Evercore Wealth Management LLC Sells 11,366 Shares of American Tower Corporation $AMT

Evercore Wealth Management LLC lessened its position in shares of American Tower Corporation (NYSE:AMT) by 3.2% during the first quarter, Holdings Channel reports. The institutional investor owned 346,150 shares of the real estate investment trust’s stock after selling 11,366 shares during the quarter. Evercore Wealth Management LLC’s holdings in American Tower were worth $59,739,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in AMT. J. Stern & Co. LLP raised its stake in American Tower by 28,121.1% in the 4th quarter. J. Stern & Co. LLP now owns 37,686,978 shares of the real estate investment trust’s stock valued at $6,616,703,000 after acquiring an additional 37,553,436 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in American Tower by 20,721.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 9,712,672 shares of the real estate investment trust’s stock valued at $1,705,254,000 after purchasing an additional 9,666,025 shares during the last quarter. Norges Bank bought a new position in American Tower during the fourth quarter worth about $1,171,180,000. Lazard Asset Management LLC boosted its position in American Tower by 1,984.8% during the third quarter. Lazard Asset Management LLC now owns 4,464,382 shares of the real estate investment trust’s stock worth $858,552,000 after purchasing an additional 4,250,242 shares during the period. Finally, Capital International Investors increased its stake in shares of American Tower by 157.0% in the fourth quarter. Capital International Investors now owns 3,871,368 shares of the real estate investment trust’s stock worth $679,696,000 after purchasing an additional 2,364,898 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on AMT. Raymond James Financial restated a “strong-buy” rating and set a $240.00 price target on shares of American Tower in a research note on Wednesday, April 29th. Mizuho upgraded shares of American Tower from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $189.00 to $205.00 in a research note on Wednesday, April 15th. Barclays lowered their target price on shares of American Tower from $200.00 to $195.00 and set an “equal weight” rating on the stock in a report on Thursday, April 16th. Royal Bank Of Canada raised American Tower from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $195.00 to $205.00 in a report on Friday, June 26th. Finally, Citizens Jmp reiterated a “market outperform” rating and issued a $260.00 price target on shares of American Tower in a research report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $215.57.

American Tower Price Performance

AMT stock opened at $166.69 on Tuesday. The firm has a 50 day moving average of $176.56 and a 200-day moving average of $178.30. The firm has a market capitalization of $77.66 billion, a P/E ratio of 26.93, a price-to-earnings-growth ratio of 0.70 and a beta of 0.91. American Tower Corporation has a 12 month low of $160.06 and a 12 month high of $229.07. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 3.07.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, April 28th. The real estate investment trust reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $1.24. American Tower had a net margin of 26.81% and a return on equity of 27.79%. The business had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.66 billion. During the same quarter in the prior year, the firm posted $2.75 EPS. American Tower’s revenue was up 6.8% on a year-over-year basis. As a group, sell-side analysts predict that American Tower Corporation will post 10.66 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Friday, June 12th were given a dividend of $1.79 per share. This represents a $7.16 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date was Friday, June 12th. American Tower’s payout ratio is 115.67%.

Insider Buying and Selling at American Tower

In related news, EVP Ruth T. Dowling sold 416 shares of the stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $177.54, for a total value of $73,856.64. Following the sale, the executive vice president owned 29,461 shares in the company, valued at approximately $5,230,505.94. This trade represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.08% of the company’s stock.

About American Tower

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.