Washington Trust Advisors Inc. Sells 63 Shares of American Tower Co. (NYSE:AMT)

Washington Trust Advisors Inc. reduced its position in shares of American Tower Co. (NYSE:AMT) by 0.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 57,728 shares of the real estate investment trust’s stock after selling 63 shares during the period. American Tower accounts for about 1.2% of Washington Trust Advisors Inc.’s holdings, making the stock its 26th biggest holding. Washington Trust Advisors Inc.’s holdings in American Tower were worth $13,425,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of AMT. Norden Group LLC acquired a new position in American Tower in the first quarter worth approximately $463,000. Empowered Funds LLC boosted its position in shares of American Tower by 122.7% during the first quarter. Empowered Funds LLC now owns 14,580 shares of the real estate investment trust’s stock valued at $2,881,000 after buying an additional 8,033 shares during the last quarter. Montag A & Associates Inc. raised its stake in shares of American Tower by 111.5% during the 1st quarter. Montag A & Associates Inc. now owns 442 shares of the real estate investment trust’s stock valued at $87,000 after purchasing an additional 233 shares during the period. Atomi Financial Group Inc. boosted its holdings in American Tower by 2.5% during the 1st quarter. Atomi Financial Group Inc. now owns 4,285 shares of the real estate investment trust’s stock valued at $847,000 after acquiring an additional 103 shares during the period. Finally, Nixon Peabody Trust Co. increased its position in American Tower by 5.2% during the 1st quarter. Nixon Peabody Trust Co. now owns 48,277 shares of the real estate investment trust’s stock valued at $9,539,000 after buying an additional 2,378 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on AMT shares. BMO Capital Markets lowered their target price on American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. TD Cowen raised their target price on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. boosted their target price on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Barclays increased their price target on shares of American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Finally, Royal Bank of Canada raised their price objective on shares of American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, American Tower presently has a consensus rating of “Moderate Buy” and a consensus target price of $235.85.

American Tower Stock Up 2.0 %

AMT stock opened at $201.80 on Friday. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The company’s 50-day moving average price is $226.12 and its 200 day moving average price is $209.83. The company has a market cap of $94.30 billion, a P/E ratio of 85.15, a P/E/G ratio of 1.38 and a beta of 0.84.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing the consensus estimate of $2.45 by ($1.56). The firm had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The business’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.58 earnings per share. On average, research analysts expect that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.21%. The ex-dividend date was Wednesday, October 9th. American Tower’s payout ratio is 273.42%.

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.