Crown Castle Inc. $CCI Shares Sold by Vestcor Inc

Vestcor Inc cut its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 35.7% during the third quarter, Holdings Channel reports. The firm owned 28,674 shares of the real estate investment trust’s stock after selling 15,926 shares during the quarter. Vestcor Inc’s holdings in Crown Castle were worth $2,767,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of CCI. Norges Bank acquired a new stake in Crown Castle in the second quarter valued at $629,431,000. Lazard Asset Management LLC boosted its stake in Crown Castle by 3,051.5% in the second quarter. Lazard Asset Management LLC now owns 5,472,810 shares of the real estate investment trust’s stock valued at $562,221,000 after acquiring an additional 5,299,155 shares in the last quarter. ANTIPODES PARTNERS Ltd purchased a new position in shares of Crown Castle during the third quarter worth about $121,726,000. JPMorgan Chase & Co. increased its position in shares of Crown Castle by 33.9% during the second quarter. JPMorgan Chase & Co. now owns 3,657,030 shares of the real estate investment trust’s stock worth $375,697,000 after purchasing an additional 926,721 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in shares of Crown Castle by 15,241.9% in the 2nd quarter. Canada Pension Plan Investment Board now owns 757,891 shares of the real estate investment trust’s stock valued at $77,858,000 after purchasing an additional 752,951 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Crown Castle Trading Down 1.3%

NYSE CCI opened at $88.52 on Wednesday. The stock has a market capitalization of $38.60 billion, a price-to-earnings ratio of 87.64, a PEG ratio of 0.45 and a beta of 0.96. The business’s 50 day moving average is $87.34 and its two-hundred day moving average is $91.11. Crown Castle Inc. has a 12-month low of $77.01 and a 12-month high of $115.76.

Crown Castle Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a dividend of $1.0625 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $4.25 dividend on an annualized basis and a dividend yield of 4.8%. Crown Castle’s dividend payout ratio is 420.79%.

Wall Street Analysts Forecast Growth

CCI has been the topic of several research analyst reports. UBS Group reduced their price objective on Crown Castle from $116.00 to $105.00 and set a “buy” rating for the company in a research note on Thursday, February 5th. KeyCorp lowered their price objective on shares of Crown Castle from $115.00 to $98.00 and set an “overweight” rating on the stock in a research report on Thursday, February 5th. Jefferies Financial Group reduced their target price on shares of Crown Castle from $90.00 to $84.00 and set a “buy” rating for the company in a report on Wednesday, February 4th. Sanford C. Bernstein started coverage on Crown Castle in a report on Thursday, March 5th. They set an “outperform” rating and a $102.00 price target on the stock. Finally, Zacks Research raised Crown Castle from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, Crown Castle presently has a consensus rating of “Moderate Buy” and an average price target of $100.13.

Insider Transactions at Crown Castle

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

About Crown Castle

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.