Evercore Wealth Management LLC Sells 11,366 Shares of American Tower Corporation $AMT

Evercore Wealth Management LLC lessened its holdings in American Tower Corporation (NYSE:AMT) by 3.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 346,150 shares of the real estate investment trust’s stock after selling 11,366 shares during the period. Evercore Wealth Management LLC owned about 0.07% of American Tower worth $59,739,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. J. Stern & Co. LLP raised its stake in shares of American Tower by 28,121.1% in the fourth quarter. J. Stern & Co. LLP now owns 37,686,978 shares of the real estate investment trust’s stock worth $6,616,703,000 after purchasing an additional 37,553,436 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of American Tower by 20,721.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 9,712,672 shares of the real estate investment trust’s stock valued at $1,705,254,000 after buying an additional 9,666,025 shares during the last quarter. Norges Bank bought a new stake in American Tower during the fourth quarter worth $1,171,180,000. Lazard Asset Management LLC grew its holdings in American Tower by 1,984.8% during the third quarter. Lazard Asset Management LLC now owns 4,464,382 shares of the real estate investment trust’s stock worth $858,552,000 after buying an additional 4,250,242 shares in the last quarter. Finally, Capital International Investors raised its position in American Tower by 157.0% in the 4th quarter. Capital International Investors now owns 3,871,368 shares of the real estate investment trust’s stock valued at $679,696,000 after buying an additional 2,364,898 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

American Tower Stock Up 0.0%

Shares of NYSE:AMT opened at $166.69 on Tuesday. American Tower Corporation has a 1 year low of $160.06 and a 1 year high of $229.07. The company has a market capitalization of $77.66 billion, a PE ratio of 26.93, a price-to-earnings-growth ratio of 0.70 and a beta of 0.91. The business has a fifty day moving average price of $176.56 and a two-hundred day moving average price of $178.30. The company has a debt-to-equity ratio of 3.07, a current ratio of 0.43 and a quick ratio of 0.43.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, April 28th. The real estate investment trust reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $1.24. The company had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.66 billion. American Tower had a return on equity of 27.79% and a net margin of 26.81%.The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the previous year, the business posted $2.75 EPS. Analysts forecast that American Tower Corporation will post 10.66 earnings per share for the current year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Friday, June 12th were issued a dividend of $1.79 per share. This represents a $7.16 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date was Friday, June 12th. American Tower’s dividend payout ratio (DPR) is 115.67%.

Analysts Set New Price Targets

A number of research firms have issued reports on AMT. Barclays cut their price objective on shares of American Tower from $200.00 to $195.00 and set an “equal weight” rating on the stock in a report on Thursday, April 16th. Sanford C. Bernstein upgraded shares of American Tower from a “market perform” rating to an “outperform” rating and set a $207.00 target price for the company in a report on Tuesday, May 19th. Jefferies Financial Group raised their price target on shares of American Tower from $209.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, April 14th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $260.00 price objective on shares of American Tower in a research report on Wednesday, April 29th. Finally, Wolfe Research upgraded shares of American Tower from a “peer perform” rating to an “outperform” rating and set a $188.00 price objective for the company in a research note on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, American Tower presently has a consensus rating of “Moderate Buy” and an average price target of $215.57.

Insider Buying and Selling

In other American Tower news, EVP Ruth T. Dowling sold 416 shares of American Tower stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $177.54, for a total value of $73,856.64. Following the sale, the executive vice president owned 29,461 shares of the company’s stock, valued at approximately $5,230,505.94. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.08% of the company’s stock.

About American Tower

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.