Corebridge Financial Inc. Sells 6,337 Shares of American Tower Co. (NYSE:AMT)

Corebridge Financial Inc. decreased its stake in American Tower Co. (NYSE:AMT) by 5.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 120,492 shares of the real estate investment trust’s stock after selling 6,337 shares during the period. Corebridge Financial Inc.’s holdings in American Tower were worth $22,099,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. FMR LLC lifted its position in shares of American Tower by 25.4% in the 3rd quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust’s stock worth $2,474,934,000 after acquiring an additional 2,152,646 shares during the period. Adelante Capital Management LLC lifted its position in American Tower by 2,723.4% in the third quarter. Adelante Capital Management LLC now owns 1,203,517 shares of the real estate investment trust’s stock worth $279,890,000 after purchasing an additional 1,160,890 shares during the period. Raymond James Financial Inc. acquired a new stake in American Tower during the fourth quarter worth $193,246,000. Daiwa Securities Group Inc. increased its holdings in American Tower by 456.9% in the 4th quarter. Daiwa Securities Group Inc. now owns 1,124,633 shares of the real estate investment trust’s stock valued at $206,269,000 after buying an additional 922,701 shares during the period. Finally, State Street Corp raised its stake in shares of American Tower by 3.1% in the 3rd quarter. State Street Corp now owns 21,173,423 shares of the real estate investment trust’s stock valued at $4,924,091,000 after buying an additional 635,726 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction that occurred 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 sale, the chief financial officer now owns 62,792 shares in the company, valued at $11,371,631.20. The trade was a 20.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on AMT shares. Citizens Jmp raised shares of American Tower to a “strong-buy” rating in a research note on Monday, January 27th. Wells Fargo & Company raised American Tower from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $210.00 to $230.00 in a report on Monday, March 17th. Barclays increased their target price on American Tower from $214.00 to $223.00 and gave the stock an “overweight” rating in a report on Friday. Morgan Stanley decreased their price target on American Tower from $219.00 to $213.00 and set an “equal weight” rating on the stock in a research note on Monday, February 24th. Finally, The Goldman Sachs Group lowered their price target on American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $229.43.

American Tower Trading Down 1.6 %

AMT opened at $212.75 on Tuesday. American Tower Co. has a 1-year low of $170.46 and a 1-year high of $243.56. The firm has a 50-day moving average price of $196.71 and a two-hundred day moving average price of $205.10. The stock has a market capitalization of $99.45 billion, a PE ratio of 89.77, a PEG ratio of 1.29 and a beta of 0.85. 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 posted its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.83. The firm had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.51 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. American Tower’s revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.29 EPS. As a group, equities analysts anticipate that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Increases Dividend

The company also recently disclosed 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. This represents a $6.80 dividend on an annualized basis and a yield of 3.20%. This is a positive change from American Tower’s previous quarterly dividend of $1.62. The ex-dividend date of this dividend is Friday, April 11th. American Tower’s dividend payout ratio (DPR) is presently 141.37%.

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.