Jacobi Capital Management LLC Buys 237 Shares of Crown Castle Inc. (NYSE:CCI)

Jacobi Capital Management LLC raised its stake in shares of Crown Castle Inc. (NYSE:CCI) by 3.3% in the 1st quarter, HoldingsChannel reports. The firm owned 7,363 shares of the real estate investment trust’s stock after purchasing an additional 237 shares during the period. Jacobi Capital Management LLC’s holdings in Crown Castle were worth $779,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Norges Bank purchased a new position in shares of Crown Castle during the 4th quarter valued at about $581,503,000. M&G Plc bought a new position in Crown Castle during the first quarter valued at approximately $221,573,000. Mizuho Markets Americas LLC bought a new stake in shares of Crown Castle in the 4th quarter worth approximately $201,582,000. Balyasny Asset Management L.P. grew its holdings in shares of Crown Castle by 18,200.7% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,651,456 shares of the real estate investment trust’s stock valued at $190,231,000 after purchasing an additional 1,642,432 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in Crown Castle by 11.1% in the 4th quarter. Wellington Management Group LLP now owns 11,260,932 shares of the real estate investment trust’s stock worth $1,297,147,000 after purchasing an additional 1,126,394 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Crown Castle Stock Down 1.1 %

Shares of NYSE:CCI traded down $1.18 during midday trading on Monday, reaching $103.90. The company’s stock had a trading volume of 1,731,079 shares, compared to its average volume of 2,784,346. The company has a quick ratio of 0.42, a current ratio of 0.43 and a debt-to-equity ratio of 4.04. The firm has a 50 day moving average of $99.62 and a 200-day moving average of $103.04. The firm has a market capitalization of $45.15 billion, a P/E ratio of 32.76, a PEG ratio of 2.79 and a beta of 0.83. Crown Castle Inc. has a 12-month low of $84.72 and a 12-month high of $119.50.

Crown Castle (NYSE:CCI) last announced its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.04. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The business had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter in the prior year, the company earned $2.05 earnings per share. The business’s revenue was down 12.9% compared to the same quarter last year. On average, research analysts anticipate that Crown Castle Inc. will post 6.62 earnings per share for the current year.

Crown Castle Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a yield of 6.03%. The ex-dividend date was Friday, June 14th. Crown Castle’s dividend payout ratio (DPR) is presently 195.63%.

Wall Street Analyst Weigh In

CCI has been the subject of a number of recent research reports. Royal Bank of Canada lowered their target price on Crown Castle from $109.00 to $100.00 and set a “sector perform” rating for the company in a research note on Tuesday, May 7th. Argus downgraded shares of Crown Castle from a “buy” rating to a “hold” rating in a research note on Friday, April 19th. The Goldman Sachs Group started coverage on shares of Crown Castle in a research report on Monday, July 1st. They set a “neutral” rating and a $104.00 price target for the company. TD Cowen upped their price objective on shares of Crown Castle from $124.00 to $127.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Raymond James reissued an “outperform” rating and issued a $126.00 target price (up from $124.00) on shares of Crown Castle in a research note on Friday, June 14th. Twelve investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Crown Castle presently has an average rating of “Hold” and a consensus price target of $114.88.

Crown Castle Company Profile

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.