C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Buys Shares of 1,273 American Tower Co. (NYSE:AMT)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in shares of American Tower Co. (NYSE:AMT) during the fourth quarter, Holdings Channel.com reports. The fund purchased 1,273 shares of the real estate investment trust’s stock, valued at approximately $233,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AMT. CX Institutional raised its position in shares of American Tower by 2.9% during the 3rd quarter. CX Institutional now owns 1,933 shares of the real estate investment trust’s stock worth $450,000 after buying an additional 54 shares in the last quarter. Creative Planning raised its holdings in shares of American Tower by 7.1% in the 3rd quarter. Creative Planning now owns 75,640 shares of the real estate investment trust’s stock worth $17,591,000 after purchasing an additional 4,999 shares in the last quarter. SPC Financial Inc. raised its holdings in shares of American Tower by 4.1% in the 3rd quarter. SPC Financial Inc. now owns 3,071 shares of the real estate investment trust’s stock worth $714,000 after purchasing an additional 120 shares in the last quarter. Good Life Advisors LLC bought a new stake in shares of American Tower in the 3rd quarter worth approximately $201,000. Finally, Global Retirement Partners LLC raised its holdings in shares of American Tower by 4.4% in the 3rd quarter. Global Retirement Partners LLC now owns 8,010 shares of the real estate investment trust’s stock worth $1,863,000 after purchasing an additional 338 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

American Tower Stock Performance

Shares of AMT opened at $189.41 on Friday. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56. The company’s fifty day moving average is $187.05 and its 200-day moving average is $209.07. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The firm has a market cap of $88.51 billion, a price-to-earnings ratio of 79.92, a price-to-earnings-growth ratio of 1.27 and a beta of 0.84.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Friday, December 27th were paid a $1.62 dividend. The ex-dividend date was Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a yield of 3.42%. American Tower’s payout ratio is presently 273.42%.

Insider Activity at American Tower

In related news, CFO Rodney M. Smith sold 16,567 shares of the firm’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total value of $3,000,283.70. Following the transaction, the chief financial officer now directly owns 62,792 shares in the company, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.18% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Citizens Jmp upgraded shares of American Tower to a “strong-buy” rating in a report on Monday, January 27th. JMP Securities began coverage on shares of American Tower in a report on Monday, January 27th. They set an “outperform” rating and a $225.00 price target on the stock. Barclays reduced their price target on shares of American Tower from $215.00 to $214.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Citigroup reduced their price target on shares of American Tower from $255.00 to $220.00 and set a “buy” rating for the company in a research report on Friday. Finally, Mizuho reduced their price target on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $225.79.

American Tower Company 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.