1,053,632 Shares in American Tower Co. (NYSE:AMT) Bought by Raymond James Financial Inc.

Raymond James Financial Inc. purchased a new stake in American Tower Co. (NYSE:AMT - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,053,632 shares of the real estate investment trust's stock, valued at approximately $193,246,000. Raymond James Financial Inc. owned about 0.23% of American Tower as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in AMT. FMR LLC increased its stake in American Tower by 25.4% in 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 purchasing an additional 2,152,646 shares during the last quarter. Adelante Capital Management LLC grew its position in shares of American Tower by 2,723.4% during 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 acquiring an additional 1,160,890 shares during the last quarter. State Street Corp grew its position in shares of American Tower by 3.1% during the third quarter. State Street Corp now owns 21,173,423 shares of the real estate investment trust's stock worth $4,924,091,000 after acquiring an additional 635,726 shares during the last quarter. KBC Group NV grew its position in shares of American Tower by 270.4% during the third quarter. KBC Group NV now owns 466,772 shares of the real estate investment trust's stock worth $108,553,000 after acquiring an additional 340,742 shares during the last quarter. Finally, Brookfield Corp ON grew its position in shares of American Tower by 88.3% during the third quarter. Brookfield Corp ON now owns 710,725 shares of the real estate investment trust's stock worth $165,286,000 after acquiring an additional 333,209 shares during the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

American Tower Trading Up 2.7 %

NYSE:AMT traded up $5.56 on Friday, reaching $212.49. The stock had a trading volume of 3,599,419 shares, compared to its average volume of 2,227,224. The company has a market cap of $99.29 billion, a price-to-earnings ratio of 89.66, a P/E/G ratio of 1.29 and a beta of 0.85. 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 firm's fifty day moving average is $189.60 and its two-hundred day moving average is $206.30. American Tower Co. has a 12-month low of $170.46 and a 12-month high of $243.56.

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 EPS for the quarter, beating analysts' consensus estimates of $1.79 by $0.83. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.51 billion. During the same quarter in the prior year, the company posted $2.29 EPS. The company's quarterly revenue was up 3.7% compared to the same quarter last year. Equities analysts expect that American Tower Co. will post 10.14 EPS for the current fiscal year.

American Tower Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, April 11th will be paid a dividend of $1.70 per share. The ex-dividend date of this dividend is Friday, April 11th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.20%. This is an increase from American Tower's previous quarterly dividend of $1.62. American Tower's dividend payout ratio is currently 134.72%.

Insider Buying and Selling

In related news, CFO Rodney M. Smith sold 16,567 shares of the 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 of the company's stock, valued at approximately $11,371,631.20. This represents a 20.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.18% of the company's stock.

Wall Street Analyst Weigh In

AMT has been the topic of a number of research reports. Mizuho lowered their target price on shares of American Tower from $221.00 to $204.00 and set a "neutral" rating on the stock in a research report on Wednesday, January 8th. JMP Securities started coverage on shares of American Tower in a research report on Monday, January 27th. They issued an "outperform" rating and a $225.00 price objective on the stock. Citizens Jmp upgraded shares of American Tower to a "strong-buy" rating in a research report on Monday, January 27th. Citigroup lowered their price objective on shares of American Tower from $255.00 to $220.00 and set a "buy" rating on the stock in a research report on Friday, February 14th. Finally, Wells Fargo & Company lowered their price objective on shares of American Tower from $215.00 to $195.00 and set an "equal weight" rating on the stock in a research report on Thursday, January 23rd. Four 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, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $225.21.

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.