Central Pacific Bank Trust Division Sells 3,444 Shares of American Tower Corporation $AMT

Central Pacific Bank Trust Division cut its stake in shares of American Tower Corporation (NYSE:AMT) by 91.4% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 325 shares of the real estate investment trust’s stock after selling 3,444 shares during the period. Central Pacific Bank Trust Division’s holdings in American Tower were worth $63,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Focus Financial Network Inc. lifted its position in shares of American Tower by 9.1% in the second quarter. Focus Financial Network Inc. now owns 2,042 shares of the real estate investment trust’s stock valued at $451,000 after acquiring an additional 170 shares in the last quarter. Resolution Capital Ltd bought a new stake in American Tower during the 1st quarter valued at approximately $72,706,000. Stack Financial Management Inc purchased a new position in American Tower in the 2nd quarter worth approximately $13,020,000. Los Angeles Capital Management LLC boosted its stake in American Tower by 52.5% in the 2nd quarter. Los Angeles Capital Management LLC now owns 321,661 shares of the real estate investment trust’s stock worth $71,094,000 after purchasing an additional 110,671 shares during the period. Finally, First Trust Advisors LP grew its holdings in American Tower by 47.3% during the 2nd quarter. First Trust Advisors LP now owns 109,124 shares of the real estate investment trust’s stock valued at $24,119,000 after buying an additional 35,037 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Raymond James Financial reaffirmed a “strong-buy” rating and set a $231.00 target price (down from $250.00) on shares of American Tower in a research note on Wednesday, October 29th. Citigroup restated a “market outperform” rating on shares of American Tower in a research report on Wednesday, October 29th. UBS Group reiterated a “buy” rating on shares of American Tower in a research report on Wednesday, December 10th. Argus set a $210.00 price objective on American Tower in a research note on Thursday, October 30th. Finally, BMO Capital Markets lowered their target price on American Tower from $215.00 to $210.00 and set an “outperform” rating for the company in a research report on Wednesday, December 3rd. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and an average price target of $226.67.

Insider Transactions at American Tower

In other American Tower news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of American Tower stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $69.75, for a total value of $159,631,314.75. Following the transaction, the insider owned 211,379 shares in the company, valued at $14,743,685.25. The trade was a 91.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eugene F. Reilly purchased 5,554 shares of the firm’s stock in a transaction on Friday, October 31st. The shares were purchased at an average cost of $178.99 per share, with a total value of $994,110.46. Following the completion of the transaction, the director owned 5,689 shares of the company’s stock, valued at approximately $1,018,274.11. The trade was a 4,114.07% increase in their position. The SEC filing for this purchase provides additional information. 0.17% of the stock is owned by company insiders.

American Tower Trading Down 0.4%

NYSE:AMT opened at $178.41 on Thursday. The company has a debt-to-equity ratio of 3.24, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a 50-day simple moving average of $182.43 and a 200-day simple moving average of $199.70. American Tower Corporation has a one year low of $172.51 and a one year high of $234.33. The firm has a market cap of $83.52 billion, a P/E ratio of 28.50, a P/E/G ratio of 0.72 and a beta of 0.91.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, October 28th. The real estate investment trust reported $2.78 EPS for the quarter, topping analysts’ consensus estimates of $2.64 by $0.14. The company had revenue of $2.72 billion during the quarter, compared to the consensus estimate of $2.65 billion. American Tower had a net margin of 28.11% and a return on equity of 28.79%. American Tower’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.52 earnings per share. American Tower has set its FY 2025 guidance at 10.600-10.720 EPS. Equities analysts anticipate that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Monday, December 29th will be paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Monday, December 29th. American Tower’s dividend payout ratio is 108.63%.

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.