Pinnacle Financial Partners Inc Sells 1,174 Shares of American Tower Co. (NYSE:AMT)

Pinnacle Financial Partners Inc reduced its holdings in shares of American Tower Co. (NYSE:AMT) by 1.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 71,775 shares of the real estate investment trust’s stock after selling 1,174 shares during the period. Pinnacle Financial Partners Inc’s holdings in American Tower were worth $16,692,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of American Tower by 1.6% during the first quarter. Vanguard Group Inc. now owns 61,991,053 shares of the real estate investment trust’s stock valued at $12,248,812,000 after acquiring an additional 965,938 shares in the last quarter. Ameriprise Financial Inc. increased its stake in American Tower by 41.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust’s stock valued at $1,243,333,000 after buying an additional 1,885,421 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in American Tower by 8.9% during the second quarter. Clearbridge Investments LLC now owns 3,705,145 shares of the real estate investment trust’s stock worth $720,206,000 after acquiring an additional 302,676 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of American Tower by 16.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,310,893 shares of the real estate investment trust’s stock worth $643,571,000 after buying an additional 464,429 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp increased its holdings in American Tower by 0.4% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,630,644 shares of the real estate investment trust’s stock worth $315,868,000 after buying an additional 6,193 shares during the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on AMT shares. TD Cowen lifted their price target on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. BMO Capital Markets dropped their price target on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Wells Fargo & Company lowered American Tower from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. Scotiabank cut their price objective on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. lifted their target price on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, American Tower currently has an average rating of “Moderate Buy” and an average target price of $235.85.

American Tower Stock Performance

NYSE AMT opened at $193.72 on Wednesday. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. American Tower Co. has a fifty-two week low of $170.46 and a fifty-two week high of $243.56. The company has a market cap of $90.52 billion, a P/E ratio of 81.74, a P/E/G ratio of 1.31 and a beta of 0.84. The business’s 50 day moving average price is $224.82 and its 200-day moving average price is $210.66.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.45 by ($1.56). The company had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. American Tower’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same quarter last year, the firm earned $2.58 EPS. Sell-side analysts predict that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower’s payout ratio is presently 273.42%.

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.