Zions Bancorporation N.A. Sells 73 Shares of American Tower Co. (NYSE:AMT)

Zions Bancorporation N.A. trimmed its holdings in shares of American Tower Co. (NYSE:AMT) by 4.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,670 shares of the real estate investment trust’s stock after selling 73 shares during the quarter. Zions Bancorporation N.A.’s holdings in American Tower were worth $306,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in AMT. Roxbury Financial LLC purchased a new stake in American Tower in the 4th quarter valued at about $32,000. Legacy Investment Solutions LLC purchased a new stake in shares of American Tower in the third quarter valued at approximately $34,000. Crowley Wealth Management Inc. bought a new position in American Tower in the fourth quarter worth approximately $37,000. Bank of Jackson Hole Trust purchased a new position in American Tower during the 4th quarter worth $46,000. Finally, Versant Capital Management Inc raised its position in American Tower by 113.9% during the 4th quarter. Versant Capital Management Inc now owns 261 shares of the real estate investment trust’s stock valued at $48,000 after purchasing an additional 139 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Mizuho dropped their price target on American Tower from $221.00 to $204.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Hsbc Global Res raised shares of American Tower to a “strong-buy” rating in a report on Thursday, February 27th. Wells Fargo & Company raised shares of American Tower from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $210.00 to $230.00 in a research note on Monday, March 17th. Morgan Stanley dropped their target price on American Tower from $219.00 to $213.00 and set an “equal weight” rating on the stock in a research report on Monday, February 24th. Finally, The Goldman Sachs Group reduced their price target on American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, American Tower has a consensus rating of “Buy” and an average price target of $229.43.

American Tower Trading Up 0.2 %

Shares of American Tower stock opened at $209.91 on Thursday. The firm’s 50 day simple moving average is $197.91 and its two-hundred day simple moving average is $204.94. The firm has a market capitalization of $98.12 billion, a price-to-earnings ratio of 88.57, a PEG ratio of 1.29 and a beta of 0.85. American Tower Co. has a 12-month low of $170.46 and a 12-month high of $243.56. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.83. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.51 billion. During the same period in the prior year, the firm earned $2.29 EPS. The firm’s revenue was up 3.7% on a year-over-year basis. Analysts predict that American Tower Co. will post 10.14 EPS for the current year.

American Tower Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, April 11th will be given a $1.70 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $6.80 dividend on an annualized basis and a yield of 3.24%. This is a positive change from American Tower’s previous quarterly dividend of $1.62. American Tower’s dividend payout ratio is currently 141.37%.

Insider Buying and Selling

In related news, CFO Rodney M. Smith sold 16,567 shares of the business’s stock in a transaction on Thursday, January 16th. The shares were 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 directly owns 62,792 shares in the company, valued at $11,371,631.20. The trade was a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.18% of the stock is owned by corporate insiders.

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.