Truist Financial Corp Trims Stock Holdings in American Tower Corporation $AMT

Truist Financial Corp decreased its holdings in shares of American Tower Corporation (NYSE:AMT) by 15.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 111,711 shares of the real estate investment trust’s stock after selling 20,295 shares during the quarter. Truist Financial Corp’s holdings in American Tower were worth $21,484,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of American Tower by 0.3% during the second quarter. Vanguard Group Inc. now owns 63,028,367 shares of the real estate investment trust’s stock valued at $13,930,530,000 after buying an additional 218,881 shares during the period. JPMorgan Chase & Co. boosted its position in shares of American Tower by 24.3% in the second quarter. JPMorgan Chase & Co. now owns 12,666,082 shares of the real estate investment trust’s stock valued at $2,799,458,000 after acquiring an additional 2,474,328 shares during the period. Invesco Ltd. grew its stake in American Tower by 11.9% during the second quarter. Invesco Ltd. now owns 6,680,524 shares of the real estate investment trust’s stock valued at $1,476,529,000 after acquiring an additional 708,808 shares in the last quarter. Norges Bank bought a new stake in American Tower during the 2nd quarter worth approximately $1,371,875,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in American Tower by 3.9% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,563,565 shares of the real estate investment trust’s stock worth $1,229,659,000 after purchasing an additional 208,213 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Wells Fargo & Company reduced their price target on shares of American Tower from $210.00 to $200.00 and set an “overweight” rating for the company in a research report on Wednesday, October 29th. The Goldman Sachs Group decreased their target price on American Tower from $230.00 to $210.00 and set a “buy” rating on the stock in a research note on Friday, January 16th. Scotiabank dropped their price target on American Tower from $248.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday, January 14th. UBS Group cut their price objective on American Tower from $260.00 to $254.00 and set a “buy” rating for the company in a report on Tuesday, January 20th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of American Tower in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $218.79.

American Tower Price Performance

Shares of NYSE:AMT opened at $179.29 on Friday. The stock has a market cap of $83.94 billion, a PE ratio of 28.64, a PEG ratio of 0.76 and a beta of 0.92. The company’s fifty day moving average is $177.44 and its 200 day moving average is $190.52. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.24. American Tower Corporation has a 52 week low of $166.88 and a 52 week high of $234.33.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.64 by $0.14. American Tower had a return on equity of 28.79% and a net margin of 28.11%.The company had revenue of $2.72 billion during the quarter, compared to analysts’ expectations of $2.65 billion. During the same period in the prior year, the business posted $2.52 EPS. American Tower’s quarterly revenue was up 7.7% compared to the same quarter last year. Research analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Shareholders of record on Monday, December 29th will be issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend is Monday, December 29th. American Tower’s dividend payout ratio (DPR) is 108.63%.

Insider Transactions at American Tower

In other American Tower news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the company’s stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $69.75, for a total transaction of $159,631,314.75. Following the completion of the transaction, the insider owned 211,379 shares of the company’s stock, valued at $14,743,685.25. This represents a 91.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.17% of the stock is currently owned by corporate insiders.

American Tower Company Profile

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.