Sunbelt Securities Inc. Purchases 2,043 Shares of American Tower Corporation (NYSE:AMT)

Sunbelt Securities Inc. grew its position in shares of American Tower Corporation (NYSE:AMT) by 40.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,046 shares of the real estate investment trust’s stock after purchasing an additional 2,043 shares during the quarter. Sunbelt Securities Inc.’s holdings in American Tower were worth $1,533,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in AMT. Glenview Trust co increased its holdings in American Tower by 0.8% in the fourth quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust’s stock valued at $1,294,000 after purchasing an additional 54 shares during the period. CreativeOne Wealth LLC grew its position in shares of American Tower by 2.1% in the 4th quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust’s stock valued at $477,000 after buying an additional 54 shares during the last quarter. Fortitude Advisory Group L.L.C. increased its stake in shares of American Tower by 2.9% in the first quarter. Fortitude Advisory Group L.L.C. now owns 1,907 shares of the real estate investment trust’s stock valued at $416,000 after buying an additional 54 shares during the period. Veracity Capital LLC raised its position in shares of American Tower by 4.7% during the first quarter. Veracity Capital LLC now owns 1,237 shares of the real estate investment trust’s stock worth $269,000 after acquiring an additional 56 shares during the last quarter. Finally, Safe Harbor Fiduciary LLC raised its position in shares of American Tower by 1.1% during the fourth quarter. Safe Harbor Fiduciary LLC now owns 5,330 shares of the real estate investment trust’s stock worth $978,000 after acquiring an additional 58 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

American Tower Stock Performance

Shares of American Tower stock opened at $218.06 on Friday. American Tower Corporation has a 52 week low of $172.51 and a 52 week 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 business has a 50 day moving average price of $215.69 and a 200-day moving average price of $203.85. The company has a market cap of $102.08 billion, a PE ratio of 56.06, a price-to-earnings-growth ratio of 1.61 and a beta of 0.81.

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

American Tower Announces Dividend

The company also recently declared 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 dividend yield of 3.12%. The ex-dividend date of this dividend is Friday, June 13th. American Tower’s payout ratio is currently 174.81%.

Analyst Ratings Changes

Several analysts recently commented on AMT shares. JMP Securities upped their target price on American Tower from $248.00 to $260.00 and gave the company a “market outperform” rating in a report on Wednesday, April 30th. Raymond James Financial upped their price objective on shares of American Tower from $231.00 to $251.00 and gave the company a “strong-buy” rating in a research note on Wednesday, April 30th. 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 objective for the company. Citigroup lifted their target price on shares of American Tower from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Finally, Barclays upped their price target on shares of American Tower from $214.00 to $223.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. Two investment 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 stock. Based on data from MarketBeat, American Tower has an average rating of “Buy” and a consensus target price of $240.25.

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.