Crown Castle (NYSE:CCI) Earns Hold Rating from Analysts at Truist Financial

Truist Financial assumed coverage on shares of Crown Castle (NYSE:CCI) in a research note released on Tuesday, Marketbeat.com reports. The firm issued a hold rating and a $90.00 target price on the real estate investment trust’s stock.

CCI has been the topic of several other research reports. Barclays cut their price target on Crown Castle from $101.00 to $91.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 17th. Raymond James Financial lowered their price objective on shares of Crown Castle from $120.00 to $106.00 and set a “strong-buy” rating for the company in a research note on Friday, January 23rd. Wolfe Research cut shares of Crown Castle from a “strong-buy” rating to a “hold” rating in a report on Friday, February 6th. JPMorgan Chase & Co. cut their target price on shares of Crown Castle from $110.00 to $95.00 and set a “neutral” rating on the stock in a research report on Thursday, February 5th. Finally, BMO Capital Markets reduced their target price on Crown Castle from $97.00 to $91.00 and set an “outperform” rating on the stock in a research report on Thursday, February 5th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.34.

Crown Castle Stock Up 4.8%

CCI opened at $84.73 on Tuesday. The stock’s fifty day moving average is $85.75 and its two-hundred day moving average is $89.48. The company has a market capitalization of $36.95 billion, a P/E ratio of 83.89, a PEG ratio of 0.41 and a beta of 0.94. Crown Castle has a 52 week low of $75.96 and a 52 week high of $115.76.

Crown Castle Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were given a dividend of $1.0625 per share. The ex-dividend date was Friday, March 13th. This represents a $4.25 dividend on an annualized basis and a yield of 5.0%. Crown Castle’s dividend payout ratio is currently 420.79%.

Insider Buying and Selling at Crown Castle

In other news, EVP Edward B. Adams, Jr. sold 4,650 shares of the business’s stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $86.34, for a total transaction of $401,481.00. Following the completion of the sale, the executive vice president owned 25,183 shares of the company’s stock, valued at $2,174,300.22. The trade was a 15.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Robert Sean Collins sold 3,000 shares of the company’s stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $87.49, for a total transaction of $262,470.00. Following the transaction, the vice president owned 5,800 shares of the company’s stock, valued at approximately $507,442. This trade represents a 34.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.10% of the company’s stock.

Institutional Investors Weigh In On Crown Castle

Large investors have recently bought and sold shares of the company. Foresight Group Ltd Liability Partnership raised its position in shares of Crown Castle by 25.8% in the third quarter. Foresight Group Ltd Liability Partnership now owns 103,407 shares of the real estate investment trust’s stock valued at $9,950,000 after buying an additional 21,194 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Crown Castle by 15.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 70,963 shares of the real estate investment trust’s stock worth $6,847,000 after buying an additional 9,552 shares in the last quarter. Country Club Bank boosted its position in Crown Castle by 20.1% during the third quarter. Country Club Bank now owns 70,778 shares of the real estate investment trust’s stock worth $6,808,000 after acquiring an additional 11,851 shares during the last quarter. Cooke & Bieler LP grew its stake in Crown Castle by 6.1% during the 3rd quarter. Cooke & Bieler LP now owns 2,419,034 shares of the real estate investment trust’s stock valued at $233,413,000 after acquiring an additional 138,061 shares in the last quarter. Finally, National Pension Service grew its stake in Crown Castle by 3.5% during the 3rd quarter. National Pension Service now owns 656,795 shares of the real estate investment trust’s stock valued at $63,374,000 after acquiring an additional 21,986 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Crown Castle Company Profile

Crown Castle is a U.S.-focused communications infrastructure company organized as a real estate investment trust (REIT) that owns, operates and leases shared wireless infrastructure. Its primary business consists of providing tower-based site leases, small cell networks and fiber solutions that support mobile voice and data transmission for wireless carriers, cable companies and other enterprise customers. The company’s assets are positioned to enable network coverage and capacity, including the densification projects associated with 4G LTE and 5G deployments.

Its product and service offerings include ground-based tower sites that host multiple wireless operators, distributed small cell nodes and associated fiber backhaul used to connect sites into carrier networks, and site development and maintenance services.