American Tower (NYSE:AMT) Price Target Raised to $250.00

American Tower (NYSE:AMT) had its target price increased by Royal Bank of Canada from $240.00 to $250.00 in a report issued on Thursday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the real estate investment trust’s stock.

Several other analysts also recently issued reports on the company. Citigroup boosted their price objective on American Tower from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Barclays lifted their price objective on shares of American Tower from $214.00 to $223.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. UBS Group raised their target price on American Tower from $245.00 to $250.00 and gave the stock a “buy” rating in a research report on Wednesday. Morgan Stanley began coverage on American Tower in a research report on Tuesday, April 1st. They set an “overweight” rating and a $250.00 price target on the stock. Finally, Raymond James lifted their target price on American Tower from $231.00 to $251.00 and gave the company a “strong-buy” rating in a research note on Wednesday. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, American Tower currently has an average rating of “Buy” and an average price target of $239.27.

American Tower Trading Down 0.2 %

Shares of AMT stock opened at $223.49 on Thursday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The stock has a 50-day simple moving average of $213.58 and a 200 day simple moving average of $202.04. American Tower has a fifty-two week low of $172.51 and a fifty-two week high of $243.56. The stock has a market capitalization of $104.47 billion, a P/E ratio of 94.30, a P/E/G ratio of 1.29 and a beta of 0.87.

American Tower (NYSE:AMT) last released its earnings results 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. The business had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.54 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The business’s revenue for the quarter was down 9.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.79 EPS. On average, sell-side analysts expect that American Tower will post 10.14 earnings per share for the current fiscal year.

American Tower Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 28th. Shareholders of record on Friday, April 11th were given a dividend of $1.70 per share. The ex-dividend date was Friday, April 11th. This represents a $6.80 dividend on an annualized basis and a yield of 3.04%. This is a boost from American Tower’s previous quarterly dividend of $1.62. American Tower’s dividend payout ratio is presently 141.37%.

Institutional Trading of American Tower

Several large investors have recently modified their holdings of the company. Wilmington Savings Fund Society FSB bought a new position in American Tower in the 3rd quarter worth approximately $1,784,000. Tidal Investments LLC raised its stake in American Tower by 5.4% during the 3rd quarter. Tidal Investments LLC now owns 19,990 shares of the real estate investment trust’s stock valued at $4,649,000 after purchasing an additional 1,032 shares during the last quarter. Franklin Resources Inc. boosted its holdings in American Tower by 0.9% in the 3rd quarter. Franklin Resources Inc. now owns 4,422,273 shares of the real estate investment trust’s stock valued at $981,455,000 after purchasing an additional 38,436 shares during the period. 1ST Source Bank grew its position in American Tower by 23.2% in the 3rd quarter. 1ST Source Bank now owns 2,121 shares of the real estate investment trust’s stock worth $493,000 after purchasing an additional 400 shares during the last quarter. Finally, Lord Abbett & CO. LLC bought a new position in shares of American Tower during the 3rd quarter worth about $30,435,000. 92.69% of the stock is owned by institutional investors.

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.