First Citizens Bank & Trust Co. raised its position in shares of CROWN CASTLE IN/SH SH (NYSE:CCI) by 279.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,197 shares of the real estate investment trust’s stock after buying an additional 7,513 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in CROWN CASTLE IN/SH SH were worth $1,707,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the business. Janus Henderson Group PLC lifted its position in CROWN CASTLE IN/SH SH by 6.0% during the fourth quarter. Janus Henderson Group PLC now owns 9,422,387 shares of the real estate investment trust’s stock valued at $1,339,368,000 after buying an additional 534,010 shares during the period. Deutsche Bank AG lifted its position in CROWN CASTLE IN/SH SH by 6.7% during the first quarter. Deutsche Bank AG now owns 6,798,287 shares of the real estate investment trust’s stock valued at $981,675,000 after buying an additional 424,601 shares during the period. Geode Capital Management LLC increased its holdings in shares of CROWN CASTLE IN/SH SH by 5.8% during the fourth quarter. Geode Capital Management LLC now owns 6,077,065 shares of the real estate investment trust’s stock valued at $862,179,000 after acquiring an additional 331,385 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of CROWN CASTLE IN/SH SH by 0.8% during the first quarter. Legal & General Group Plc now owns 3,846,071 shares of the real estate investment trust’s stock valued at $555,335,000 after acquiring an additional 30,858 shares in the last quarter. Finally, Norges Bank bought a new position in shares of CROWN CASTLE IN/SH SH during the fourth quarter valued at $537,278,000. 90.90% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE:CCI opened at $168.00 on Thursday. The stock has a market capitalization of $70.58 billion, a price-to-earnings ratio of 87.96, a PEG ratio of 1.40 and a beta of 0.35. The company has a debt-to-equity ratio of 2.30, a quick ratio of 0.47 and a current ratio of 0.47. The stock’s 50-day simple moving average is $168.53 and its two-hundred day simple moving average is $155.89. CROWN CASTLE IN/SH SH has a 52-week low of $114.18 and a 52-week high of $180.00.
CROWN CASTLE IN/SH SH (NYSE:CCI) last announced its earnings results on Wednesday, April 29th. The real estate investment trust reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.11). The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.44 billion. CROWN CASTLE IN/SH SH had a return on equity of 8.39% and a net margin of 15.59%. The company’s revenue for the quarter was down .4% on a year-over-year basis. During the same period in the previous year, the business posted $0.44 earnings per share. As a group, equities analysts forecast that CROWN CASTLE IN/SH SH will post 5.78 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Friday, June 12th were given a $1.20 dividend. The ex-dividend date was Thursday, June 11th. This represents a $4.80 annualized dividend and a yield of 2.86%. CROWN CASTLE IN/SH SH’s payout ratio is 84.36%.
In other news, EVP Michael Joseph Kavanagh sold 5,000 shares of CROWN CASTLE IN/SH SH stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $153.86, for a total transaction of $769,300.00. Following the transaction, the executive vice president now directly owns 47,767 shares of the company’s stock, valued at approximately $7,349,430.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO James D. Young sold 6,000 shares of CROWN CASTLE IN/SH SH stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $168.00, for a total value of $1,008,000.00. Following the transaction, the chief operating officer now directly owns 198,679 shares in the company, valued at $33,378,072. The disclosure for this sale can be found here. Insiders sold 13,000 shares of company stock worth $2,125,480 over the last three months. Insiders own 0.47% of the company’s stock.
Several equities analysts have recently weighed in on CCI shares. Deutsche Bank started coverage on CROWN CASTLE IN/SH SH in a report on Friday, June 5th. They set a “hold” rating and a $180.00 price target for the company. Oppenheimer upgraded CROWN CASTLE IN/SH SH from a “market perform” rating to an “outperform” rating and set a $175.00 price target for the company in a report on Friday, May 22nd. Morgan Stanley lifted their price objective on CROWN CASTLE IN/SH SH from $177.00 to $179.00 and gave the stock an “overweight” rating in a report on Monday, June 1st. Barclays initiated coverage on CROWN CASTLE IN/SH SH in a report on Wednesday. They issued an “overweight” rating and a $197.00 price objective for the company. Finally, Wells Fargo & Co lifted their price objective on CROWN CASTLE IN/SH SH from $185.00 to $188.00 and gave the stock an “overweight” rating in a report on Friday, July 10th. Eight equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $166.31.
About CROWN CASTLE IN/SH SH
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 70,000 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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