American Tower Corp (NYSE:AMT) declared a quarterly dividend on Friday, September 7th, RTT News reports. Investors of record on Friday, September 28th will be given a dividend of 0.79 per share by the real estate investment trust on Wednesday, October 17th. This represents a $3.16 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend is Thursday, September 27th. This is an increase from American Tower’s previous quarterly dividend of $0.77.

American Tower has raised its dividend payment by an average of 34.8% per year over the last three years and has raised its dividend annually for the last 6 consecutive years. American Tower has a dividend payout ratio of 44.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect American Tower to earn $7.89 per share next year, which means the company should continue to be able to cover its $3.16 annual dividend with an expected future payout ratio of 40.1%.

AMT stock opened at $145.42 on Wednesday. The company has a debt-to-equity ratio of 2.99, a quick ratio of 0.66 and a current ratio of 0.66. American Tower has a 52 week low of $130.37 and a 52 week high of $155.28. The stock has a market capitalization of $64.53 billion, a P/E ratio of 22.79, a price-to-earnings-growth ratio of 1.56 and a beta of 0.82.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, July 31st. The real estate investment trust reported $0.69 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.73 by ($1.04). American Tower had a net margin of 16.34% and a return on equity of 16.72%. The business had revenue of $1.78 billion during the quarter, compared to analyst estimates of $1.75 billion. During the same quarter last year, the company posted $1.58 earnings per share. The company’s revenue was up 7.1% on a year-over-year basis. analysts predict that American Tower will post 7.1 EPS for the current year.

In other news, Chairman James D. Taiclet, Jr. sold 43,843 shares of the stock in a transaction dated Monday, July 9th. The shares were sold at an average price of $142.66, for a total value of $6,254,642.38. Following the completion of the transaction, the chairman now owns 223,227 shares of the company’s stock, valued at $31,845,563.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman James D. Taiclet, Jr. sold 43,808 shares of the stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $150.65, for a total transaction of $6,599,675.20. The disclosure for this sale can be found here. Insiders have sold 124,124 shares of company stock valued at $18,269,268 in the last ninety days. 0.87% of the stock is currently owned by company insiders.

Several equities analysts recently commented on the stock. Argus upped their price target on shares of American Tower from $154.00 to $165.00 and gave the company a “buy” rating in a research note on Monday, August 20th. Oppenheimer upped their price target on shares of American Tower from $167.00 to $160.00 and gave the company an “outperform” rating in a research note on Wednesday, August 1st. Cowen restated a “buy” rating and issued a $161.00 price target on shares of American Tower in a research note on Wednesday, August 1st. Guggenheim restated a “hold” rating and issued a $160.00 price target on shares of American Tower in a research note on Tuesday, August 7th. Finally, Morgan Stanley upped their price objective on shares of American Tower from $154.00 to $160.00 and gave the stock an “overweight” rating in a research report on Thursday, August 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $162.14.

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 approximately 170,000 communications sites.

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Dividend History for American Tower (NYSE:AMT)

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