American Tower Co. (NYSE:AMT) Raises Dividend to $1.47 Per Share

American Tower Co. (NYSE:AMTGet Rating) declared a quarterly dividend on Thursday, September 22nd, RTT News reports. Stockholders of record on Tuesday, October 11th will be paid a dividend of 1.47 per share by the real estate investment trust on Wednesday, October 26th. This represents a $5.88 annualized dividend and a dividend yield of 2.53%. This is a boost from American Tower’s previous quarterly dividend of $1.43.

American Tower has increased its dividend payment by an average of 18.3% annually over the last three years and has raised its dividend annually for the last 11 consecutive years. American Tower has a dividend payout ratio of 117.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect American Tower to earn $10.38 per share next year, which means the company should continue to be able to cover its $5.72 annual dividend with an expected future payout ratio of 55.1%.

American Tower Price Performance

Shares of NYSE:AMT opened at $232.78 on Friday. The firm has a 50 day moving average of $261.27 and a 200-day moving average of $253.48. The stock has a market capitalization of $108.38 billion, a PE ratio of 38.29, a PEG ratio of 2.13 and a beta of 0.48. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 3.47. American Tower has a 12 month low of $220.00 and a 12 month high of $294.40.

American Tower (NYSE:AMTGet Rating) last issued its earnings results on Thursday, July 28th. The real estate investment trust reported $1.95 EPS for the quarter, beating the consensus estimate of $0.96 by $0.99. The company had revenue of $2.67 billion during the quarter, compared to analysts’ expectations of $2.64 billion. American Tower had a net margin of 27.23% and a return on equity of 28.93%. The business’s revenue for the quarter was up 16.3% compared to the same quarter last year. During the same period in the previous year, the company earned $2.42 EPS. On average, equities research analysts predict that American Tower will post 9.49 EPS for the current fiscal year.

Insider Activity

In other news, Director Robert D. Hormats sold 150 shares of the company’s stock in a transaction on Friday, July 1st. The shares were sold at an average price of $254.53, for a total value of $38,179.50. Following the sale, the director now directly owns 6,571 shares of the company’s stock, valued at approximately $1,672,516.63. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.24% of the company’s stock.

Institutional Investors Weigh In On American Tower

Institutional investors have recently modified their holdings of the company. Pinnacle Holdings LLC bought a new stake in shares of American Tower in the 1st quarter valued at $29,000. Eagle Bay Advisors LLC acquired a new position in shares of American Tower during the 2nd quarter valued at $30,000. Lumature Wealth Partners LLC lifted its position in shares of American Tower by 40.3% during the 1st quarter. Lumature Wealth Partners LLC now owns 174 shares of the real estate investment trust’s stock valued at $44,000 after acquiring an additional 50 shares during the period. Covestor Ltd lifted its position in shares of American Tower by 426.2% during the 1st quarter. Covestor Ltd now owns 642 shares of the real estate investment trust’s stock valued at $161,000 after acquiring an additional 520 shares during the period. Finally, Golden State Equity Partners lifted its position in shares of American Tower by 7.0% during the 1st quarter. Golden State Equity Partners now owns 806 shares of the real estate investment trust’s stock valued at $202,000 after acquiring an additional 53 shares during the period. 91.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

AMT has been the topic of several research reports. Jefferies Financial Group decreased their price target on shares of American Tower from $308.00 to $293.00 and set a “buy” rating on the stock in a report on Thursday, June 30th. Morgan Stanley lifted their price target on shares of American Tower from $252.00 to $257.00 and gave the company an “equal weight” rating in a report on Friday, September 16th. Barclays lifted their price target on shares of American Tower from $284.00 to $290.00 and gave the company an “overweight” rating in a report on Friday, August 26th. JPMorgan Chase & Co. raised shares of American Tower from an “underweight” rating to an “overweight” rating and lifted their price target for the company from $245.00 to $285.00 in a report on Tuesday, June 21st. Finally, Credit Suisse Group initiated coverage on shares of American Tower in a report on Wednesday, June 22nd. They set an “outperform” rating and a $313.00 price target on the stock. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $291.29.

American Tower Company Profile

(Get Rating)

American Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information about American Tower, please visit the Earnings Materials and Investor Presentations sections of our investor relations website at www.americantower.com.

See Also

Dividend History for American Tower (NYSE:AMT)

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