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

PNC Financial Services Group Inc. cut its holdings in American Tower Co. (NYSE:AMT - Free Report) by 2.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 283,970 shares of the real estate investment trust's stock after selling 8,522 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.06% of American Tower worth $52,083,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of AMT. FMR LLC increased its stake in shares of American Tower by 25.4% during the third quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust's stock valued at $2,474,934,000 after buying an additional 2,152,646 shares during the period. Adelante Capital Management LLC increased its position in American Tower by 2,723.4% during the 3rd quarter. Adelante Capital Management LLC now owns 1,203,517 shares of the real estate investment trust's stock valued at $279,890,000 after purchasing an additional 1,160,890 shares during the period. Raymond James Financial Inc. bought a new position in American Tower in the 4th quarter worth $193,246,000. State Street Corp raised its holdings in 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 worth $4,924,091,000 after purchasing an additional 635,726 shares in the last quarter. Finally, KBC Group NV lifted its position in shares of American Tower by 270.4% in the 3rd quarter. KBC Group NV now owns 466,772 shares of the real estate investment trust's stock worth $108,553,000 after purchasing an additional 340,742 shares during the period. Hedge funds and other institutional investors own 92.69% of the company's stock.

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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 value of $3,000,283.70. Following the completion of 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 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 insiders.

Analyst Ratings Changes

A number of research firms have recently commented on AMT. Morgan Stanley lowered their target price on American Tower from $219.00 to $213.00 and set an "equal weight" rating for the company in a research note on Monday, February 24th. JMP Securities began coverage on American Tower in a research note on Monday, January 27th. They issued an "outperform" rating and a $225.00 price target on the stock. Wells Fargo & Company lowered their price objective on American Tower from $215.00 to $195.00 and set an "equal weight" rating for the company in a research note on Thursday, January 23rd. Barclays cut their price objective on shares of American Tower from $215.00 to $214.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 28th. Finally, Citizens Jmp raised shares of American Tower to a "strong-buy" rating in a report on Monday, January 27th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, American Tower currently has a consensus rating of "Moderate Buy" and a consensus target price of $226.29.

American Tower Price Performance

Shares of NYSE AMT traded up $1.13 during mid-day trading on Monday, hitting $213.42. 4,156,506 shares of the company's stock traded hands, compared to its average volume of 2,234,941. The company has a market capitalization of $99.77 billion, a P/E ratio of 90.05, a PEG ratio of 1.29 and a beta of 0.85. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The company's 50-day moving average is $190.23 and its two-hundred day moving average is $206.16.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.51 billion. During the same period last year, the company earned $2.29 EPS. The company's revenue for the quarter was up 3.7% on a year-over-year basis. On average, equities analysts anticipate that American Tower Co. will post 10.14 EPS for the current fiscal year.

American Tower Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, April 11th will be issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.19%. This is an increase from American Tower's previous quarterly dividend of $1.62. The ex-dividend date is Friday, April 11th. American Tower's dividend payout ratio 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.