Truist Financial Corp Reduces Holdings in American Tower Co. (NYSE:AMT)

Truist Financial Corp cut its stake in shares of American Tower Co. (NYSE:AMT) by 3.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 141,886 shares of the real estate investment trust’s stock after selling 4,754 shares during the quarter. Truist Financial Corp’s holdings in American Tower were worth $26,023,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of AMT. Fortitude Family Office LLC boosted its holdings in American Tower by 269.0% during the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 78 shares during the period. Northwest Investment Counselors LLC purchased a new stake in American Tower during the 3rd quarter valued at about $30,000. Hara Capital LLC purchased a new stake in American Tower during the 3rd quarter valued at about $31,000. Roxbury Financial LLC purchased a new stake in American Tower during the 4th quarter valued at about $32,000. Finally, Legacy Investment Solutions LLC purchased a new stake in American Tower in the 3rd quarter worth approximately $34,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at American Tower

In related news, CFO Rodney M. Smith sold 16,567 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the completion of the transaction, the chief financial officer now owns 62,792 shares of the company’s stock, valued at $11,371,631.20. This trade represents a 20.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.18% of the stock is owned by corporate insiders.

American Tower Stock Up 0.2 %

AMT stock opened at $189.75 on Wednesday. American Tower Co. has a twelve month low of $170.46 and a twelve month high of $243.56. 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 firm has a market cap of $88.67 billion, a PE ratio of 80.06, a price-to-earnings-growth ratio of 1.27 and a beta of 0.84. The business has a 50 day moving average of $186.31 and a 200 day moving average of $208.44.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Friday, December 27th were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date was Friday, December 27th. American Tower’s dividend payout ratio (DPR) is presently 273.42%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Citigroup dropped their price objective on American Tower from $255.00 to $220.00 and set a “buy” rating for the company in a report on Friday, February 14th. The Goldman Sachs Group dropped their price objective on American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Barclays dropped their price objective on American Tower from $215.00 to $214.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. BMO Capital Markets dropped their price objective on American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Finally, StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $225.79.

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.