PNC Financial Services Group Inc. Has $52.08 Million Stock Position in American Tower Co. (NYSE:AMT)

PNC Financial Services Group Inc. lowered its stake in American Tower Co. (NYSE:AMT) by 2.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 283,970 shares of the real estate investment trust’s stock after selling 8,522 shares during the period. PNC Financial Services Group Inc.’s holdings in American Tower were worth $52,083,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Roxbury Financial LLC acquired a new position in American Tower in the 4th quarter valued at about $32,000. Legacy Investment Solutions LLC acquired a new position in shares of American Tower during the 3rd quarter worth approximately $34,000. Activest Wealth Management grew its position in shares of American Tower by 431.0% during the 3rd quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 125 shares in the last quarter. Bank of Jackson Hole Trust acquired a new position in shares of American Tower during the 4th quarter worth approximately $46,000. Finally, Versant Capital Management Inc grew its position in shares of American Tower by 113.9% during the 4th quarter. Versant Capital Management Inc now owns 261 shares of the real estate investment trust’s stock worth $48,000 after purchasing an additional 139 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analyst Upgrades and Downgrades

AMT has been the topic of a number of analyst reports. Mizuho decreased their target price on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. The Goldman Sachs Group decreased their target price on shares of American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Wells Fargo & Company decreased their target price on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 23rd. Citigroup cut their price target on shares of American Tower from $255.00 to $220.00 and set a “buy” rating for the company in a report on Friday, February 14th. Finally, Hsbc Global Res raised shares of American Tower to a “strong-buy” rating in a report on Thursday, February 27th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $225.21.

Insider Activity at American Tower

In other 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 transaction of $3,000,283.70. Following the completion of the transaction, the chief financial officer now owns 62,792 shares of the company’s stock, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.18% of the stock is owned by insiders.

American Tower Price Performance

Shares of NYSE:AMT opened at $212.49 on Monday. The company has a market cap of $99.29 billion, a price-to-earnings ratio of 89.66, a PEG ratio of 1.29 and a beta of 0.85. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The firm has a 50 day simple moving average of $189.60 and a 200 day simple moving average of $206.21. American Tower Co. has a one year low of $170.46 and a one year high of $243.56.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.62 EPS for the quarter, beating the consensus estimate of $1.79 by $0.83. The business had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.51 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm’s revenue was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.29 EPS. Research analysts predict that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, April 11th will be paid a $1.70 dividend. This is an increase from American Tower’s previous quarterly dividend of $1.62. The ex-dividend date of this dividend is Friday, April 11th. This represents a $6.80 annualized dividend and a yield of 3.20%. American Tower’s dividend payout ratio is presently 134.72%.

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.