Central Pacific Bank Trust Division Decreases Holdings in American Tower Co. (NYSE:AMT)

Central Pacific Bank Trust Division lowered its position in American Tower Co. (NYSE:AMT) by 93.2% in the 4th quarter, Holdings Channel reports. The institutional investor owned 325 shares of the real estate investment trust’s stock after selling 4,450 shares during the period. Central Pacific Bank Trust Division’s holdings in American Tower were worth $60,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Private Advisor Group LLC lifted its stake in American Tower by 6.9% in the second quarter. Private Advisor Group LLC now owns 88,731 shares of the real estate investment trust’s stock worth $17,230,000 after purchasing an additional 5,710 shares during the last quarter. Candriam S.C.A. grew its position in American Tower by 22.9% during the 2nd quarter. Candriam S.C.A. now owns 43,912 shares of the real estate investment trust’s stock worth $8,535,000 after acquiring an additional 8,186 shares during the last quarter. Norden Group LLC increased its stake in American Tower by 24.4% in the 2nd quarter. Norden Group LLC now owns 2,916 shares of the real estate investment trust’s stock worth $567,000 after purchasing an additional 572 shares during the period. Cross Staff Investments Inc lifted its position in American Tower by 17.7% in the second quarter. Cross Staff Investments Inc now owns 5,643 shares of the real estate investment trust’s stock valued at $1,097,000 after purchasing an additional 850 shares during the last quarter. Finally, Asset Dedication LLC grew its holdings in shares of American Tower by 23.6% in the second quarter. Asset Dedication LLC now owns 964 shares of the real estate investment trust’s stock worth $187,000 after purchasing an additional 184 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on AMT. The Goldman Sachs Group dropped their price target on shares of American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Mizuho boosted their price target on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Scotiabank dropped their price objective on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. upped their price objective on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $235.08.

American Tower Stock Performance

Shares of AMT opened at $182.56 on Monday. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. 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 stock has a market cap of $85.31 billion, a P/E ratio of 77.03, a P/E/G ratio of 1.31 and a beta of 0.83. The business’s 50 day moving average price is $198.67 and its 200-day moving average price is $212.49.

American Tower (NYSE:AMT) last released its 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). The company had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company’s revenue was down 10.5% on a year-over-year basis. During the same period in the prior year, the company posted $2.58 earnings per share. Equities research analysts anticipate that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, December 27th will be paid a $1.62 dividend. The ex-dividend date is Friday, December 27th. This represents a $6.48 annualized dividend and a dividend yield of 3.55%. American Tower’s dividend payout ratio is presently 273.42%.

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.