Crown Castle (NYSE:CCI) PT Lowered to $105.00 at Bank of America

Crown Castle (NYSE:CCI) had its price target reduced by Bank of America from $120.00 to $105.00 in a report published on Friday morning, Benzinga reports. Bank of America currently has a neutral rating on the real estate investment trust’s stock.

A number of other research firms also recently issued reports on CCI. Argus downgraded Crown Castle from a buy rating to a hold rating in a report on Friday. Scotiabank reduced their target price on shares of Crown Castle from $133.00 to $118.00 and set a sector perform rating for the company in a report on Thursday, April 18th. Royal Bank of Canada boosted their price target on shares of Crown Castle from $92.00 to $109.00 and gave the stock a sector perform rating in a research report on Wednesday, February 21st. Jefferies Financial Group reduced their price objective on shares of Crown Castle from $126.00 to $123.00 and set a buy rating for the company in a research note on Thursday, April 18th. Finally, BMO Capital Markets dropped their target price on Crown Castle from $110.00 to $105.00 and set a market perform rating on the stock in a report on Thursday, April 18th. Eleven analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Crown Castle presently has a consensus rating of Hold and an average price target of $113.57.

Crown Castle Trading Down 0.1 %

NYSE CCI opened at $95.08 on Friday. 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 firm has a market cap of $41.31 billion, a P/E ratio of 29.71, a P/E/G ratio of 2.53 and a beta of 0.73. The stock’s 50-day moving average is $104.62 and its 200-day moving average is $105.37. Crown Castle has a one year low of $84.72 and a one year high of $128.27.

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

Crown Castle Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a yield of 6.58%. The ex-dividend date was Thursday, March 14th. Crown Castle’s dividend payout ratio is 195.63%.

Hedge Funds Weigh In On Crown Castle

Several institutional investors and hedge funds have recently modified their holdings of CCI. Morgan Stanley boosted its holdings in shares of Crown Castle by 8.9% during the third quarter. Morgan Stanley now owns 13,078,861 shares of the real estate investment trust’s stock worth $1,203,648,000 after acquiring an additional 1,064,382 shares during the period. FMR LLC boosted its stake in Crown Castle by 14.3% in the 3rd quarter. FMR LLC now owns 11,936,611 shares of the real estate investment trust’s stock valued at $1,098,526,000 after purchasing an additional 1,496,330 shares during the period. Cohen & Steers Inc. boosted its stake in Crown Castle by 7.9% in the 4th quarter. Cohen & Steers Inc. now owns 11,375,567 shares of the real estate investment trust’s stock valued at $1,310,559,000 after purchasing an additional 834,198 shares during the period. Wellington Management Group LLP increased its position in Crown Castle by 11.1% during 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 buying an additional 1,126,394 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Crown Castle by 42.8% during the third quarter. The Manufacturers Life Insurance Company now owns 7,083,665 shares of the real estate investment trust’s stock worth $651,910,000 after buying an additional 2,121,603 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.