Scotiabank Cuts Crown Castle (NYSE:CCI) Price Target to $118.00

Crown Castle (NYSE:CCI) had its target price decreased by Scotiabank from $133.00 to $118.00 in a research report released on Thursday morning, Benzinga reports. Scotiabank currently has a sector perform rating on the real estate investment trust’s stock.

A number of other equities analysts have also issued reports on CCI. BMO Capital Markets reduced their target price on Crown Castle from $110.00 to $105.00 and set a market perform rating for the company in a research note on Thursday. Royal Bank of Canada raised their target price on Crown Castle from $92.00 to $109.00 and gave the stock a sector perform rating in a research note on Wednesday, February 21st. Ten analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Crown Castle presently has an average rating of Hold and a consensus price target of $117.73.

Crown Castle Stock Up 0.9 %

Crown Castle stock opened at $95.20 on Thursday. The stock has a market capitalization of $41.37 billion, a price-to-earnings ratio of 29.75, a PEG ratio of 2.51 and a beta of 0.73. The company has a debt-to-equity ratio of 3.73, a current ratio of 0.42 and a quick ratio of 0.40. The business has a fifty day moving average price of $104.88 and a 200-day moving average price of $105.22. Crown Castle has a 1-year low of $84.72 and a 1-year high of $131.43.

Crown Castle (NYSE:CCI) last issued its earnings results on Wednesday, April 17th. The real estate investment trust reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.63 by ($0.92). The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Crown Castle had a return on equity of 21.30% and a net margin of 20.32%. The business’s revenue was down 7.4% on a year-over-year basis. During the same quarter last year, the business earned $1.91 EPS. Equities research analysts forecast that Crown Castle will post 6.59 EPS for the current fiscal year.

Crown Castle Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a dividend yield of 6.58%. The ex-dividend date of this dividend was Thursday, March 14th. Crown Castle’s dividend payout ratio (DPR) is presently 195.63%.

Institutional Investors Weigh In On Crown Castle

A number of institutional investors have recently modified their holdings of CCI. Moors & Cabot Inc. grew its position in shares of Crown Castle by 3.4% during the 1st quarter. Moors & Cabot Inc. now owns 2,734 shares of the real estate investment trust’s stock valued at $505,000 after acquiring an additional 91 shares during the period. Sequoia Financial Advisors LLC increased its stake in Crown Castle by 33.4% during the 1st quarter. Sequoia Financial Advisors LLC now owns 3,954 shares of the real estate investment trust’s stock worth $730,000 after buying an additional 991 shares in the last quarter. Loomis Sayles & Co. L P increased its stake in Crown Castle by 4,497.6% during the 1st quarter. Loomis Sayles & Co. L P now owns 5,701 shares of the real estate investment trust’s stock worth $1,052,000 after buying an additional 5,577 shares in the last quarter. Brown Brothers Harriman & Co. increased its stake in Crown Castle by 12.3% during the 1st quarter. Brown Brothers Harriman & Co. now owns 4,802 shares of the real estate investment trust’s stock worth $886,000 after buying an additional 525 shares in the last quarter. Finally, Covestor Ltd increased its stake in Crown Castle by 205.9% during the 1st quarter. Covestor Ltd now owns 878 shares of the real estate investment trust’s stock worth $162,000 after buying an additional 591 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

About Crown Castle

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 90,000 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.