Eastern Bank Acquires 57,078 Shares of American Tower Corporation $AMT

Eastern Bank raised its holdings in American Tower Corporation (NYSE:AMT) by 69.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 139,091 shares of the real estate investment trust’s stock after acquiring an additional 57,078 shares during the quarter. Eastern Bank’s holdings in American Tower were worth $26,750,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Klingman & Associates LLC bought a new stake in American Tower in the third quarter worth $205,000. Quent Capital LLC lifted its position in shares of American Tower by 4.2% in the third quarter. Quent Capital LLC now owns 1,597 shares of the real estate investment trust’s stock worth $307,000 after buying an additional 64 shares during the last quarter. Nordea Investment Management AB boosted its stake in shares of American Tower by 3.0% during the 3rd quarter. Nordea Investment Management AB now owns 1,578,676 shares of the real estate investment trust’s stock worth $303,753,000 after acquiring an additional 45,858 shares in the last quarter. Janney Capital Management LLC increased its holdings in shares of American Tower by 35.7% during the 3rd quarter. Janney Capital Management LLC now owns 66,105 shares of the real estate investment trust’s stock valued at $12,713,000 after acquiring an additional 17,398 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. raised its stake in shares of American Tower by 4.0% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 15,705 shares of the real estate investment trust’s stock valued at $3,020,000 after acquiring an additional 610 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $69.75, for a total value of $159,631,314.75. Following the completion of the transaction, the insider owned 211,379 shares in the company, valued at approximately $14,743,685.25. This represents a 91.54% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Eugene F. Reilly bought 5,554 shares of the stock in a transaction that occurred on Friday, October 31st. The stock was acquired at an average cost of $178.99 per share, for a total transaction of $994,110.46. Following the purchase, the director owned 5,689 shares of the company’s stock, valued at $1,018,274.11. This trade represents a 4,114.07% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 0.18% of the company’s stock.

American Tower Stock Performance

NYSE AMT opened at $173.85 on Wednesday. The company’s fifty day moving average is $177.71 and its two-hundred day moving average is $193.91. American Tower Corporation has a 52-week low of $166.88 and a 52-week high of $234.33. The company has a debt-to-equity ratio of 3.24, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market capitalization of $81.39 billion, a price-to-earnings ratio of 27.77, a P/E/G ratio of 0.69 and a beta of 0.92.

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

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Monday, December 29th will be given a dividend of $1.70 per share. The ex-dividend date is Monday, December 29th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.9%. American Tower’s payout ratio is currently 108.63%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on AMT shares. Jefferies Financial Group lowered their price target on American Tower from $226.00 to $202.00 and set a “buy” rating on the stock in a report on Tuesday, December 16th. BMO Capital Markets lowered shares of American Tower from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $210.00 to $185.00 in a research note on Friday. Morgan Stanley dropped their target price on shares of American Tower from $255.00 to $235.00 and set an “overweight” rating on the stock in a report on Thursday, December 4th. Citigroup restated a “market outperform” rating on shares of American Tower in a report on Wednesday, October 29th. Finally, TD Cowen lowered their price target on American Tower from $249.00 to $235.00 and set a “buy” rating on the stock in a research report on Wednesday, October 29th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $223.05.

About American Tower

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.