174,532 Shares in Crown Castle Inc. $CCI Purchased by CIBC Bancorp USA Inc.

Key Points

• CIBC Bancorp USA Inc. bought a new stake of 174,532 shares in Crown Castle (NYSE:CCI) during Q3, valued at about $16.84 million.
• Crown Castle declared a quarterly dividend of $1.0625 (annualized $4.25) with a yield of 5.0%, while the reported dividend payout ratio is an elevated 420.79%.
• Analysts have trimmed targets recently, yet the consensus rating remains a "Moderate Buy" with an average price target of about $100.13.

CIBC Bancorp USA Inc. bought a new stake in Crown Castle Inc. (NYSE:CCI - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 174,532 shares of the real estate investment trust's stock, valued at approximately $16,841,000.

Several other hedge funds also recently modified their holdings of the company. Winnow Wealth LLC acquired a new position in shares of Crown Castle in the second quarter valued at approximately $26,000. Twin Peaks Wealth Advisors LLC acquired a new stake in Crown Castle during the second quarter worth approximately $27,000. LRI Investments LLC acquired a new stake in Crown Castle during the third quarter worth approximately $29,000. Wiser Advisor Group LLC purchased a new stake in Crown Castle in the 3rd quarter worth approximately $29,000. Finally, Triumph Capital Management acquired a new position in Crown Castle in the 3rd quarter valued at $31,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Crown Castle Stock Up 0.2%

CCI opened at $85.05 on Friday. Crown Castle Inc. has a 52-week low of $77.01 and a 52-week high of $115.76. The company has a 50 day moving average of $87.23 and a two-hundred day moving average of $90.57. The company has a market cap of $37.09 billion, a P/E ratio of 84.21, a P/E/G ratio of 0.43 and a beta of 0.96.

Crown Castle Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be issued a $1.0625 dividend. This represents a $4.25 annualized dividend and a yield of 5.0%. The ex-dividend date is Friday, March 13th. Crown Castle's dividend payout ratio is currently 420.79%.

Insider Activity

In other Crown Castle news, VP Robert Sean Collins sold 3,000 shares of the business'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 in the company, valued at $507,442. The trade was a 34.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 value of $401,481.00. Following the completion of the sale, the executive vice president directly owned 25,183 shares of the company's stock, valued at $2,174,300.22. The trade was a 15.59% 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.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on CCI shares. New Street Research cut Crown Castle from a "buy" rating to a "neutral" rating and set a $93.00 price objective on the stock. in a report on Monday, January 5th. Wells Fargo & Company dropped their target price on Crown Castle from $105.00 to $90.00 and set an "overweight" rating for the company in a research note on Thursday, February 5th. Barclays reduced their target price on Crown Castle from $101.00 to $91.00 and set an "equal weight" rating on the stock in a research report on Tuesday, February 17th. JPMorgan Chase & Co. lowered their price target on Crown Castle from $110.00 to $95.00 and set a "neutral" rating for the company in a report on Thursday, February 5th. Finally, Sanford C. Bernstein began coverage on shares of Crown Castle in a research note on Thursday, March 5th. They set an "outperform" rating and a $102.00 price objective for the company. Two research 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 stock. According to MarketBeat, Crown Castle has a consensus rating of "Moderate Buy" and an average price target of $100.13.

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.

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