Pinnacle Financial Partners Inc Decreases Stock Holdings in American Tower Co. (NYSE:AMT)

Pinnacle Financial Partners Inc lowered its position in American Tower Co. (NYSE:AMT) by 1.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 71,775 shares of the real estate investment trust’s stock after selling 1,174 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in American Tower were worth $16,692,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of AMT. Cultivar Capital Inc. purchased a new stake in shares of American Tower in the second quarter valued at approximately $25,000. Fortitude Family Office LLC grew its position in shares of 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 period. Fairscale Capital LLC acquired a new position in shares of American Tower during the 2nd quarter valued at about $27,000. Hobbs Group Advisors LLC purchased a new position in shares of American Tower in the 2nd quarter worth $29,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of American Tower during the 3rd quarter worth about $30,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Trading Down 1.2 %

Shares of American Tower stock opened at $193.72 on Wednesday. The stock has a market cap of $90.52 billion, a PE ratio of 81.74, a PEG ratio of 1.31 and a beta of 0.84. 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 firm has a 50-day moving average of $224.82 and a 200-day moving average of $210.66. American Tower Co. has a 52-week low of $170.46 and a 52-week high of $243.56.

American Tower (NYSE:AMT) last announced its quarterly earnings results 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). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.77 billion. During the same period in the previous year, the business posted $2.58 earnings per share. The business’s revenue for the quarter was down 10.5% compared to the same quarter last year. As a group, sell-side analysts forecast that American Tower Co. will post 10.08 EPS for the current year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date was Wednesday, October 9th. American Tower’s payout ratio is 273.42%.

Analysts Set New Price Targets

AMT has been the topic of a number of recent analyst reports. Scotiabank cut their price objective on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a report on Wednesday, October 30th. TD Cowen upped their price target on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft lifted their price target on shares of American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Barclays raised their price objective on shares of American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Finally, BMO Capital Markets cut their price objective on American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $235.85.

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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.