Truist Financial Corp Sells 4,754 Shares of American Tower Co. (NYSE:AMT)

Truist Financial Corp lessened its holdings in shares of American Tower Co. (NYSE:AMT - Free Report) by 3.2% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 141,886 shares of the real estate investment trust's stock after selling 4,754 shares during the period. Truist Financial Corp's holdings in American Tower were worth $26,023,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. CIBC Asset Management Inc boosted its position in shares of American Tower by 2.4% during the fourth quarter. CIBC Asset Management Inc now owns 90,746 shares of the real estate investment trust's stock worth $16,644,000 after purchasing an additional 2,136 shares in the last quarter. Raelipskie Partnership boosted its position in shares of American Tower by 7.1% during the fourth quarter. Raelipskie Partnership now owns 5,304 shares of the real estate investment trust's stock worth $973,000 after purchasing an additional 350 shares in the last quarter. Allworth Financial LP boosted its position in shares of American Tower by 380.2% during the fourth quarter. Allworth Financial LP now owns 34,642 shares of the real estate investment trust's stock worth $6,419,000 after purchasing an additional 27,428 shares in the last quarter. Palumbo Wealth Management LLC boosted its position in shares of American Tower by 2.6% during the fourth quarter. Palumbo Wealth Management LLC now owns 3,812 shares of the real estate investment trust's stock worth $699,000 after purchasing an additional 98 shares in the last quarter. Finally, TigerOak Management L.L.C. bought a new position in shares of American Tower during the fourth quarter worth $1,102,000. Institutional investors and hedge funds own 92.69% of the company's stock.

Insider Buying and Selling at American Tower

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

American Tower Price Performance

Shares of American Tower stock traded down $1.06 on Friday, reaching $191.32. 3,304,311 shares of the stock were exchanged, compared to its average volume of 2,179,106. The firm has a market cap of $89.40 billion, a PE ratio of 80.73, a P/E/G ratio of 1.27 and a beta of 0.84. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. The firm's 50 day moving average is $185.78 and its 200-day moving average is $207.88. American Tower Co. has a one year low of $170.46 and a one year high of $243.56.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, December 27th were given a $1.62 dividend. The ex-dividend date was Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a yield of 3.39%. American Tower's dividend payout ratio is currently 273.42%.

Analysts Set New Price Targets

AMT has been the topic of several research reports. Citizens Jmp raised shares of American Tower to a "strong-buy" rating in a research report on Monday, January 27th. Citigroup cut 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. The Goldman Sachs Group cut their price objective on shares of American Tower from $260.00 to $234.00 and set a "buy" rating on the stock in a research report on Thursday, December 12th. Wells Fargo & Company cut 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. Finally, StockNews.com cut shares of American Tower from a "buy" rating to a "hold" rating in a research report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $225.79.

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.