Truist Financial Corp Reduces Position in Crown Castle Inc. (NYSE:CCI)

Truist Financial Corp trimmed its holdings in Crown Castle Inc. (NYSE:CCI) by 20.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 236,273 shares of the real estate investment trust’s stock after selling 60,818 shares during the period. Truist Financial Corp owned 0.05% of Crown Castle worth $23,084,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ables Iannone Moore & Associates Inc. acquired a new stake in Crown Castle in the 4th quarter valued at about $25,000. EntryPoint Capital LLC acquired a new stake in shares of Crown Castle in the first quarter valued at approximately $27,000. Asset Dedication LLC lifted its position in Crown Castle by 159.0% during the second quarter. Asset Dedication LLC now owns 272 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 167 shares in the last quarter. Richardson Financial Services Inc. acquired a new position in Crown Castle during the fourth quarter worth $30,000. Finally, Beacon Capital Management LLC boosted its stake in Crown Castle by 163.9% during the first quarter. Beacon Capital Management LLC now owns 285 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 177 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on CCI. Bank of America raised their target price on Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group boosted their target price on shares of Crown Castle from $105.00 to $120.00 and gave the company a “neutral” rating in a report on Thursday, September 26th. BMO Capital Markets raised their price target on shares of Crown Castle from $105.00 to $108.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Finally, Raymond James reiterated an “outperform” rating and issued a $126.00 price objective (up from $124.00) on shares of Crown Castle in a report on Friday, June 14th. Twelve equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Crown Castle currently has a consensus rating of “Hold” and an average target price of $115.40.

Insiders Place Their Bets

In other news, COO Michael Joseph Kavanagh sold 10,883 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $103.72, for a total transaction of $1,128,784.76. Following the completion of the transaction, the chief operating officer now directly owns 75,127 shares of the company’s stock, valued at $7,792,172.44. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.39% of the stock is owned by company insiders.

Crown Castle Stock Performance

NYSE CCI opened at $114.29 on Friday. The company has a market cap of $49.67 billion, a P/E ratio of 35.72 and a beta of 0.85. Crown Castle Inc. has a 1-year low of $84.72 and a 1-year high of $120.92. The company has a debt-to-equity ratio of 4.04, a current ratio of 0.43 and a quick ratio of 0.43. The stock has a 50-day moving average of $113.75 and a two-hundred day moving average of $104.50.

Crown Castle (NYSE:CCI) last announced its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.04. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same period in the prior year, the firm earned $2.05 EPS. The firm’s revenue for the quarter was down 12.9% on a year-over-year basis. As a group, analysts anticipate that Crown Castle Inc. will post 6.64 EPS for the current year.

Crown Castle Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a dividend of $1.565 per share. The ex-dividend date was Friday, September 13th. This represents a $6.26 annualized dividend and a yield of 5.48%. Crown Castle’s payout ratio is 195.63%.

Crown Castle Profile

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.