Ladenburg Thalmann Financial Services Inc. lifted its stake in American Tower Corp (NYSE:AMT) by 2.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 71,133 shares of the real estate investment trust’s stock after purchasing an additional 1,954 shares during the period. Ladenburg Thalmann Financial Services Inc.’s holdings in American Tower were worth $9,725,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Shine Investment Advisory Services Inc. purchased a new position in American Tower in the second quarter valued at $100,000. Howe & Rusling Inc. lifted its holdings in American Tower by 1,608.0% during the 3rd quarter. Howe & Rusling Inc. now owns 854 shares of the real estate investment trust’s stock worth $117,000 after buying an additional 804 shares during the last quarter. Peddock Capital Advisors LLC purchased a new stake in American Tower during the 2nd quarter worth about $119,000. Legacy Advisors LLC acquired a new stake in shares of American Tower during the third quarter worth about $132,000. Finally, Glassman Wealth Services increased its position in shares of American Tower by 28.9% during the second quarter. Glassman Wealth Services now owns 1,029 shares of the real estate investment trust’s stock worth $136,000 after purchasing an additional 231 shares in the last quarter. Hedge funds and other institutional investors own 91.89% of the company’s stock.
In other news, EVP Edmund Disanto sold 10,000 shares of the company’s stock in a transaction on Friday, September 29th. The stock was sold at an average price of $136.00, for a total transaction of $1,360,000.00. Following the completion of the sale, the executive vice president now directly owns 151,928 shares in the company, valued at approximately $20,662,208. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman James D. Taiclet, Jr. sold 34,000 shares of the company’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $151.20, for a total value of $5,140,800.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 88,000 shares of company stock worth $12,619,900. 0.86% of the stock is owned by corporate insiders.
Shares of American Tower Corp (NYSE:AMT) opened at $144.05 on Tuesday. American Tower Corp has a 52 week low of $102.51 and a 52 week high of $155.28. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 2.61. The stock has a market capitalization of $61,099.11, a P/E ratio of 22.05, a P/E/G ratio of 1.68 and a beta of 0.73.
American Tower announced that its Board of Directors has initiated a stock repurchase plan on Thursday, December 7th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the real estate investment trust to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Thursday, December 28th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Wednesday, December 27th. This represents a $2.80 dividend on an annualized basis and a yield of 1.94%. This is a positive change from American Tower’s previous quarterly dividend of $0.66. American Tower’s dividend payout ratio is presently 100.38%.
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American Tower Profile
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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