Peapack Gladstone Financial Corp Lowers Stock Position in American Tower Corporation $AMT

Peapack Gladstone Financial Corp reduced its stake in American Tower Corporation (NYSE:AMT) by 9.5% during the fourth quarter, HoldingsChannel reports. The firm owned 31,729 shares of the real estate investment trust’s stock after selling 3,323 shares during the period. Peapack Gladstone Financial Corp’s holdings in American Tower were worth $5,571,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of AMT. Richards Merrill & Peterson Inc. purchased a new stake in American Tower in the fourth quarter valued at approximately $25,000. Oakworth Capital Inc. raised its stake in American Tower by 90.7% in the fourth quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 68 shares in the last quarter. Holos Integrated Wealth LLC purchased a new stake in American Tower in the fourth quarter valued at approximately $27,000. Triumph Capital Management purchased a new stake in American Tower in the third quarter valued at approximately $29,000. Finally, Lloyd Advisory Services LLC. purchased a new stake in American Tower in the fourth quarter valued at approximately $30,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Sanford C. Bernstein upgraded shares of American Tower from a “market perform” rating to an “outperform” rating and set a $207.00 price target on the stock in a research report on Tuesday, May 19th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $195.00 price target on shares of American Tower in a research report on Thursday, April 30th. Scotiabank increased their price target on shares of American Tower from $214.00 to $218.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. TD Cowen reduced their price target on shares of American Tower from $235.00 to $225.00 in a research report on Wednesday, February 25th. Finally, Morgan Stanley reduced their price target on shares of American Tower from $225.00 to $220.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, American Tower presently has a consensus rating of “Moderate Buy” and an average price target of $216.20.

Insider Buying and Selling

In other news, EVP Ruth T. Dowling sold 416 shares of the stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $177.54, for a total transaction of $73,856.64. Following the completion of the sale, the executive vice president owned 29,461 shares of the company’s stock, valued at approximately $5,230,505.94. This represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur acquired 2,671 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were bought at an average cost of $185.30 per share, with a total value of $494,936.30. Following the purchase, the director owned 4,936 shares of the company’s stock, valued at approximately $914,640.80. This trade represents a 117.92% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 0.08% of the company’s stock.

American Tower Stock Down 1.1%

Shares of NYSE AMT opened at $185.44 on Wednesday. American Tower Corporation has a one year low of $165.08 and a one year high of $234.33. The company has a debt-to-equity ratio of 3.07, a current ratio of 0.43 and a quick ratio of 0.43. The firm’s 50 day simple moving average is $177.78 and its two-hundred day simple moving average is $179.38. The stock has a market capitalization of $86.39 billion, a P/E ratio of 29.96, a PEG ratio of 0.78 and a beta of 0.90.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $1.24. The firm had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.66 billion. American Tower had a return on equity of 27.79% and a net margin of 26.81%.The business’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.75 earnings per share. American Tower has set its FY 2026 guidance at 10.900-11.07 EPS. As a group, analysts expect that American Tower Corporation will post 10.67 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Friday, June 12th will be paid a dividend of $1.79 per share. This represents a $7.16 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Friday, June 12th. American Tower’s dividend payout ratio is 115.67%.

About American Tower

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.