Stiles Financial Services Inc Buys 502 Shares of American Tower Corporation (NYSE:AMT)

Stiles Financial Services Inc increased its stake in shares of American Tower Corporation (NYSE:AMT) by 4.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,709 shares of the real estate investment trust’s stock after purchasing an additional 502 shares during the quarter. Stiles Financial Services Inc’s holdings in American Tower were worth $2,547,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Partners Group Holding AG grew its stake in shares of American Tower by 8.3% during the fourth quarter. Partners Group Holding AG now owns 378,592 shares of the real estate investment trust’s stock valued at $69,438,000 after purchasing an additional 28,988 shares during the last quarter. Aviva PLC boosted its stake in American Tower by 13.4% in the fourth quarter. Aviva PLC now owns 388,487 shares of the real estate investment trust’s stock valued at $71,252,000 after acquiring an additional 46,009 shares during the last quarter. LGT Group Foundation boosted its stake in American Tower by 16.9% in the fourth quarter. LGT Group Foundation now owns 42,608 shares of the real estate investment trust’s stock valued at $7,815,000 after acquiring an additional 6,165 shares during the last quarter. Raymond James Financial Inc. bought a new position in American Tower in the fourth quarter valued at approximately $193,246,000. Finally, Cbre Investment Management Listed Real Assets LLC boosted its stake in American Tower by 2.5% in the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 769,720 shares of the real estate investment trust’s stock valued at $141,174,000 after acquiring an additional 18,555 shares during the last quarter. 92.69% of the stock is owned by institutional investors.

American Tower Trading Up 0.8%

Shares of NYSE:AMT opened at $217.23 on Monday. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $243.56. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.43. The company’s fifty day simple moving average is $215.65 and its 200 day simple moving average is $203.30. The firm has a market cap of $101.70 billion, a price-to-earnings ratio of 55.84, a PEG ratio of 1.61 and a beta of 0.82.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, topping analysts’ consensus estimates of $2.41 by $0.34. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The business had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same period last year, the business posted $2.79 earnings per share. The firm’s quarterly revenue was down 9.6% on a year-over-year basis. As a group, research analysts forecast that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 13th will be paid a $1.70 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.80 annualized dividend and a yield of 3.13%. American Tower’s payout ratio is currently 174.81%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AMT. Wells Fargo & Company raised their price objective on shares of American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, April 30th. Scotiabank raised their price objective on shares of American Tower from $234.00 to $248.00 and gave the company a “sector outperform” rating in a research note on Wednesday, April 30th. UBS Group raised their price objective on shares of American Tower from $245.00 to $250.00 and gave the company a “buy” rating in a research note on Wednesday, April 30th. Barclays raised their price objective on shares of American Tower from $214.00 to $223.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. Finally, Bank of America began coverage on shares of American Tower in a research report on Monday, May 19th. They set a “buy” rating and a $255.00 price target on the stock. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, American Tower presently has a consensus rating of “Buy” and an average price target of $240.25.

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.