Cullen Frost Bankers Inc. Trims Stock Position in American Tower Co. (REIT) (NYSE:AMT)

Cullen Frost Bankers Inc. cut its stake in American Tower Co. (REIT) (NYSE:AMT) by 3.3% in the first quarter, Holdings Channel.com reports. The fund owned 71,913 shares of the real estate investment trust’s stock after selling 2,489 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in American Tower were worth $17,192,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in AMT. RWM Asset Management LLC purchased a new stake in American Tower in the fourth quarter valued at $25,000. McClarren Financial Advisors Inc. purchased a new stake in American Tower in the fourth quarter valued at $26,000. Northwest Investment Counselors LLC purchased a new stake in American Tower in the first quarter valued at $27,000. ForthRight Wealth Management LLC purchased a new stake in American Tower in the fourth quarter valued at $28,000. Finally, Vantage Consulting Group Inc purchased a new stake in American Tower in the fourth quarter valued at $28,000. 89.97% of the stock is owned by hedge funds and other institutional investors.

In related news, CEO Amit Sharma sold 40,276 shares of the business’s stock in a transaction dated Monday, May 10th. The shares were sold at an average price of $248.48, for a total transaction of $10,007,780.48. Following the sale, the chief executive officer now owns 259,622 shares of the company’s stock, valued at $64,510,874.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Rodney M. Smith sold 18,657 shares of the company’s stock in a transaction dated Monday, May 10th. The shares were sold at an average price of $249.11, for a total transaction of $4,647,645.27. Following the completion of the sale, the chief financial officer now directly owns 69,640 shares in the company, valued at approximately $17,348,020.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 62,201 shares of company stock worth $15,374,386. 0.65% of the stock is owned by insiders.

AMT has been the topic of a number of recent research reports. Jefferies Financial Group initiated coverage on shares of American Tower in a research note on Monday, April 19th. They issued a “buy” rating and a $278.00 price objective on the stock. Wells Fargo & Company lifted their price objective on shares of American Tower from $245.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, April 30th. KeyCorp upgraded shares of American Tower from a “sector weight” rating to an “overweight” rating and set a $275.00 price objective on the stock in a research note on Wednesday, March 31st. Raymond James lifted their price objective on shares of American Tower from $244.00 to $261.00 and gave the company an “outperform” rating in a research note on Monday, May 10th. Finally, Zacks Investment Research lowered shares of American Tower from a “buy” rating to a “hold” rating and set a $227.00 price objective on the stock. in a research note on Tuesday, March 2nd. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $275.83.

AMT stock opened at $246.76 on Friday. The company has a market cap of $109.76 billion, a P/E ratio of 58.34, a P/E/G ratio of 1.57 and a beta of 0.25. American Tower Co. has a 52 week low of $197.50 and a 52 week high of $272.20. The company’s 50-day moving average price is $245.88 and its 200 day moving average price is $230.10. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 5.73.

American Tower (NYSE:AMT) last released its quarterly earnings data on Wednesday, April 28th. The real estate investment trust reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.80). American Tower had a return on equity of 42.42% and a net margin of 24.08%. On average, equities research analysts expect that American Tower Co. will post 8.16 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 29th. Investors of record on Tuesday, April 13th were issued a dividend of $1.24 per share. The ex-dividend date of this dividend was Monday, April 12th. This represents a $4.96 dividend on an annualized basis and a yield of 2.01%. This is an increase from American Tower’s previous quarterly dividend of $1.21. American Tower’s payout ratio is currently 64.17%.

American Tower 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 approximately 181,000 communications sites.

Further Reading: Why do companies issue stock splits?

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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