Truist Financial Corp Sells 4,754 Shares of American Tower Co. (NYSE:AMT)

Truist Financial Corp cut its position in American Tower Co. (NYSE:AMT) by 3.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 141,886 shares of the real estate investment trust’s stock after selling 4,754 shares during the quarter. Truist Financial Corp’s holdings in American Tower were worth $26,023,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Fortitude Family Office LLC raised its stake in shares of American Tower by 269.0% in the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 78 shares during the period. Northwest Investment Counselors LLC bought a new stake in shares of American Tower in the third quarter valued at $30,000. Hara Capital LLC bought a new stake in shares of American Tower in the third quarter valued at $31,000. Roxbury Financial LLC bought a new stake in shares of American Tower in the fourth quarter valued at $32,000. Finally, Legacy Investment Solutions LLC bought a new stake in shares of American Tower during the 3rd quarter valued at $34,000. 92.69% of the stock is currently owned by institutional investors.

Insider Transactions at American Tower

In other news, CFO Rodney M. Smith sold 16,567 shares of the company’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $181.10, for a total value of $3,000,283.70. Following the completion of the transaction, the chief financial officer now directly owns 62,792 shares in the company, valued at approximately $11,371,631.20. This represents a 20.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.18% of the company’s stock.

American Tower Price Performance

AMT opened at $189.75 on Wednesday. The stock has a 50-day moving average price of $186.31 and a 200-day moving average price of $208.44. American Tower Co. has a 12-month low of $170.46 and a 12-month high of $243.56. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The stock has a market capitalization of $88.67 billion, a P/E ratio of 80.06, a PEG ratio of 1.27 and a beta of 0.84.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, December 27th were issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date of this dividend was Friday, December 27th. American Tower’s payout ratio is currently 273.42%.

Analyst Upgrades and Downgrades

AMT has been the topic of a number of analyst reports. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Mizuho decreased their price objective on American Tower from $221.00 to $204.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. The Goldman Sachs Group decreased their price objective on American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Citizens Jmp upgraded American Tower to a “strong-buy” rating in a research note on Monday, January 27th. Finally, JMP Securities initiated coverage on American Tower in a research note on Monday, January 27th. They set an “outperform” rating and a $225.00 price objective on the stock. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, American Tower has an average rating of “Moderate Buy” and a consensus price target of $225.79.

American Tower 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.