American Tower Corp (AMT) to Issue Quarterly Dividend of $0.70

American Tower Corp (NYSE:AMT) declared a quarterly dividend on Thursday, December 7th, RTT News reports. Investors of record on Thursday, December 28th will be given a dividend of 0.70 per share by the real estate investment trust on Tuesday, January 16th. This represents a $2.80 dividend on an annualized basis and a yield of 1.97%. This is an increase from American Tower’s previous quarterly dividend of $0.66.

American Tower has increased its dividend payment by an average of 23.7% per year over the last three years and has increased its dividend every year for the last 5 years. American Tower has a dividend payout ratio of 40.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect American Tower to earn $7.33 per share next year, which means the company should continue to be able to cover its $2.64 annual dividend with an expected future payout ratio of 36.0%.

American Tower (NYSE:AMT) traded up $1.04 during trading on Thursday, reaching $141.80. 1,113,600 shares of the company were exchanged, compared to its average volume of 1,978,771. American Tower has a fifty-two week low of $100.88 and a fifty-two week high of $155.28. The stock has a market cap of $60,810.00, a price-to-earnings ratio of 21.79, a price-to-earnings-growth ratio of 1.66 and a beta of 0.72. The company has a debt-to-equity ratio of 2.61, a current ratio of 1.42 and a quick ratio of 1.42.

A number of research analysts recently weighed in on the stock. Argus lifted their price objective on shares of American Tower to $170.00 and gave the company a “buy” rating in a research note on Thursday, November 9th. Zacks Investment Research downgraded shares of American Tower from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. ValuEngine raised shares of American Tower from a “hold” rating to a “buy” rating in a report on Friday, November 10th. Morgan Stanley raised their price target on shares of American Tower from $155.00 to $172.00 and gave the company an “overweight” rating in a report on Tuesday, November 14th. Finally, KeyCorp reissued an “overweight” rating and issued a $177.00 price target (up from $156.00) on shares of American Tower in a report on Monday, November 27th. Two research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. American Tower currently has a consensus rating of “Buy” and a consensus price target of $158.50.

In other American Tower news, Chairman James D. Taiclet, Jr. sold 34,000 shares of the business’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $151.20, for a total value of $5,140,800.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Edmund Disanto sold 10,000 shares of the business’s stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $136.00, for a total transaction of $1,360,000.00. Following the completion of the transaction, the executive vice president now owns 151,928 shares in the company, valued at approximately $20,662,208. The disclosure for this sale can be found here. In the last quarter, insiders sold 122,000 shares of company stock worth $17,580,160. 0.86% of the stock is owned by corporate insiders.

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American Tower Company Profile

American Tower Corporation (ATC) is a holding company. The Company operates as a real estate investment trust (REIT), which owns, operates and develops multitenant communications real estate. ATC’s segments include U.S. property, Asia property, EMEA property, Latin America property, Services and Other.

Dividend History for American Tower (NYSE:AMT)

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