SVB Wealth LLC Invests $1.80 Million in American Tower Co. (NYSE:AMT)

SVB Wealth LLC acquired a new stake in shares of American Tower Co. (NYSE:AMT - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 9,813 shares of the real estate investment trust's stock, valued at approximately $1,800,000.

Several other hedge funds have also recently made changes to their positions in AMT. FMR LLC increased its holdings in shares of 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 period. Adelante Capital Management LLC increased its holdings in American Tower by 2,723.4% in the 3rd quarter. Adelante Capital Management LLC now owns 1,203,517 shares of the real estate investment trust's stock worth $279,890,000 after buying an additional 1,160,890 shares during the period. State Street Corp raised its position in American Tower by 3.1% during 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 buying an additional 635,726 shares during the last quarter. KBC Group NV lifted its stake in American Tower by 270.4% during the 3rd quarter. KBC Group NV now owns 466,772 shares of the real estate investment trust's stock valued at $108,553,000 after acquiring an additional 340,742 shares during the period. Finally, Brookfield Corp ON boosted its holdings in shares of American Tower by 88.3% in the 3rd quarter. Brookfield Corp ON now owns 710,725 shares of the real estate investment trust's stock valued at $165,286,000 after acquiring an additional 333,209 shares during the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Rodney M. Smith sold 16,567 shares of the company'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 owns 62,792 shares of the company's stock, valued at approximately $11,371,631.20. This represents a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.18% of the company's stock.

American Tower Price Performance

Shares of NYSE:AMT traded up $1.89 during trading on Wednesday, reaching $209.01. The stock had a trading volume of 1,969,651 shares, compared to its average volume of 2,219,904. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. American Tower Co. has a 1-year low of $170.46 and a 1-year high of $243.56. The stock has a market cap of $97.67 billion, a PE ratio of 88.19, a PEG ratio of 1.29 and a beta of 0.85. The business has a fifty day moving average price of $188.05 and a 200-day moving average price of $206.43.

American Tower (NYSE:AMT - Get Free Report) last announced its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.83. The company 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 quarterly 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. On average, equities analysts forecast that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, December 27th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.10%. The ex-dividend date was Friday, December 27th. American Tower's payout ratio is currently 134.72%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. BMO Capital Markets raised 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. Wells Fargo & Company decreased their price objective on American Tower from $215.00 to $195.00 and set an "equal weight" rating for the company in a report on Thursday, January 23rd. The Goldman Sachs Group dropped their target price on American Tower from $260.00 to $234.00 and set a "buy" rating on the stock in a report on Thursday, December 12th. Mizuho lowered their price objective 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. Finally, Citigroup decreased their target price on shares of American Tower from $255.00 to $220.00 and set a "buy" rating for the company in a research note on Friday, February 14th. 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $225.21.

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.