Arrow Financial Corp Trims Holdings in American Tower Co. (NYSE:AMT)

Arrow Financial Corp lessened its stake in American Tower Co. (NYSE:AMT) by 2.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,472 shares of the real estate investment trust’s stock after selling 65 shares during the period. Arrow Financial Corp’s holdings in American Tower were worth $575,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Cultivar Capital Inc. bought a new position in shares of American Tower during the second quarter worth about $25,000. Fortitude Family Office LLC raised its stake 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 buying an additional 78 shares in the last quarter. Fairscale Capital LLC bought a new position in American Tower during the 2nd quarter worth approximately $27,000. Hobbs Group Advisors LLC acquired a new position in shares of American Tower in the 2nd quarter worth approximately $29,000. Finally, Northwest Investment Counselors LLC bought a new stake in shares of American Tower in the 3rd quarter valued at approximately $30,000. 92.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have commented on AMT. TD Cowen lifted their price objective on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Mizuho boosted their price objective on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Royal Bank of Canada lifted their target price on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. Finally, Barclays increased their price target on American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. 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 MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $235.85.

American Tower Stock Up 2.0 %

Shares of American Tower stock opened at $201.80 on Friday. 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 business’s fifty day moving average price is $226.12 and its two-hundred day moving average price is $209.83. The company has a market capitalization of $94.30 billion, a P/E ratio of 85.15, a PEG ratio of 1.34 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 analysts’ consensus estimates of $2.45 by ($1.56). The company had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. American Tower’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.58 earnings per share. As a group, research analysts forecast that American Tower Co. will post 10.08 EPS for the current year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is presently 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.