US Bancorp DE lessened its holdings in shares of Crown Castle Inc. (NYSE:CCI – Free Report) by 9.2% during the 2nd quarter, Holdings Channel.com reports. The fund owned 152,414 shares of the real estate investment trust’s stock after selling 15,495 shares during the period. US Bancorp DE’s holdings in Crown Castle were worth $17,366,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Almanack Investment Partners LLC. acquired a new stake in shares of Crown Castle in the third quarter worth about $28,000. Centerpoint Advisors LLC bought a new stake in shares of Crown Castle in the first quarter valued at approximately $29,000. HBC Financial Services PLLC bought a new position in Crown Castle during the first quarter worth $33,000. Armstrong Advisory Group Inc. raised its stake in Crown Castle by 169.5% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 318 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 200 shares during the last quarter. Finally, ICA Group Wealth Management LLC acquired a new stake in Crown Castle in the 4th quarter worth $37,000. 90.27% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several equities analysts have commented on the company. StockNews.com began coverage on Crown Castle in a report on Thursday, October 5th. They issued a “hold” rating for the company. Argus initiated coverage on Crown Castle in a research report on Wednesday, August 2nd. They issued a “buy” rating and a $140.00 target price for the company. Royal Bank of Canada downgraded shares of Crown Castle from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $125.00 to $100.00 in a research note on Monday, October 16th. Scotiabank assumed coverage on shares of Crown Castle in a research note on Friday, October 13th. They issued a “sector perform” rating and a $110.00 price objective for the company. Finally, Bank of America lowered shares of Crown Castle from a “buy” rating to a “neutral” rating and set a $115.00 target price on the stock. in a research report on Thursday, August 10th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Crown Castle currently has an average rating of “Hold” and an average price target of $125.56.
Crown Castle Price Performance
Shares of CCI stock opened at $103.92 on Friday. Crown Castle Inc. has a 1 year low of $84.72 and a 1 year high of $153.98. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 3.28. The firm’s 50 day moving average is $93.98 and its 200-day moving average is $104.42. The firm has a market capitalization of $45.07 billion, a price-to-earnings ratio of 29.03, a PEG ratio of 2.56 and a beta of 0.66.
Crown Castle (NYSE:CCI – Get Free Report) last announced its quarterly earnings data on Thursday, October 19th. The real estate investment trust reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $1.69 by ($1.08). The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.70 billion. Crown Castle had a net margin of 21.93% and a return on equity of 21.85%. During the same quarter in the previous year, the business posted $1.85 earnings per share. Sell-side analysts forecast that Crown Castle Inc. will post 7.14 EPS for the current fiscal year.
Crown Castle Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be issued a dividend of $1.565 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $6.26 annualized dividend and a yield of 6.02%. Crown Castle’s dividend payout ratio is currently 174.86%.
About Crown Castle
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 85,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service – bringing information, ideas and innovations to the people and businesses that need them.
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