Prestige Wealth Management Group LLC Acquires 5,882 Shares of American Tower Co. (NYSE:AMT)

Prestige Wealth Management Group LLC lifted its holdings in shares of American Tower Co. (NYSE:AMT) by 6,257.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,976 shares of the real estate investment trust’s stock after buying an additional 5,882 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in American Tower were worth $1,390,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Cultivar Capital Inc. bought a new stake in shares of American Tower during the 2nd quarter valued at $25,000. Fortitude Family Office LLC increased its holdings in American Tower by 269.0% in the third 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 acquired a new position in American Tower in the second quarter valued at about $27,000. Hobbs Group Advisors LLC bought a new position in American Tower during the second quarter worth about $29,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of American Tower during the 3rd quarter worth about $30,000. 92.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

AMT has been the topic of a number of analyst reports. Mizuho increased their price target on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Royal Bank of Canada increased their target price on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. JPMorgan Chase & Co. boosted their price target on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. StockNews.com downgraded American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $235.54.

American Tower Trading Up 0.9 %

NYSE AMT opened at $209.02 on Tuesday. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. The stock’s 50 day moving average price is $212.85 and its two-hundred day moving average price is $213.27. The stock has a market capitalization of $97.67 billion, a price-to-earnings ratio of 88.19, a PEG ratio of 1.38 and a beta of 0.83.

American Tower (NYSE:AMT) last announced its quarterly earnings data 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). The business had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The business’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.58 EPS. As a group, analysts anticipate that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, December 27th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.10%. The ex-dividend date is Friday, December 27th. American Tower’s payout ratio is 273.42%.

American Tower Company Profile

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.