Reliance Trust Co. of Delaware Increases Position in American Tower Corporation (REIT) (NYSE:AMT)

Reliance Trust Co. of Delaware boosted its stake in shares of American Tower Corporation (REIT) (NYSE:AMT) by 7.0% during the second quarter, Holdings Channel reports. The fund owned 10,182 shares of the real estate investment trust’s stock after buying an additional 664 shares during the period. Reliance Trust Co. of Delaware’s holdings in American Tower Corporation (REIT) were worth $1,347,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its stake in shares of American Tower Corporation (REIT) by 2.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 169,896 shares of the real estate investment trust’s stock valued at $17,959,000 after buying an additional 4,377 shares during the last quarter. CENTRAL TRUST Co boosted its stake in shares of American Tower Corporation (REIT) by 24.3% in the first quarter. CENTRAL TRUST Co now owns 4,134 shares of the real estate investment trust’s stock valued at $503,000 after buying an additional 807 shares during the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of American Tower Corporation (REIT) during the first quarter valued at about $29,700,000. Raymond James Trust N.A. boosted its stake in shares of American Tower Corporation (REIT) by 5.5% in the first quarter. Raymond James Trust N.A. now owns 6,422 shares of the real estate investment trust’s stock valued at $781,000 after buying an additional 336 shares during the last quarter. Finally, Stock Yards Bank & Trust Co. boosted its stake in shares of American Tower Corporation (REIT) by 4.3% in the first quarter. Stock Yards Bank & Trust Co. now owns 94,511 shares of the real estate investment trust’s stock valued at $11,487,000 after buying an additional 3,916 shares during the last quarter. Hedge funds and other institutional investors own 93.26% of the company’s stock.

Shares of American Tower Corporation (AMT) opened at 137.57 on Friday. The stock’s 50 day moving average price is $133.71 and its 200-day moving average price is $122.47. The firm has a market capitalization of $59.04 billion, a PE ratio of 55.03 and a beta of 0.71. American Tower Corporation has a 12 month low of $99.72 and a 12 month high of $139.50.

American Tower Corporation (REIT) (NYSE:AMT) last released its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.55 by $0.75. The company had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.64 billion. American Tower Corporation (REIT) had a net margin of 18.58% and a return on equity of 16.70%. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.38 earnings per share. On average, equities analysts anticipate that American Tower Corporation will post $3.04 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Monday, June 19th were paid a $0.64 dividend. The ex-dividend date was Thursday, June 15th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 1.86%. This is a boost from American Tower Corporation (REIT)’s previous quarterly dividend of $0.62. American Tower Corporation (REIT)’s payout ratio is 102.81%.

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AMT has been the topic of several research reports. Guggenheim upgraded American Tower Corporation (REIT) from a “neutral” rating to a “buy” rating and upped their price objective for the company from $117.00 to $135.00 in a research note on Monday, April 10th. Royal Bank Of Canada upped their price objective on American Tower Corporation (REIT) from $134.00 to $145.00 and gave the company an “outperform” rating in a research note on Friday, April 28th. Zacks Investment Research upgraded American Tower Corporation (REIT) from a “hold” rating to a “buy” rating and set a $142.00 price objective on the stock in a research note on Thursday, May 4th. Citigroup Inc. cut American Tower Corporation (REIT) to an “outperform” rating and set a $147.00 price objective on the stock. in a research note on Monday, June 12th. Finally, Raymond James Financial, Inc. restated an “outperform” rating on shares of American Tower Corporation (REIT) in a research note on Monday, June 12th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. American Tower Corporation (REIT) has a consensus rating of “Buy” and a consensus price target of $142.67.

In other news, EVP Steven C. Marshall sold 20,548 shares of American Tower Corporation (REIT) stock in a transaction that occurred on Tuesday, June 27th. The shares were sold at an average price of $134.92, for a total value of $2,772,336.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David E. Sharbutt sold 3,653 shares of American Tower Corporation (REIT) stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $128.61, for a total transaction of $469,812.33. Following the completion of the transaction, the director now owns 10,098 shares of the company’s stock, valued at approximately $1,298,703.78. The disclosure for this sale can be found here. Insiders sold 85,297 shares of company stock valued at $10,975,069 in the last quarter. 0.86% of the stock is currently owned by corporate insiders.

About American Tower Corporation (REIT)

American Tower Corporation (ATC) is a holding company. The Company operates as a real estate investment trust (REIT), which owns, operates and develops multitenant communications real estate. ATC’s segments include U.S. property, Asia property, EMEA property, Latin America property, Services and Other.

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