Fifth Third Bancorp Sells 9,677 Shares of American Tower Corporation $AMT

Fifth Third Bancorp reduced its position in shares of American Tower Corporation (NYSE:AMT) by 6.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 141,418 shares of the real estate investment trust’s stock after selling 9,677 shares during the period. Fifth Third Bancorp’s holdings in American Tower were worth $27,198,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. State of New Jersey Common Pension Fund D increased its stake in American Tower by 2.4% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 209,986 shares of the real estate investment trust’s stock valued at $40,385,000 after buying an additional 4,973 shares during the last quarter. Conscious Wealth Investments LLC increased its position in shares of American Tower by 0.5% during the third quarter. Conscious Wealth Investments LLC now owns 11,852 shares of the real estate investment trust’s stock valued at $2,121,000 after acquiring an additional 60 shares during the last quarter. Account Management LLC lifted its holdings in American Tower by 1.6% during the third quarter. Account Management LLC now owns 19,350 shares of the real estate investment trust’s stock worth $3,721,000 after acquiring an additional 300 shares during the period. Aberdeen Group plc boosted its position in American Tower by 3.9% in the third quarter. Aberdeen Group plc now owns 726,651 shares of the real estate investment trust’s stock worth $139,393,000 after purchasing an additional 27,463 shares during the last quarter. Finally, Cidel Asset Management Inc. grew its stake in American Tower by 5.1% in the 3rd quarter. Cidel Asset Management Inc. now owns 1,544 shares of the real estate investment trust’s stock valued at $297,000 after purchasing an additional 75 shares during the period. 92.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on AMT. Scotiabank cut their price target on shares of American Tower from $248.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday, January 14th. Citigroup reiterated a “market outperform” rating on shares of American Tower in a research note on Wednesday, October 29th. Weiss Ratings reissued a “hold (c)” rating on shares of American Tower in a research report on Monday, December 29th. Jefferies Financial Group lowered their price target on shares of American Tower from $226.00 to $202.00 and set a “buy” rating on the stock in a report on Tuesday, December 16th. Finally, BMO Capital Markets downgraded American Tower from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $210.00 to $185.00 in a research note on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $218.79.

Insider Buying and Selling

In related 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 shares were sold at an average price of $69.75, for a total transaction of $159,631,314.75. Following the sale, the insider owned 211,379 shares of the company’s stock, valued at approximately $14,743,685.25. This represents a 91.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.18% of the company’s stock.

American Tower Stock Performance

NYSE:AMT opened at $192.03 on Tuesday. The business’s fifty day moving average is $177.43 and its 200 day moving average is $186.70. The firm has a market cap of $89.90 billion, a price-to-earnings ratio of 30.68, a PEG ratio of 0.80 and a beta of 0.93. The company has a debt-to-equity ratio of 3.24, a quick ratio of 0.89 and a current ratio of 0.89. American Tower Corporation has a 52-week low of $166.88 and a 52-week high of $234.33.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Monday, December 29th were given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Monday, December 29th. American Tower’s dividend payout ratio (DPR) is 108.63%.

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.