Bank of Nova Scotia Sells Shares in American Tower Co.
Bank of Nova Scotia, one of the world’s leading financial institutions, has sold a portion of its stake in American Tower Co., according to its most recent report filed with the Securities & Exchange Commission. The bank has lessened its holdings in the real estate investment trust by 1.7%, selling 714 shares worth $8.75m.
American Tower Corp. is a pioneering real estate company that offers leasing services for space on communications sites to wireless service providers and broadcast companies. They are an innovative player in the industry that develops multi-tenant properties and provides unique real estate investment opportunities.
American Tower recently released their quarterly earnings data, reporting revenues of $2.77bn for the quarter, beating expectations slightly but falling short on projected earnings per share (EPS) of $2.28 by $1.56 at just $0.72.
Strategically positioned within a rapidly-evolving sector, American Tower’s financial outlook remains strong, even with the uncertainty on Wall Street created by the global pandemic and continued national shutdowns in some sectors.
The company’s revenue increased by 4% on a year-over-year basis last quarter, with return on equity at over 11%. Equities analysts remain bullish about their prospects going forward too, forecasting an estimated EPS of 9.24 for this fiscal year.
American Tower Corp.’s innovative approach to the commercial property market continues to make it an attractive prospect for investors worldwide looking for growth opportunities in non-traditional asset classes such as securitized property funds or REITs (real estate investment trusts).
In conclusion, despite mixed quarterly results with lower-than-predicted earnings per share and slight revenue increases, American Tower Corp.’s diversified portfolio looks set to provide consistently stable returns amid an unpredictable financial climate characterized by rapid technological advancement and change over time.
[bs_forecast_slider ticker=”AMT”]
Investor Confidence High in American Tower Corp Despite Telecoms Turmoil
American Tower Corp, a real estate investment trust that owns and operates communication sites across the US, has experienced growth in its holdings recently. Several hedge funds have made modifications to their holdings in American Tower, with Vanguard Group Inc increasing its holdings by 0.7% in Q3 of last year and now owning $13bn worth of stock. Principal Financial Group also raised its stake by 13.7% during Q4 of 2016, while Dimensional Fund Advisors LP increased shares by 1.5% during Q3 and Jennison Associates LLC raised its holding by 14% in Q4.
Despite this growth, American Tower stock opened at $191.03 on Friday having been listed at a high of $282.47 over the last year against a low of $178.17 over the same period. The company offers leasing space for communications sites to companies such as radio and television broadcasters and wireless service providers.
The recent investor buy-in comes as the company reaffirmed its quarterly dividend payment of $1.56 per share paid on April 28th with an annualized yield of 3.27%. A number of brokerages have recently issued reports on AMT with Barclay’s increasing their price target to $233 compared with Royal Bank of Canada who lowered the price objective from $240 to $230 based on an “outperformance” rating for the company.
Overall, American Tower is experiencing steady growth despite turbulent times for the telecoms market, making it a desirable prospect for investors looking to capitalize on high-asset real estate investments within this sector.