American Tower Co. (REIT) (NYSE:AMT) announced a quarterly dividend on Thursday, September 16th, RTT News reports. Stockholders of record on Tuesday, September 28th will be paid a dividend of 1.31 per share by the real estate investment trust on Friday, October 15th. This represents a $5.24 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date of this dividend is Monday, September 27th. This is a boost from American Tower’s previous quarterly dividend of $1.27.
American Tower has increased its dividend payment by 72.9% over the last three years and has increased its dividend every year for the last 9 years. American Tower has a payout ratio of 90.0% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities analysts expect American Tower to earn $10.01 per share next year, which means the company should continue to be able to cover its $4.86 annual dividend with an expected future payout ratio of 48.6%.
Shares of AMT stock opened at $282.18 on Friday. American Tower has a 12 month low of $197.50 and a 12 month high of $303.72. The stock has a market cap of $128.43 billion, a PE ratio of 56.89, a price-to-earnings-growth ratio of 2.07 and a beta of 0.24. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 4.83. The company’s fifty day moving average price is $288.21 and its 200-day moving average price is $264.61.
In related news, EVP Steven O. Vondran sold 8,046 shares of the business’s stock in a transaction that occurred on Monday, July 12th. The stock was sold at an average price of $279.09, for a total transaction of $2,245,558.14. Following the completion of the transaction, the executive vice president now directly owns 25,755 shares in the company, valued at approximately $7,187,962.95. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Robert D. Hormats sold 100 shares of the business’s stock in a transaction that occurred on Tuesday, July 6th. The shares were sold at an average price of $272.87, for a total value of $27,287.00. Following the transaction, the director now owns 6,640 shares of the company’s stock, valued at $1,811,856.80. The disclosure for this sale can be found here. Insiders have sold a total of 9,085 shares of company stock valued at $2,552,330 in the last ninety days. Insiders own 0.68% of the company’s stock.
A hedge fund recently raised its stake in American Tower stock. Morgan Stanley grew its position in shares of American Tower Co. (REIT) (NYSE:AMT) by 26.7% in the second quarter, according to its most recent filing with the SEC. The fund owned 4,272,674 shares of the real estate investment trust’s stock after acquiring an additional 900,101 shares during the quarter. Morgan Stanley owned about 0.94% of American Tower worth $1,154,222,000 at the end of the most recent reporting period. 89.57% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently commented on AMT. Truist Securities boosted their target price on shares of American Tower from $280.00 to $315.00 and gave the company a “buy” rating in a report on Friday, July 30th. Raymond James upped their price target on shares of American Tower from $261.00 to $296.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 3rd. Argus upped their price target on shares of American Tower from $288.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday, August 12th. Deutsche Bank Aktiengesellschaft upped their price target on shares of American Tower from $250.00 to $295.00 and gave the stock a “hold” rating in a research note on Thursday, July 8th. They noted that the move was a valuation call. Finally, Citigroup cut shares of American Tower from a “buy” rating to a “neutral” rating in a research note on Tuesday, July 13th. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $298.29.
American Tower Company Profile
American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.
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