SVB Wealth LLC Sells 2,843 Shares of American Tower Co. (NYSE:AMT)

SVB Wealth LLC lowered its stake in American Tower Co. (NYSE:AMT) by 5.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 46,020 shares of the real estate investment trust’s stock after selling 2,843 shares during the quarter. SVB Wealth LLC’s holdings in American Tower were worth $8,945,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in AMT. Torray Investment Partners LLC raised its holdings in American Tower by 0.8% in the 2nd quarter. Torray Investment Partners LLC now owns 47,234 shares of the real estate investment trust’s stock valued at $9,181,000 after buying an additional 385 shares during the last quarter. Mine & Arao Wealth Creation & Management LLC. raised its holdings in American Tower by 3.6% in the 2nd quarter. Mine & Arao Wealth Creation & Management LLC. now owns 2,516 shares of the real estate investment trust’s stock valued at $489,000 after buying an additional 87 shares during the last quarter. Patron Partners LLC raised its holdings in American Tower by 10.7% in the 2nd quarter. Patron Partners LLC now owns 3,241 shares of the real estate investment trust’s stock valued at $630,000 after buying an additional 312 shares during the last quarter. UNIVEST FINANCIAL Corp raised its holdings in American Tower by 2.6% in the 2nd quarter. UNIVEST FINANCIAL Corp now owns 29,789 shares of the real estate investment trust’s stock valued at $5,790,000 after buying an additional 754 shares during the last quarter. Finally, Candriam S.C.A. raised its holdings in American Tower by 22.9% in the 2nd quarter. Candriam S.C.A. now owns 43,912 shares of the real estate investment trust’s stock valued at $8,535,000 after buying an additional 8,186 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

American Tower Stock Performance

Shares of NYSE:AMT traded up $2.52 during midday trading on Friday, reaching $236.16. The company had a trading volume of 2,749,994 shares, compared to its average volume of 2,325,473. The company’s 50 day moving average price is $216.56 and its 200 day moving average price is $199.32. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.42. The stock has a market cap of $110.31 billion, a P/E ratio of 53.45, a P/E/G ratio of 1.54 and a beta of 0.83. American Tower Co. has a 52-week low of $154.58 and a 52-week high of $236.44.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.52). The business had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. American Tower’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period last year, the company earned $2.46 earnings per share. As a group, sell-side analysts anticipate that American Tower Co. will post 10.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft raised their price target on shares of American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Scotiabank raised their price target on shares of American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. raised their price target on shares of American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. BMO Capital Markets reaffirmed an “outperform” rating and set a $246.00 price objective (up previously from $225.00) on shares of American Tower in a research report on Wednesday, July 31st. Finally, The Goldman Sachs Group started coverage on shares of American Tower in a research note on Monday, July 1st. They issued a “buy” rating and a $230.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, American Tower presently has a consensus rating of “Moderate Buy” and a consensus target price of $231.14.

Insider Buying and Selling at American Tower

In other news, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $230.00, for a total value of $4,953,510.00. Following the sale, the chief executive officer now directly owns 61,843 shares of the company’s stock, valued at $14,223,890. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $230.00, for a total value of $4,953,510.00. Following the sale, the chief executive officer now directly owns 61,843 shares of the company’s stock, valued at $14,223,890. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the completion of the transaction, the chief accounting officer now owns 31,873 shares in the company, valued at $7,424,177.89. The disclosure for this sale can be found here. Insiders have sold a total of 33,723 shares of company stock valued at $7,795,397 over the last three months. 0.18% of the stock is currently owned by insiders.

About American Tower

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.