SVB Wealth LLC Decreases Stock Holdings in American Tower Co. (NYSE:AMT)

SVB Wealth LLC trimmed its position in shares of American Tower Co. (NYSE:AMT) by 20.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 51,664 shares of the real estate investment trust’s stock after selling 13,240 shares during the period. SVB Wealth LLC’s holdings in American Tower were worth $11,153,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Pinnacle Holdings LLC purchased a new stake in shares of American Tower during the first quarter valued at about $29,000. Eagle Bay Advisors LLC purchased a new position in shares of American Tower in the 2nd quarter valued at approximately $30,000. VitalStone Financial LLC purchased a new position in shares of American Tower in the 1st quarter valued at approximately $38,000. Thompson Investment Management Inc. purchased a new position in shares of American Tower in the 4th quarter valued at approximately $29,000. Finally, McClarren Financial Advisors Inc. purchased a new position in shares of American Tower in the 3rd quarter valued at approximately $27,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Price Performance

American Tower stock traded down $3.82 during trading on Tuesday, reaching $174.30. The company had a trading volume of 920,944 shares, compared to its average volume of 2,377,106. The firm’s 50-day simple moving average is $193.65 and its 200 day simple moving average is $193.68. American Tower Co. has a 1-year low of $154.58 and a 1-year high of $219.10. The firm has a market capitalization of $81.28 billion, a PE ratio of 56.01, a price-to-earnings-growth ratio of 1.24 and a beta of 0.67. The company has a debt-to-equity ratio of 3.29, a quick ratio of 0.69 and a current ratio of 0.69.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($1.16). American Tower had a net margin of 13.31% and a return on equity of 12.80%. The firm had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.74 billion. During the same quarter in the previous year, the business posted $2.34 EPS. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. As a group, equities research analysts anticipate that American Tower Co. will post 10.05 earnings per share for the current fiscal year.

American Tower Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Friday, April 12th will be issued a $1.62 dividend. The ex-dividend date is Thursday, April 11th. This represents a $6.48 annualized dividend and a yield of 3.72%. American Tower’s dividend payout ratio (DPR) is currently 203.77%.

Analyst Ratings Changes

Several brokerages recently commented on AMT. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a research report on Friday, March 1st. Barclays increased their price target on shares of American Tower from $224.00 to $234.00 and gave the stock an “overweight” rating in a report on Tuesday, March 5th. JPMorgan Chase & Co. cut their price target on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a report on Wednesday, February 28th. Mizuho initiated coverage on shares of American Tower in a report on Monday, April 8th. They issued a “neutral” rating and a $205.00 price target on the stock. Finally, BMO Capital Markets cut their price target on shares of American Tower from $235.00 to $228.00 and set an “outperform” rating on the stock in a report on Wednesday, February 28th. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $217.36.

Insider Activity at American Tower

In other American Tower news, Director Pamela D. A. Reeve sold 5,054 shares of American Tower stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total value of $962,584.84. Following the completion of the transaction, the director now directly owns 18,545 shares of the company’s stock, valued at approximately $3,532,080.70. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Pamela D. A. Reeve sold 5,054 shares of the business’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total transaction of $962,584.84. Following the completion of the transaction, the director now directly owns 18,545 shares of the company’s stock, valued at $3,532,080.70. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Rodney M. Smith sold 11,510 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total value of $2,367,722.10. Following the transaction, the chief financial officer now directly owns 62,969 shares of the company’s stock, valued at $12,953,352.99. The disclosure for this sale can be found here. 0.24% of the stock is owned by insiders.

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.