an additional 2,879 shares during the last quarter. State of Michigan Retirement System raised its holdings in shares of American Tower by 11.5% during the second quarter. State of Michigan Retirement System now owns 113,195 shares of the real estate investment trust’s stock worth $29,265,000 after purchasing an additional 11,669 shares during the last quarter. Finally, Duality Advisers LP purchased a new position in shares of American Tower during the second quarter worth $2,485,000. 91.00% of the stock is owned by institutional investors and hedge funds.

Several research analysts recently issued reports on the stock. Morgan Stanley raised their target price on shares of American Tower from $245.00 to $250.00 and gave the stock an “equal weight” rating in a report on Monday, June 1st. Credit Suisse Group reissued a “buy” rating and set a $300.00 target price on shares of American Tower in a report on Friday. Barclays assumed coverage on shares of American Tower in a report on Wednesday, July 15th. They set an “overweight” rating and a $296.00 target price for the company. Zacks Investment Research raised shares of American Tower from a “sell” rating to a “hold” rating and set a $273.00 target price for the company in a report on Monday, June 29th. Finally, Deutsche Bank assumed coverage on shares of American Tower in a report on Friday, June 5th. They issued a “buy” rating and a $287.00 price objective for the company. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. American Tower presently has a consensus rating of “Buy” and an average target price of $265.33.

In related news, CAO Robert Joseph Meyer, Jr. sold 6,439 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $238.11, for a total transaction of $1,533,190.29. Following the transaction, the chief accounting officer now directly owns 37,120 shares in the company, valued at $8,838,643.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David E. Sharbutt sold 900 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $258.92, for a total transaction of $233,028.00. Following the transaction, the director now owns 1,736 shares in the company, valued at $449,485.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,220 shares of company stock worth $3,317,755. Company insiders own 0.65% of the company’s stock.

Shares of NYSE AMT traded down $1.10 during trading on Friday, hitting $261.39. The company had a trading volume of 1,781,216 shares, compared to its average volume of 1,350,829. The stock has a fifty day simple moving average of $260.39 and a two-hundred day simple moving average of $244.08. American Tower Corp has a fifty-two week low of $174.32 and a fifty-two week high of $272.20. The firm has a market capitalization of $116.36 billion, a price-to-earnings ratio of 32.25, a price-to-earnings-growth ratio of 2.26 and a beta of 0.45. The company has a quick ratio of 0.64, a current ratio of 0.61 and a debt-to-equity ratio of 6.88.

American Tower (NYSE:AMT) last announced its earnings results on Thursday, July 30th. The real estate investment trust reported $1.00 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.99 by ($0.99). American Tower had a net margin of 24.70% and a return on equity of 39.62%. The company had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.95 billion. During the same quarter last year, the business earned $2.01 EPS. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. On average, analysts anticipate that American Tower Corp will post 7.99 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Friday, June 19th were given a $1.10 dividend. This is a positive change from American Tower’s previous quarterly dividend of $1.08. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $4.40 annualized dividend and a dividend yield of 1.68%. American Tower’s dividend payout ratio (DPR) is 56.92%.

American Tower 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 approximately 171,000 communications sites.

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

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