First United Bank & Trust Sells 125 Shares of American Tower Co. (NYSE:AMT)

16 Oct 2024, 06:13 by Doug Wharley · The Cerbat Gem

First United Bank & Trust cut its holdings in American Tower Co. (NYSE:AMT – Free Report) by 6.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,852 shares of the real estate investment trust’s stock after selling 125 shares during the period. First United Bank & Trust’s holdings in American Tower were worth $431,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Meyer Handelman Co. purchased a new stake in American Tower in the 1st quarter worth about $801,000. Czech National Bank grew its stake in American Tower by 6.9% in the 3rd quarter. Czech National Bank now owns 95,149 shares of the real estate investment trust’s stock worth $22,128,000 after acquiring an additional 6,163 shares in the last quarter. Kingsview Wealth Management LLC grew its stake in American Tower by 13.8% in the 1st quarter. Kingsview Wealth Management LLC now owns 38,528 shares of the real estate investment trust’s stock worth $7,613,000 after acquiring an additional 4,660 shares in the last quarter. Tidal Investments LLC grew its stake in American Tower by 27.7% in the 1st quarter. Tidal Investments LLC now owns 20,401 shares of the real estate investment trust’s stock worth $4,029,000 after acquiring an additional 4,430 shares in the last quarter. Finally, Cetera Advisors LLC boosted its stake in shares of American Tower by 29.0% during the first quarter. Cetera Advisors LLC now owns 41,284 shares of the real estate investment trust’s stock valued at $8,157,000 after purchasing an additional 9,275 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other American Tower news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total transaction of $508,020.33. Following the completion of the transaction, the chief accounting officer now owns 31,873 shares in the company, valued at approximately $7,424,177.89. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $232.93, for a total value of $508,020.33. Following the sale, the chief accounting officer now directly owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Olivier Puech sold 10,005 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the sale, the executive vice president now directly owns 51,746 shares in the company, valued at $12,070,789.42. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,723 shares of company stock worth $7,795,397. 0.18% of the stock is owned by insiders.

American Tower Price Performance

Shares of AMT opened at $229.51 on Wednesday. American Tower Co. has a fifty-two week low of $157.25 and a fifty-two week high of $243.56. The firm’s 50 day moving average price is $228.51 and its 200 day moving average price is $205.91. The company has a market cap of $107.18 billion, a P/E ratio of 51.93, a PEG ratio of 1.00 and a beta of 0.83. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42.

American Tower (NYSE:AMT – Get Free Report) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The company had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. During the same quarter in the previous year, the company posted $2.46 EPS. The company’s quarterly revenue was up 4.7% on a year-over-year basis. On average, research analysts forecast that American Tower Co. will post 10.13 earnings per share for the current fiscal year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 2.82%. American Tower’s payout ratio is currently 146.61%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. TD Cowen increased their price objective on shares of American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Royal Bank of Canada raised their target price on shares of American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. Scotiabank raised their target price on shares of American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 31st. The Goldman Sachs Group assumed coverage on shares of American Tower in a research note on Monday, July 1st. They issued a “buy” rating and a $230.00 target price for the company. Finally, Barclays raised their price target on shares of American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, American Tower presently has an average rating of “Moderate Buy” and a consensus price target of $235.21.

View Our Latest Analysis on American Tower

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