Community Financial Services Group LLC Has $1.10 Million Position in American Tower Corporation (NYSE:AMT)

Community Financial Services Group LLC increased its stake in shares of American Tower Corporation (NYSE:AMT) by 5.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,060 shares of the real estate investment trust’s stock after purchasing an additional 256 shares during the quarter. Community Financial Services Group LLC’s holdings in American Tower were worth $1,101,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in AMT. Norges Bank acquired a new stake in shares of American Tower during the fourth quarter worth approximately $1,164,851,000. Cohen & Steers Inc. boosted its holdings in shares of American Tower by 21.8% during the fourth quarter. Cohen & Steers Inc. now owns 19,176,365 shares of the real estate investment trust’s stock worth $3,516,890,000 after purchasing an additional 3,437,602 shares during the period. Capital Research Global Investors boosted its holdings in shares of American Tower by 66.5% during the fourth quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust’s stock worth $1,570,547,000 after purchasing an additional 3,421,413 shares during the period. Capital World Investors boosted its holdings in shares of American Tower by 160.6% during the fourth quarter. Capital World Investors now owns 4,920,100 shares of the real estate investment trust’s stock worth $902,396,000 after purchasing an additional 3,032,005 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in shares of American Tower by 23,627.3% during the first quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust’s stock worth $370,346,000 after purchasing an additional 1,694,784 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have issued reports on AMT. JMP Securities lifted their target price on shares of American Tower from $248.00 to $260.00 and gave the company a “market outperform” rating in a research note on Wednesday, April 30th. Royal Bank Of Canada lifted their target price on shares of American Tower from $240.00 to $250.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. BMO Capital Markets lifted their target price on shares of American Tower from $210.00 to $220.00 and gave the company an “outperform” rating in a research note on Wednesday, February 26th. Barclays lifted their target price 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, Wells Fargo & Company lifted their target price 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. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $240.25.

American Tower Trading Up 1.9%

NYSE:AMT opened at $221.71 on Tuesday. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $243.56. The company’s 50 day moving average is $215.73 and its 200-day moving average is $203.40. The firm has a market cap of $103.79 billion, a price-to-earnings ratio of 57.00, a P/E/G ratio of 1.61 and a beta of 0.81. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.43.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (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 quarter in the previous year, the firm posted $2.79 earnings per share. American Tower’s revenue was down 9.6% compared to the same quarter last year. Equities analysts anticipate that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend is Friday, June 13th. American Tower’s dividend payout ratio (DPR) is currently 174.81%.

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.