Cadence Bank Lowers Stock Holdings in American Tower Co. (NYSE:AMT)

Cadence Bank lessened its holdings in American Tower Co. (NYSE:AMT) by 3.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 3,267 shares of the real estate investment trust’s stock after selling 113 shares during the quarter. Cadence Bank’s holdings in American Tower were worth $760,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of AMT. Cultivar Capital Inc. bought a new stake in American Tower during the second quarter valued at about $25,000. Fortitude Family Office LLC raised its holdings in American Tower by 269.0% during the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 78 shares during the period. Fairscale Capital LLC bought a new stake in American Tower during the second quarter valued at about $27,000. Hobbs Group Advisors LLC bought a new stake in American Tower during the second quarter valued at about $29,000. Finally, Northwest Investment Counselors LLC bought a new stake in American Tower during the third quarter valued at about $30,000. 92.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on AMT. StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. lifted their target price on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Mizuho lifted their target price on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. TD Cowen lifted their target price on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $235.54.

American Tower Trading Up 0.6 %

Shares of NYSE AMT opened at $209.31 on Thursday. The business’s 50 day moving average is $216.94 and its two-hundred day moving average is $212.14. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick 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 capitalization of $97.81 billion, a P/E ratio of 88.32, a PEG ratio of 1.38 and a beta of 0.84.

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

American Tower Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 3.10%. American Tower’s dividend payout ratio (DPR) is presently 273.42%.

American Tower 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.