UMB Bank n.a. Lowers Holdings in American Tower Co. (NYSE:AMT)

Posted by on Jun 22nd, 2023

UMB Bank n.a. cut its holdings in American Tower Co. (NYSE:AMT – Get Rating) by 26.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,721 shares of the real estate investment trust’s stock after selling 4,174 shares during the period. UMB Bank n.a.’s holdings in American Tower were worth $2,395,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in AMT. BCK Partners Inc. purchased a new position in American Tower in the 1st quarter worth approximately $2,892,000. Fairfield Bush & CO. lifted its holdings in American Tower by 138.9% in the 1st quarter. Fairfield Bush & CO. now owns 2,829 shares of the real estate investment trust’s stock worth $711,000 after purchasing an additional 1,645 shares in the last quarter. Cetera Investment Advisers increased its stake in American Tower by 5.7% in the 1st quarter. Cetera Investment Advisers now owns 14,413 shares of the real estate investment trust’s stock worth $3,621,000 after acquiring an additional 771 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in American Tower by 33.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 3,015 shares of the real estate investment trust’s stock worth $757,000 after acquiring an additional 756 shares during the last quarter. Finally, Loomis Sayles & Co. L P increased its stake in American Tower by 1.4% in the 1st quarter. Loomis Sayles & Co. L P now owns 152,723 shares of the real estate investment trust’s stock worth $38,367,000 after acquiring an additional 2,071 shares during the last quarter. 97.13% of the stock is owned by hedge funds and other institutional investors.

American Tower Price Performance

Shares of AMT stock opened at $189.34 on Thursday. American Tower Co. has a twelve month low of $178.17 and a twelve month high of $282.47. The stock has a market capitalization of $88.24 billion, a price-to-earnings ratio of 63.11, a P/E/G ratio of 1.34 and a beta of 0.57. The stock has a fifty day simple moving average of $194.48 and a two-hundred day simple moving average of $204.96. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 2.83.

American Tower (NYSE:AMT – Get Rating) last issued its earnings results on Wednesday, April 26th. The real estate investment trust reported $0.72 earnings per share for the quarter, missing the consensus estimate of $2.28 by ($1.56). American Tower had a return on equity of 11.65% and a net margin of 12.85%. The firm had revenue of $2.77 billion during the quarter, compared to analysts’ expectations of $2.74 billion. During the same quarter in the prior year, the company posted $2.55 earnings per share. American Tower’s quarterly revenue was up 4.0% compared to the same quarter last year. On average, analysts predict that American Tower Co. will post 9.24 EPS for the current fiscal year.

American Tower Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 10th. Shareholders of record on Friday, June 16th will be issued a $1.57 dividend. This represents a $6.28 annualized dividend and a dividend yield of 3.32%. This is a boost from American Tower’s previous quarterly dividend of $1.56. The ex-dividend date of this dividend is Thursday, June 15th. American Tower’s dividend payout ratio is currently 209.33%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on AMT. Royal Bank of Canada reduced their price objective on American Tower from $240.00 to $230.00 and set an “outperform” rating on the stock in a research note on Monday, March 6th. Barclays lifted their price objective on American Tower from $229.00 to $233.00 in a research note on Monday, May 1st. Moffett Nathanson raised American Tower from a “market perform” rating to an “outperform” rating and reduced their price objective for the stock from $244.00 to $234.00 in a research note on Thursday, March 30th. Raymond James boosted their target price on American Tower from $227.00 to $238.00 in a research report on Thursday, April 27th. Finally, StockNews.com initiated coverage on American Tower in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $252.53.

American Tower Company Profile

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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 nearly 226,000 communications sites and a highly interconnected footprint of U.S. data center facilities.

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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