First Pacific Financial Sells 248 Shares of American Tower Corporation $AMT

First Pacific Financial decreased its holdings in American Tower Corporation (NYSE:AMT) by 6.4% in the second quarter, Holdings Channel reports. The firm owned 3,653 shares of the real estate investment trust’s stock after selling 248 shares during the quarter. First Pacific Financial’s holdings in American Tower were worth $807,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. North Capital Inc. bought a new position in American Tower during the first quarter valued at approximately $25,000. Hopwood Financial Services Inc. lifted its position in American Tower by 100.0% during the first quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 60 shares during the period. E Fund Management Hong Kong Co. Ltd. bought a new position in American Tower during the first quarter valued at approximately $31,000. City Holding Co. bought a new position in American Tower during the first quarter valued at approximately $39,000. Finally, Saudi Central Bank bought a new stake in shares of American Tower during the 1st quarter valued at about $40,000. Institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on AMT shares. JPMorgan Chase & Co. boosted their price target on American Tower from $250.00 to $255.00 and gave the company an “overweight” rating in a research note on Wednesday, July 30th. UBS Group boosted their price target on American Tower from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Tuesday, July 8th. Royal Bank Of Canada raised their target price on American Tower from $250.00 to $260.00 and gave the stock an “outperform” rating in a report on Thursday, July 31st. Raymond James Financial set a $250.00 target price on American Tower and gave the stock a “strong-buy” rating in a report on Wednesday, July 30th. Finally, Wells Fargo & Company decreased their target price on American Tower from $240.00 to $230.00 and set an “overweight” rating on the stock in a report on Wednesday, July 30th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, American Tower presently has an average rating of “Moderate Buy” and a consensus price target of $244.73.

Insider Activity

In related news, CEO Juan Font sold 720 shares of the firm’s stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $208.33, for a total transaction of $149,997.60. Following the completion of the sale, the chief executive officer directly owned 23,425 shares of the company’s stock, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.18% of the company’s stock.

American Tower Stock Down 1.4%

Shares of NYSE:AMT opened at $191.76 on Wednesday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $234.47. The company has a 50-day moving average price of $203.87 and a 200 day moving average price of $212.22. The company has a market cap of $89.79 billion, a price-to-earnings ratio of 69.73, a PEG ratio of 1.20 and a beta of 0.86.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share for the quarter, beating analysts’ consensus estimates of $2.59 by $0.01. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The business had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.58 billion. During the same quarter in the previous year, the business posted $2.79 earnings per share. The business’s revenue was down 9.4% compared to the same quarter last year. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. As a group, equities research analysts predict that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Tuesday, September 30th will be paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Tuesday, September 30th. American Tower’s dividend payout ratio (DPR) is currently 247.27%.

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.