State Street Corp Grows Position in Crown Castle Inc. (NYSE:CCI)

State Street Corp boosted its holdings in Crown Castle Inc. (NYSE:CCI) by 3.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,875,581 shares of the real estate investment trust’s stock after acquiring an additional 747,390 shares during the quarter. State Street Corp owned about 4.80% of Crown Castle worth $2,476,470,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Catalyst Capital Advisors LLC purchased a new position in Crown Castle in the third quarter worth $25,000. Asset Dedication LLC increased its position in shares of Crown Castle by 159.0% in the second quarter. Asset Dedication LLC now owns 272 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 167 shares in the last quarter. Rosenberg Matthew Hamilton increased its position in shares of Crown Castle by 107.9% in the third quarter. Rosenberg Matthew Hamilton now owns 262 shares of the real estate investment trust’s stock valued at $31,000 after buying an additional 136 shares in the last quarter. ORG Partners LLC purchased a new position in shares of Crown Castle in the second quarter valued at $34,000. Finally, New Millennium Group LLC purchased a new position in shares of Crown Castle in the second quarter valued at $34,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Crown Castle Stock Down 0.1 %

Shares of NYSE:CCI opened at $103.31 on Friday. The stock’s 50-day moving average price is $108.50 and its two-hundred day moving average price is $107.06. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 4.43. Crown Castle Inc. has a 12-month low of $92.48 and a 12-month high of $120.92. The firm has a market cap of $44.90 billion, a price-to-earnings ratio of 36.63 and a beta of 0.86.

Crown Castle (NYSE:CCI) last issued its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.73 by ($1.03). Crown Castle had a return on equity of 20.98% and a net margin of 18.59%. The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.64 billion. During the same period in the previous year, the business posted $1.77 earnings per share. The firm’s quarterly revenue was down .9% on a year-over-year basis. On average, research analysts forecast that Crown Castle Inc. will post 6.66 EPS for the current year.

Crown Castle Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a $1.565 dividend. This represents a $6.26 dividend on an annualized basis and a yield of 6.06%. The ex-dividend date of this dividend is Friday, December 13th. Crown Castle’s payout ratio is 221.99%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Barclays raised their price target on Crown Castle from $116.00 to $117.00 and gave the company an “equal weight” rating in a research report on Friday, November 1st. The Goldman Sachs Group raised their price target on Crown Castle from $105.00 to $120.00 and gave the company a “neutral” rating in a research report on Thursday, September 26th. JPMorgan Chase & Co. raised their price target on Crown Castle from $115.00 to $124.00 and gave the company a “neutral” rating in a research report on Monday, September 23rd. Bank of America raised their price target on Crown Castle from $110.00 to $115.00 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. Finally, Royal Bank of Canada increased their price objective on Crown Castle from $104.00 to $109.00 and gave the company a “sector perform” rating in a research note on Monday, October 28th. Twelve investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, Crown Castle currently has a consensus rating of “Hold” and a consensus price target of $116.87.

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.