Convergence Financial LLC Sells 516 Shares of American Tower Co. (NYSE:AMT)

Convergence Financial LLC cut its position in American Tower Co. (NYSE:AMT) by 31.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,151 shares of the real estate investment trust’s stock after selling 516 shares during the quarter. Convergence Financial LLC’s holdings in American Tower were worth $268,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Cultivar Capital Inc. bought a new stake in shares of American Tower during the 2nd quarter valued at $25,000. Fairscale Capital LLC bought a new stake in shares of American Tower during the 2nd quarter valued at $27,000. Hobbs Group Advisors LLC bought a new stake in shares of American Tower during the 2nd quarter valued at $29,000. Northwest Investment Counselors LLC bought a new stake in shares of American Tower during the 3rd quarter valued at $30,000. Finally, Family Firm Inc. bought a new stake in shares of American Tower during the 2nd quarter valued at $35,000. 92.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

AMT has been the subject of a number of research analyst reports. Scotiabank boosted their price target on American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 31st. Royal Bank of Canada boosted their price target on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. Barclays boosted their price target on American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft boosted their price target on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Finally, TD Cowen boosted their price target on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $237.92.

American Tower Trading Down 1.4 %

Shares of AMT stock opened at $222.74 on Friday. The stock has a market cap of $104.01 billion, a price-to-earnings ratio of 50.39, a PEG ratio of 1.08 and a beta of 0.83. The stock has a 50-day moving average of $228.80 and a 200-day moving average of $207.56. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.42. American Tower Co. has a 1-year low of $162.55 and a 1-year high of $243.56.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.52). The company had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.46 EPS. On average, equities research analysts forecast that American Tower Co. will post 10.12 earnings per share for the current year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 2.91%. American Tower’s payout ratio is 146.61%.

Insider Activity at American Tower

In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the sale, the chief accounting officer now owns 31,873 shares in the company, valued at $7,424,177.89. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other American Tower news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total value of $2,333,866.35. Following the transaction, the executive vice president now owns 51,746 shares in the company, valued at approximately $12,070,789.42. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total value of $508,020.33. Following the completion of the transaction, the chief accounting officer now owns 31,873 shares in the company, valued at approximately $7,424,177.89. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,723 shares of company stock worth $7,795,397 in the last 90 days. Corporate insiders own 0.18% of the company’s stock.

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.