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.
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.
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