Pinnacle Bancorp Inc. Has $703,000 Stake in American Tower Corporation (NYSE:AMT)

Pinnacle Bancorp Inc. grew its stake in American Tower Corporation (NYSE:AMT) by 245.9% during the 1st quarter, HoldingsChannel reports. The firm owned 3,231 shares of the real estate investment trust’s stock after acquiring an additional 2,297 shares during the quarter. Pinnacle Bancorp Inc.’s holdings in American Tower were worth $703,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Brighton Jones LLC lifted its holdings in American Tower by 113.0% in the fourth quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust’s stock valued at $727,000 after buying an additional 2,104 shares during the period. Venturi Wealth Management LLC lifted its stake in American Tower by 108.0% in the fourth quarter. Venturi Wealth Management LLC now owns 337 shares of the real estate investment trust’s stock valued at $62,000 after buying an additional 175 shares during the period. Sigma Planning Corp grew its holdings in American Tower by 7.5% during the fourth quarter. Sigma Planning Corp now owns 7,363 shares of the real estate investment trust’s stock valued at $1,350,000 after purchasing an additional 514 shares during the period. Pring Turner Capital Group Inc. increased its stake in American Tower by 23.2% in the fourth quarter. Pring Turner Capital Group Inc. now owns 5,706 shares of the real estate investment trust’s stock valued at $1,047,000 after purchasing an additional 1,073 shares in the last quarter. Finally, Pine Valley Investments Ltd Liability Co grew its holdings in shares of American Tower by 23.7% in the 4th quarter. Pine Valley Investments Ltd Liability Co now owns 12,585 shares of the real estate investment trust’s stock valued at $2,320,000 after buying an additional 2,412 shares during the period. 92.69% of the stock is currently owned by institutional investors.

American Tower Price Performance

Shares of NYSE AMT opened at $224.07 on Wednesday. The stock has a market capitalization of $104.90 billion, a P/E ratio of 57.60, a P/E/G ratio of 1.64 and a beta of 0.81. The company has a debt-to-equity ratio of 3.43, a current ratio of 0.81 and a quick ratio of 0.81. The company’s 50-day moving average is $215.86 and its 200 day moving average is $203.55. American Tower Corporation has a 1 year low of $172.51 and a 1 year high of $243.56.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, topping analysts’ consensus estimates of $2.41 by $0.34. The firm had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.54 billion. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The company’s quarterly revenue was down 9.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.79 earnings per share. On average, sell-side analysts expect that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 13th will be paid a dividend of $1.70 per share. The ex-dividend date is Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.03%. American Tower’s dividend payout ratio is currently 174.81%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AMT. Bank of America assumed coverage on American Tower in a report on Monday, May 19th. They set a “buy” rating and a $255.00 target price for the company. Citigroup upped their price target on American Tower from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Raymond James Financial lifted their price target on American Tower from $231.00 to $251.00 and gave the stock a “strong-buy” rating in a report on Wednesday, April 30th. Wells Fargo & Company upped their price objective on American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, April 30th. Finally, BMO Capital Markets lifted their target price on American Tower from $210.00 to $220.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, American Tower presently has an average rating of “Buy” and an average price target of $240.25.

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.