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Saturday, June 3, 2023

American Tower Hikes Quarterly Dividend

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American Tower (AMT) has raised its quarterly common stock cash dividend by 3.1% to $1.31 per share. The dividend is payable on October 15, 2021, to shareholders of record as of September 28, 2021.

The real estate investment trust owns and operates wireless and broadcast communications infrastructure on a global level.

The company has also announced to redeem all of its outstanding 4.70% senior unsecured notes due 2022 on October 18, 2021. As per the terms, the notes will be redeemed at the principal amount of the notes plus a make-whole premium calculated pursuant to the terms of the indenture, together with accrued and unpaid interest.

The redemption is expected to be funded with borrowings under the senior unsecured revolving credit facilities and cash in hand. (See American Tower stock chart on TipRanks)

On September 10, Morgan Stanley analyst Simon Flannery maintained a Hold rating on American Tower and raised the price target to $316 from $270. The new price target implies 6.4% upside potential from the current level.

Flannery is optimistic about the stock, as he expects strong domestic tower organic growth for 2022.

Based on 8 Buys and 4 Holds, the stock has a Moderate Buy consensus rating. The average American Tower price target of $306.20 implies 3.1% upside potential from current levels.

TipRanks data shows that financial blogger opinions are 100% Bullish on AMT, compared to the sector average of 72%.

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The post American Tower Hikes Quarterly Dividend appeared first on TipRanks Financial Blog.

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