PNC Financial Services Group Inc. Sells 8,522 Shares of American Tower Co. (NYSE:AMT)

PNC Financial Services Group Inc. decreased its holdings in shares of American Tower Co. (NYSE:AMT) by 2.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 283,970 shares of the real estate investment trust’s stock after selling 8,522 shares during the period. PNC Financial Services Group Inc. owned about 0.06% of American Tower worth $52,083,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AMT. Legacy Investment Solutions LLC bought a new position in shares of American Tower in the third quarter valued at approximately $34,000. Activest Wealth Management increased its holdings in shares of American Tower by 431.0% in the third quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 125 shares in the last quarter. Roxbury Financial LLC acquired a new stake in shares of American Tower in the fourth quarter valued at approximately $32,000. Hobbs Group Advisors LLC increased its holdings in shares of American Tower by 51.0% in the third quarter. Hobbs Group Advisors LLC now owns 222 shares of the real estate investment trust’s stock valued at $52,000 after purchasing an additional 75 shares in the last quarter. Finally, Larson Financial Group LLC increased its holdings in shares of American Tower by 49.3% in the third quarter. Larson Financial Group LLC now owns 227 shares of the real estate investment trust’s stock valued at $53,000 after purchasing an additional 75 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

American Tower Trading Up 2.7 %

AMT opened at $212.49 on Monday. The stock has a market capitalization of $99.29 billion, a P/E ratio of 89.66, a P/E/G 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 firm’s fifty day simple moving average is $189.60 and its 200 day simple moving average is $206.21. 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 EPS for the quarter, beating the consensus estimate of $1.79 by $0.83. The business had revenue of $2.55 billion for 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%. The firm’s revenue was up 3.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.29 EPS. As a group, research analysts anticipate that American Tower Co. will post 10.14 EPS for the current fiscal year.

American Tower Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, April 11th will be given a dividend of $1.70 per share. The ex-dividend date of this dividend is Friday, April 11th. This is a boost from American Tower’s previous quarterly dividend of $1.62. This represents a $6.80 annualized dividend and a yield of 3.20%. American Tower’s payout ratio is 134.72%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on AMT shares. Mizuho lowered their price target on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. BMO Capital Markets lifted their target price on shares of American Tower from $210.00 to $220.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. Morgan Stanley lowered their target price on shares of American Tower from $219.00 to $213.00 and set an “equal weight” rating for the company in a report on Monday, February 24th. JMP Securities assumed coverage on shares of American Tower in a report on Monday, January 27th. They set an “outperform” rating and a $225.00 target price for the company. Finally, The Goldman Sachs Group lowered their target price on shares of American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $225.21.

Insiders Place Their Bets

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 62,792 shares of the company’s stock, 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 SEC, which is available through this link. Insiders own 0.18% of the company’s stock.

American Tower Company 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.