Fintel reports that on August 22, 2023, Raymond James maintained coverage of American Tower (NYSE:AMT) with a Outperform recommendation.
Analyst Price Forecast Suggests 36.78% Upside
As of August 2, 2023, the average one-year price target for American Tower is 239.40. The forecasts range from a low of 213.11 to a high of $284.55. The average price target represents an increase of 36.78% from its latest reported closing price of 175.02.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for American Tower is 11,220MM, an increase of 2.79%. The projected annual non-GAAP EPS is 4.72.
American Tower Declares $1.57 Dividend
On May 25, 2023 the company declared a regular quarterly dividend of $1.57 per share ($6.28 annualized). Shareholders of record as of June 16, 2023 received the payment on July 10, 2023. Previously, the company paid $1.56 per share.
At the current share price of $175.02 / share, the stock's dividend yield is 3.59%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.15%, the lowest has been 1.60%, and the highest has been 3.57%. The standard deviation of yields is 0.48 (n=236).
The current dividend yield is 3.02 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 3.01. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.42%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 2886 funds or institutions reporting positions in American Tower. This is a decrease of 56 owner(s) or 1.90% in the last quarter. Average portfolio weight of all funds dedicated to AMT is 0.68%, a decrease of 8.26%. Total shares owned by institutions decreased in the last three months by 7.59% to 488,598K shares. 
The put/call ratio of AMT is 0.84, indicating a bullish outlook.
What are Other Shareholders Doing?
VGSIX - Vanguard Real Estate Index Fund Investor Shares holds 20,462K shares representing 4.39% ownership of the company. In it's prior filing, the firm reported owning 20,763K shares, representing a decrease of 1.47%. The firm decreased its portfolio allocation in AMT by 0.08% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 14,418K shares representing 3.09% ownership of the company. In it's prior filing, the firm reported owning 14,155K shares, representing an increase of 1.83%. The firm decreased its portfolio allocation in AMT by 9.28% over the last quarter.
Wellington Management Group Llp holds 12,292K shares representing 2.64% ownership of the company. In it's prior filing, the firm reported owning 13,452K shares, representing a decrease of 9.44%. The firm decreased its portfolio allocation in AMT by 88.32% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 10,865K shares representing 2.33% ownership of the company. In it's prior filing, the firm reported owning 10,763K shares, representing an increase of 0.93%. The firm decreased its portfolio allocation in AMT by 9.71% over the last quarter.
Geode Capital Management holds 9,986K shares representing 2.14% ownership of the company. In it's prior filing, the firm reported owning 9,734K shares, representing an increase of 2.52%. The firm decreased its portfolio allocation in AMT by 11.94% over the last quarter.
American Tower Background Information
(This description is provided by the company.)
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 approximately 186,000 communications sites.
Additional reading:
- AMERICAN TOWER CORPORATION REPORTS SECOND QUARTER 2023 FINANCIAL RESULTS
- AMENDMENT NO. 1 TO THE SECOND AMENDED AND RESTATED TERM LOAN AGREEMENT
- AMENDMENT NO. 1 TO THE THIRD AMENDED AND RESTATED MULTICURRENCY REVOLVING CREDIT
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This story originally appeared on Fintel.
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