Ameriprise Financial Inc. Sells 517,012 Shares of American Tower Co. (NYSE:AMT)

Ameriprise Financial Inc. lowered its stake in American Tower Co. (NYSE:AMT) by 9.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,679,170 shares of the real estate investment trust’s stock after selling 517,012 shares during the period. Ameriprise Financial Inc. owned 1.00% of American Tower worth $858,212,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in AMT. Glenview Trust co boosted its position in shares of American Tower by 0.8% during the 4th quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust’s stock valued at $1,294,000 after acquiring an additional 54 shares during the last quarter. CreativeOne Wealth LLC raised its stake in American Tower by 2.1% during the fourth quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust’s stock valued at $477,000 after purchasing an additional 54 shares in the last quarter. Precedent Wealth Partners LLC lifted its position in American Tower by 4.7% during the fourth quarter. Precedent Wealth Partners LLC now owns 1,281 shares of the real estate investment trust’s stock valued at $235,000 after purchasing an additional 58 shares during the last quarter. Resonant Capital Advisors LLC grew its stake in shares of American Tower by 5.8% in the 4th quarter. Resonant Capital Advisors LLC now owns 1,113 shares of the real estate investment trust’s stock worth $206,000 after buying an additional 61 shares in the last quarter. Finally, Calamos Wealth Management LLC increased its holdings in shares of American Tower by 2.9% in the 4th quarter. Calamos Wealth Management LLC now owns 2,172 shares of the real estate investment trust’s stock worth $398,000 after buying an additional 61 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Performance

Shares of American Tower stock opened at $223.49 on Friday. American Tower Co. has a 12 month low of $172.51 and a 12 month high of $243.56. The stock’s fifty day moving average price is $213.58 and its 200-day moving average price is $202.04. The firm has a market cap of $104.47 billion, a P/E ratio of 94.30, a P/E/G ratio of 1.29 and a beta of 0.87. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, topping the consensus estimate of $2.41 by $0.34. The firm had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.54 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company’s revenue was down 9.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.79 EPS. On average, equities research analysts expect that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 28th. Stockholders of record on Friday, April 11th were given a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.04%. This is a positive change from American Tower’s previous quarterly dividend of $1.62. The ex-dividend date was Friday, April 11th. American Tower’s payout ratio is presently 141.37%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on AMT shares. Citigroup lifted their price target on American Tower from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. UBS Group increased their price target on American Tower from $245.00 to $250.00 and gave the company a “buy” rating in a report on Wednesday. Hsbc Global Res upgraded shares of American Tower to a “strong-buy” rating in a research report on Thursday, February 27th. Morgan Stanley assumed coverage on shares of American Tower in a report on Tuesday, April 1st. They issued an “overweight” rating and a $250.00 target price for the company. Finally, BMO Capital Markets upped their price target on shares of American Tower from $210.00 to $220.00 and gave the company an “outperform” rating in a report on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $239.27.

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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.