Truist Financial Corp Sells 20,295 Shares of American Tower Corporation $AMT

Truist Financial Corp cut its position in shares of American Tower Corporation (NYSE:AMT) by 15.4% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 111,711 shares of the real estate investment trust’s stock after selling 20,295 shares during the quarter. Truist Financial Corp’s holdings in American Tower were worth $21,484,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of the business. Pines Wealth Management LLC lifted its holdings in shares of American Tower by 4.1% during the third quarter. Pines Wealth Management LLC now owns 1,488 shares of the real estate investment trust’s stock valued at $286,000 after purchasing an additional 58 shares during the last quarter. Paragon Private Wealth Management LLC increased its holdings in American Tower by 4.9% in the 3rd quarter. Paragon Private Wealth Management LLC now owns 4,650 shares of the real estate investment trust’s stock worth $894,000 after buying an additional 216 shares in the last quarter. Chilton Capital Management LLC grew its stake in shares of American Tower by 2.4% in the third quarter. Chilton Capital Management LLC now owns 92,731 shares of the real estate investment trust’s stock worth $17,975,000 after acquiring an additional 2,138 shares during the period. Cabot Wealth Management Inc. grew its position in American Tower by 3.7% in the 3rd quarter. Cabot Wealth Management Inc. now owns 52,002 shares of the real estate investment trust’s stock worth $10,001,000 after purchasing an additional 1,849 shares during the period. Finally, WealthShield Partners LLC grew its holdings in shares of American Tower by 4.7% in the third quarter. WealthShield Partners LLC now owns 13,157 shares of the real estate investment trust’s stock worth $2,530,000 after acquiring an additional 590 shares during the period. Institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on AMT shares. Weiss Ratings restated a “hold (c)” rating on shares of American Tower in a research report on Monday, December 29th. Citigroup restated a “market outperform” rating on shares of American Tower in a research report on Wednesday, October 29th. Mizuho lowered their target price on shares of American Tower from $217.00 to $189.00 and set a “neutral” rating on the stock in a report on Monday, January 12th. Raymond James Financial decreased their target price on American Tower from $231.00 to $229.00 and set a “strong-buy” rating on the stock in a research report on Friday, January 23rd. Finally, UBS Group decreased their price target on shares of American Tower from $260.00 to $254.00 and set a “buy” rating on the stock in a research note on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $218.79.

American Tower Stock Performance

AMT stock opened at $179.29 on Friday. The firm has a market cap of $83.94 billion, a price-to-earnings ratio of 28.64, a PEG ratio of 0.76 and a beta of 0.92. American Tower Corporation has a twelve month low of $166.88 and a twelve month high of $234.33. The business’s fifty day simple moving average is $177.44 and its two-hundred day simple moving average is $190.52. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.24.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.14. American Tower had a net margin of 28.11% and a return on equity of 28.79%. The company had revenue of $2.72 billion during the quarter, compared to analysts’ expectations of $2.65 billion. During the same period in the previous year, the company earned $2.52 EPS. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. Analysts predict that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Monday, December 29th will be paid a dividend of $1.70 per share. The ex-dividend date is Monday, December 29th. This represents a $6.80 annualized dividend and a dividend yield of 3.8%. American Tower’s dividend payout ratio (DPR) is currently 108.63%.

Insider Activity at American Tower

In other news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the company’s stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $69.75, for a total value of $159,631,314.75. Following the completion of the sale, the insider owned 211,379 shares of the company’s stock, valued at approximately $14,743,685.25. This represents a 91.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.17% of the company’s stock.

American Tower Company Profile

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.