M&T Bank Corp Trims Stake in Crown Castle Inc. (NYSE:CCI)

M&T Bank Corp cut its position in shares of Crown Castle Inc. (NYSE:CCI) by 3.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 95,632 shares of the real estate investment trust’s stock after selling 3,595 shares during the period. M&T Bank Corp’s holdings in Crown Castle were worth $11,345,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in CCI. TD Private Client Wealth LLC boosted its position in shares of Crown Castle by 14.0% during the third quarter. TD Private Client Wealth LLC now owns 21,329 shares of the real estate investment trust’s stock valued at $2,530,000 after buying an additional 2,613 shares during the period. Hobbs Group Advisors LLC grew its position in Crown Castle by 17.1% in the 3rd quarter. Hobbs Group Advisors LLC now owns 2,854 shares of the real estate investment trust’s stock valued at $339,000 after acquiring an additional 417 shares during the last quarter. Toronto Dominion Bank increased its stake in Crown Castle by 1.0% in the third quarter. Toronto Dominion Bank now owns 246,376 shares of the real estate investment trust’s stock worth $29,228,000 after purchasing an additional 2,462 shares during the period. Coldstream Capital Management Inc. lifted its position in shares of Crown Castle by 5.3% during the third quarter. Coldstream Capital Management Inc. now owns 9,103 shares of the real estate investment trust’s stock worth $1,070,000 after purchasing an additional 461 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Crown Castle by 1.3% during the third quarter. Geode Capital Management LLC now owns 12,105,151 shares of the real estate investment trust’s stock valued at $1,434,229,000 after purchasing an additional 151,990 shares during the period. 90.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group lifted their price objective 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. Jefferies Financial Group boosted their price target on Crown Castle from $123.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, October 17th. TD Cowen reduced their price objective on Crown Castle from $127.00 to $123.00 and set a “buy” rating on the stock in a report on Thursday, October 17th. JPMorgan Chase & Co. increased their price target on Crown Castle from $115.00 to $124.00 and gave the stock a “neutral” rating in a research report on Monday, September 23rd. Finally, Barclays lifted their price objective on Crown Castle from $116.00 to $117.00 and gave the company an “equal weight” rating in a report on Friday, November 1st. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, Crown Castle presently has a consensus rating of “Hold” and an average target price of $117.00.

Crown Castle Stock Down 0.1 %

Crown Castle stock opened at $90.66 on Friday. Crown Castle Inc. has a 1-year low of $89.64 and a 1-year high of $120.92. The business has a fifty day moving average price of $104.76 and a 200-day moving average price of $106.85. The company has a debt-to-equity ratio of 4.43, a current ratio of 0.54 and a quick ratio of 0.54. The stock has a market capitalization of $39.40 billion, a price-to-earnings ratio of 32.15 and a beta of 0.86.

Crown Castle (NYSE:CCI) last issued its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.70 earnings per share for the quarter, missing the consensus estimate of $1.73 by ($1.03). Crown Castle had a return on equity of 20.98% and a net margin of 18.59%. The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.64 billion. During the same period in the prior year, the business posted $1.77 EPS. Crown Castle’s revenue was down .9% compared to the same quarter last year. Equities research analysts forecast that Crown Castle Inc. will post 6.66 EPS for the current fiscal year.

Crown Castle Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a dividend of $1.565 per share. The ex-dividend date is Friday, December 13th. This represents a $6.26 dividend on an annualized basis and a yield of 6.90%. Crown Castle’s payout ratio is 221.99%.

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.