Pinnacle Financial Partners Inc. Raises Holdings in American Tower Corp (AMT)

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Pinnacle Financial Partners Inc. raised its position in American Tower Corp (NYSE:AMT) by 9.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,794 shares of the real estate investment trust’s stock after buying an additional 2,155 shares during the quarter. Pinnacle Financial Partners Inc.’s holdings in American Tower were worth $4,080,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AMT. Oppenheimer & Co. Inc. lifted its position in shares of American Tower by 7.9% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 58,122 shares of the real estate investment trust’s stock valued at $8,446,000 after acquiring an additional 4,231 shares during the period. Bartlett & Co. LLC lifted its position in shares of American Tower by 1.3% during the 3rd quarter. Bartlett & Co. LLC now owns 135,242 shares of the real estate investment trust’s stock valued at $19,651,000 after acquiring an additional 1,720 shares during the period. IFP Advisors Inc lifted its position in shares of American Tower by 6.8% during the 3rd quarter. IFP Advisors Inc now owns 9,580 shares of the real estate investment trust’s stock valued at $1,392,000 after acquiring an additional 614 shares during the period. GWM Advisors LLC lifted its position in shares of American Tower by 9.6% during the 3rd quarter. GWM Advisors LLC now owns 74,921 shares of the real estate investment trust’s stock valued at $10,886,000 after acquiring an additional 6,576 shares during the period. Finally, Cornerstone Advisors Inc. lifted its position in shares of American Tower by 6.1% during the 3rd quarter. Cornerstone Advisors Inc. now owns 1,349 shares of the real estate investment trust’s stock valued at $196,000 after acquiring an additional 78 shares during the period. 93.11% of the stock is currently owned by hedge funds and other institutional investors.

Shares of AMT stock opened at $172.43 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 3.11. American Tower Corp has a twelve month low of $130.37 and a twelve month high of $173.95. The firm has a market cap of $75.77 billion, a P/E ratio of 27.03, a price-to-earnings-growth ratio of 1.59 and a beta of 0.65.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 14th. Investors of record on Thursday, December 27th were given a dividend of $0.84 per share. This is an increase from American Tower’s previous quarterly dividend of $0.79. This represents a $3.36 annualized dividend and a dividend yield of 1.95%. The ex-dividend date was Wednesday, December 26th. American Tower’s dividend payout ratio is currently 52.66%.

In related news, Director David E. Sharbutt sold 813 shares of the company’s stock in a transaction on Wednesday, November 14th. The stock was sold at an average price of $160.88, for a total transaction of $130,795.44. Following the completion of the sale, the director now directly owns 3,968 shares in the company, valued at approximately $638,371.84. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Samme L. Thompson sold 2,000 shares of the company’s stock in a transaction on Wednesday, January 2nd. The stock was sold at an average price of $157.11, for a total value of $314,220.00. Following the sale, the director now owns 20,625 shares of the company’s stock, valued at $3,240,393.75. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 212,654 shares of company stock valued at $35,077,266. 0.87% of the stock is owned by corporate insiders.

A number of analysts have recently weighed in on AMT shares. Bank of America set a $172.00 target price on American Tower and gave the company a “buy” rating in a research report on Wednesday, October 31st. Morgan Stanley downgraded American Tower from an “overweight” rating to an “equal weight” rating and set a $170.00 target price for the company. in a research report on Wednesday, December 12th. Zacks Investment Research upgraded American Tower from a “sell” rating to a “hold” rating in a research report on Thursday, October 18th. Deutsche Bank downgraded American Tower from a “buy” rating to a “hold” rating and cut their target price for the company from $169.00 to $167.00 in a research report on Thursday, November 1st. They noted that the move was a valuation call. Finally, Citigroup downgraded American Tower from a “buy” rating to a “neutral” rating and upped their target price for the company from $161.00 to $176.00 in a research report on Wednesday, October 31st. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $166.33.

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American Tower Company 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 170,000 communications sites.

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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