Eastern Bank Acquires 9,016 Shares of American Tower Corporation $AMT

Eastern Bank increased its holdings in American Tower Corporation (NYSE:AMT) by 5.9% during the second quarter, Holdings Channel reports. The firm owned 162,107 shares of the real estate investment trust’s stock after acquiring an additional 9,016 shares during the quarter. Eastern Bank’s holdings in American Tower were worth $26,516,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Oakworth Capital Inc. lifted its stake in American Tower by 90.7% in the 4th quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 68 shares in the last quarter. Richards Merrill & Peterson Inc. purchased a new position in shares of American Tower during the fourth quarter valued at about $25,000. Swiss RE Ltd. purchased a new position in shares of American Tower during the fourth quarter valued at about $25,000. Triumph Capital Management bought a new stake in shares of American Tower in the third quarter worth about $29,000. Finally, Acumen Wealth Advisors LLC purchased a new stake in shares of American Tower in the fourth quarter worth about $29,000. 92.69% of the stock is currently owned by institutional investors.

American Tower Trading Down 0.2%

Shares of NYSE AMT opened at $173.07 on Tuesday. American Tower Corporation has a fifty-two week low of $160.06 and a fifty-two week high of $214.79. The company has a debt-to-equity ratio of 3.12, a quick ratio of 0.52 and a current ratio of 0.52. The company has a market cap of $80.63 billion, a price-to-earnings ratio of 23.81, a PEG ratio of 2.78 and a beta of 0.90. The business’s 50 day moving average price is $175.66 and its 200-day moving average price is $178.44.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Friday, June 12th were paid a $1.79 dividend. This represents a $7.16 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Friday, June 12th. American Tower’s dividend payout ratio is currently 98.49%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Barclays cut their price target on American Tower from $200.00 to $195.00 and set an “equal weight” rating for the company in a report on Thursday, April 16th. TD Cowen upped their price objective on American Tower from $225.00 to $227.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Raymond James Financial reissued a “strong-buy” rating and issued a $240.00 target price on shares of American Tower in a report on Wednesday, April 29th. Wolfe Research upgraded shares of American Tower from a “peer perform” rating to an “outperform” rating and set a $188.00 price target on the stock in a research report on Wednesday, July 8th. Finally, Weiss Ratings raised shares of American Tower from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $215.19.

Insider Activity at American Tower

In related news, CFO Robert Joseph Meyer sold 5,000 shares of the stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $178.89, for a total value of $894,450.00. Following the transaction, the chief financial officer owned 21,428 shares of the company’s stock, valued at $3,833,254.92. This represents a 18.92% 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. Also, EVP Ruth T. Dowling sold 1,106 shares of the company’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $174.96, for a total transaction of $193,505.76. Following the completion of the sale, the executive vice president directly owned 27,711 shares of the company’s stock, valued at approximately $4,848,316.56. This trade represents a 3.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 6,791 shares of company stock worth $1,204,091. 0.08% of the stock is owned by insiders.

American Tower 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.