Raymond James Trust N.A. cut its stake in Crown Castle Inc. (NYSE:CCI – Get Rating) by 13.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,645 shares of the real estate investment trust’s stock after selling 3,590 shares during the period. Raymond James Trust N.A.’s holdings in Crown Castle were worth $3,981,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. IAG Wealth Partners LLC boosted its position in Crown Castle by 277.8% during the fourth quarter. IAG Wealth Partners LLC now owns 136 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 100 shares during the last quarter. North Star Investment Management Corp. acquired a new stake in shares of Crown Castle during the 1st quarter worth $25,000. HHM Wealth Advisors LLC purchased a new position in shares of Crown Castle in the 1st quarter worth $28,000. Blume Capital Management Inc. acquired a new position in Crown Castle in the first quarter valued at $29,000. Finally, HWG Holdings LP purchased a new stake in Crown Castle during the fourth quarter valued at about $34,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, Director Kevin A. Stephens acquired 699 shares of the company’s stock in a transaction dated Friday, July 22nd. The shares were bought at an average price of $173.60 per share, with a total value of $121,346.40. Following the purchase, the director now owns 10,703 shares of the company’s stock, valued at $1,858,040.80. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.47% of the stock is currently owned by insiders.
Crown Castle Trading Down 0.8 %
Crown Castle (NYSE:CCI – Get Rating) last announced its quarterly earnings results on Wednesday, July 20th. The real estate investment trust reported $0.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.71 by ($0.74). Crown Castle had a return on equity of 18.93% and a net margin of 22.91%. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same quarter last year, the firm posted $1.71 EPS. The company’s revenue was up 9.5% compared to the same quarter last year. Equities research analysts predict that Crown Castle Inc. will post 7.04 EPS for the current year.
Crown Castle Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be given a dividend of $1.47 per share. The ex-dividend date is Wednesday, September 14th. This represents a $5.88 dividend on an annualized basis and a yield of 3.74%. Crown Castle’s dividend payout ratio (DPR) is presently 165.17%.
Analyst Upgrades and Downgrades
Several equities analysts have recently weighed in on the company. Morgan Stanley reduced their price objective on Crown Castle from $190.00 to $188.00 and set an “overweight” rating on the stock in a research note on Friday, September 16th. KeyCorp dropped their target price on Crown Castle from $219.00 to $205.00 and set an “overweight” rating on the stock in a report on Friday, July 1st. Barclays dropped their target price on Crown Castle from $214.00 to $212.00 and set an “overweight” rating on the stock in a report on Friday, August 26th. Jefferies Financial Group upgraded Crown Castle from a “hold” rating to a “buy” rating and raised their target price for the company from $191.00 to $200.00 in a report on Thursday, June 30th. Finally, Cowen dropped their target price on Crown Castle to $195.00 in a report on Friday, July 22nd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $195.20.
Crown Castle Company Profile
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 80,000 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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