Fifth Third Bancorp Has $27.20 Million Stock Position in American Tower Corporation $AMT

Fifth Third Bancorp lessened its holdings in shares of American Tower Corporation (NYSE:AMT) by 6.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm 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 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of AMT. State of New Jersey Common Pension Fund D grew its position in shares of 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 boosted its holdings in American Tower by 0.5% in 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 boosted its holdings in American Tower by 1.6% in the third quarter. Account Management LLC now owns 19,350 shares of the real estate investment trust’s stock valued at $3,721,000 after acquiring an additional 300 shares during the last quarter. Aberdeen Group plc increased its position in American Tower by 3.9% during the 3rd quarter. Aberdeen Group plc now owns 726,651 shares of the real estate investment trust’s stock valued at $139,393,000 after purchasing an additional 27,463 shares during the period. Finally, Cidel Asset Management Inc. raised its holdings in American Tower by 5.1% during the 3rd quarter. Cidel Asset Management Inc. now owns 1,544 shares of the real estate investment trust’s stock worth $297,000 after purchasing an additional 75 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on AMT. Jefferies Financial Group decreased their price objective on shares of American Tower from $226.00 to $202.00 and set a “buy” rating for the company in a research report on Tuesday, December 16th. HSBC lowered their price objective on American Tower from $235.00 to $205.00 in a research report on Wednesday, October 29th. Wells Fargo & Company cut their target price on American Tower from $210.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 29th. Citigroup reiterated a “market outperform” rating on shares of American Tower in a report on Wednesday, October 29th. Finally, New Street Research upgraded American Tower from a “neutral” rating to a “buy” rating and set a $203.00 price target on the stock in a report on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $218.79.

Insider Transactions at American Tower

In other American Tower news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the business’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 sale, the insider directly owned 211,379 shares of the company’s stock, valued at approximately $14,743,685.25. The trade was a 91.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.18% of the company’s stock.

American Tower Price Performance

Shares of 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. American Tower Corporation has a 12-month low of $166.88 and a 12-month high of $234.33. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.24. The stock has a market cap of $89.90 billion, a P/E ratio of 30.68, a P/E/G ratio of 0.80 and a beta of 0.93.

American Tower Announces Dividend

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

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.