PNC Financial Services Group Inc. Cuts Holdings in American Tower Corporation $AMT

PNC Financial Services Group Inc. lowered its stake in American Tower Corporation (NYSE:AMT) by 4.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 295,232 shares of the real estate investment trust’s stock after selling 12,797 shares during the period. PNC Financial Services Group Inc. owned about 0.06% of American Tower worth $65,252,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in AMT. Brighton Jones LLC lifted its stake 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 worth $727,000 after acquiring an additional 2,104 shares during the last quarter. CWM LLC raised its holdings in shares of American Tower by 8.2% in the 1st quarter. CWM LLC now owns 16,580 shares of the real estate investment trust’s stock valued at $3,608,000 after purchasing an additional 1,255 shares in the last quarter. Apollon Wealth Management LLC lifted its position in shares of American Tower by 1.9% during the 1st quarter. Apollon Wealth Management LLC now owns 7,593 shares of the real estate investment trust’s stock worth $1,652,000 after purchasing an additional 142 shares during the last quarter. Larson Financial Group LLC grew its stake in shares of American Tower by 434.0% during the first quarter. Larson Financial Group LLC now owns 1,052 shares of the real estate investment trust’s stock worth $229,000 after purchasing an additional 855 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in American Tower by 7.6% in the first quarter. Victory Capital Management Inc. now owns 186,161 shares of the real estate investment trust’s stock valued at $40,509,000 after buying an additional 13,108 shares during the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Trading Down 1.3%

NYSE:AMT opened at $181.02 on Friday. The company has a market capitalization of $84.74 billion, a PE ratio of 28.92, a P/E/G ratio of 1.08 and a beta of 0.85. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $234.33. The stock’s 50 day moving average price is $188.66 and its 200 day moving average price is $205.73. The company has a quick ratio of 0.95, a current ratio of 0.89 and a debt-to-equity ratio of 3.24.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.64 by $0.14. The business had revenue of $2.72 billion during the quarter, compared to the consensus estimate of $2.65 billion. American Tower had a return on equity of 28.79% and a net margin of 28.11%.The company’s revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the company earned $2.52 earnings per share. American Tower has set its FY 2025 guidance at 10.600-10.720 EPS. On average, research analysts anticipate that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, October 20th. Investors of record on Tuesday, September 30th were paid a dividend of $1.70 per share. The ex-dividend date was Tuesday, September 30th. This represents a $6.80 dividend on an annualized basis and a yield of 3.8%. American Tower’s dividend payout ratio is currently 108.63%.

Insider Transactions at American Tower

In other American Tower news, Director Eugene F. Reilly acquired 5,554 shares of the company’s stock in a transaction on Friday, October 31st. The shares were bought at an average cost of $178.99 per share, for a total transaction of $994,110.46. Following the completion of the purchase, the director owned 5,689 shares in the company, valued at $1,018,274.11. This trade represents a 4,114.07% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on AMT shares. Morgan Stanley decreased their price target on American Tower from $270.00 to $235.00 and set an “overweight” rating for the company in a report on Thursday, October 16th. Royal Bank Of Canada set a $220.00 target price on American Tower and gave the stock a “sector perform” rating in a research report on Wednesday, October 1st. Jefferies Financial Group lowered their price target on American Tower from $281.00 to $226.00 and set a “buy” rating for the company in a report on Monday, October 13th. Citigroup reissued a “market outperform” rating on shares of American Tower in a report on Wednesday, October 29th. Finally, Raymond James Financial restated a “strong-buy” rating and set a $231.00 price objective (down previously from $250.00) on shares of American Tower in a research report on Wednesday, October 29th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $231.11.

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.