MidWestOne Financial Group Inc. Decreases Stock Position in American Tower Co. (NYSE:AMT)

MidWestOne Financial Group Inc. lessened its stake in shares of American Tower Co. (NYSE:AMT) by 4.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 4,879 shares of the real estate investment trust’s stock after selling 223 shares during the period. MidWestOne Financial Group Inc.’s holdings in American Tower were worth $948,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of AMT. Accretive Wealth Partners LLC raised its holdings in American Tower by 9.4% during the 4th quarter. Accretive Wealth Partners LLC now owns 4,435 shares of the real estate investment trust’s stock valued at $958,000 after buying an additional 380 shares during the period. Aveo Capital Partners LLC purchased a new stake in American Tower in the fourth quarter worth $344,000. Gryphon Financial Partners LLC increased its stake in American Tower by 17.4% in the fourth quarter. Gryphon Financial Partners LLC now owns 10,950 shares of the real estate investment trust’s stock worth $2,472,000 after purchasing an additional 1,620 shares during the period. Evoke Wealth LLC increased its stake in American Tower by 448.5% in the fourth quarter. Evoke Wealth LLC now owns 8,217 shares of the real estate investment trust’s stock worth $1,788,000 after purchasing an additional 6,719 shares during the period. Finally, Bank of Nova Scotia increased its stake in American Tower by 304.3% in the fourth quarter. Bank of Nova Scotia now owns 184,318 shares of the real estate investment trust’s stock worth $39,789,000 after purchasing an additional 138,728 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on AMT shares. BMO Capital Markets increased their target price on American Tower from $246.00 to $260.00 and gave the stock an “outperform” rating in a research note on Friday, September 13th. Royal Bank of Canada increased their target price on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. TD Cowen increased their target price on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft increased their target price on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Finally, Mizuho raised their price target on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $234.00.

Insider Transactions at American Tower

In other news, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the sale, the executive vice president now owns 51,746 shares in the company, valued at $12,070,789.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the sale, the chief executive officer now owns 61,843 shares in the company, valued at $14,223,890. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now owns 51,746 shares in the company, valued at approximately $12,070,789.42. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,723 shares of company stock worth $7,795,397. Insiders own 0.18% of the company’s stock.

American Tower Stock Performance

Shares of American Tower stock opened at $230.32 on Friday. The company has a market capitalization of $107.55 billion, a PE ratio of 52.11, a P/E/G ratio of 1.08 and a beta of 0.83. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81. The company has a 50-day simple moving average of $226.93 and a two-hundred day simple moving average of $203.41. American Tower Co. has a one year low of $154.58 and a one year high of $243.56.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). The firm had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.46 earnings per share. Research analysts expect that American Tower Co. will post 10.13 EPS for the current fiscal year.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.81%. American Tower’s payout ratio is 146.61%.

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.