First Western Trust Bank Reduces Stock Holdings in American Tower Co. (NYSE:AMT)

First Western Trust Bank trimmed its position in American Tower Co. (NYSE:AMT) by 12.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,579 shares of the real estate investment trust’s stock after selling 2,757 shares during the period. First Western Trust Bank’s holdings in American Tower were worth $4,553,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in AMT. Cultivar Capital Inc. purchased a new stake in American Tower in the second quarter valued at approximately $25,000. Fortitude Family Office LLC boosted its holdings in shares of American Tower by 269.0% in the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 78 shares during the last quarter. Fairscale Capital LLC purchased a new stake in shares of American Tower during the 2nd quarter valued at $27,000. Hobbs Group Advisors LLC acquired a new stake in shares of American Tower during the 2nd quarter worth $29,000. Finally, Northwest Investment Counselors LLC purchased a new position in shares of American Tower in the 3rd quarter worth $30,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Stock Performance

Shares of AMT stock opened at $196.45 on Monday. The company’s fifty day moving average price is $222.51 and its two-hundred day moving average price is $211.10. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The firm has a market capitalization of $91.80 billion, a P/E ratio of 82.89, a P/E/G ratio of 1.31 and a beta of 0.84. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The business had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.77 billion. During the same period in the prior year, the company posted $2.58 EPS. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. On average, research analysts anticipate that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.30%. The ex-dividend date was Wednesday, October 9th. American Tower’s payout ratio is currently 273.42%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Mizuho upped their price target on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research note on Thursday, September 12th. Deutsche Bank Aktiengesellschaft increased their target price on shares of American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Royal Bank of Canada lifted their price target on shares of American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Finally, Barclays raised their target price on shares of American Tower from $223.00 to $255.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $235.85.

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.