59,128 Shares in Crown Castle Inc. $CCI Purchased by Cornerstone Capital Inc.

Key Points

• Cornerstone Capital purchased 59,128 Crown Castle shares worth approximately $4.48 million in the second quarter. Institutional investors collectively own 90.77% of the REIT.
• Crown Castle shares opened at $75.91, near the lower end of their 12-month range. Analysts maintain a “Moderate Buy” consensus, with an average price target of $95.13.
• The company declared a quarterly dividend of $1.0625 per share, equating to an annualized $4.25 payout and a 5.6% yield. A Crown Castle vice president separately sold 1,500 shares.

Cornerstone Capital Inc. purchased a new stake in shares of Crown Castle Inc. (NYSE:CCI - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 59,128 shares of the real estate investment trust's stock, valued at approximately $4,478,000.

Other institutional investors have also added to or reduced their stakes in the company. Becker Capital Management Inc. raised its holdings in shares of Crown Castle by 1.4% during the 2nd quarter. Becker Capital Management Inc. now owns 36,931 shares of the real estate investment trust's stock worth $2,797,000 after acquiring an additional 520 shares in the last quarter. Jacobi Capital Management LLC grew its holdings in shares of Crown Castle by 4.8% in the second quarter. Jacobi Capital Management LLC now owns 9,496 shares of the real estate investment trust's stock valued at $719,000 after purchasing an additional 432 shares in the last quarter. Linscomb Wealth Inc. grew its holdings in shares of Crown Castle by 0.3% in the second quarter. Linscomb Wealth Inc. now owns 53,512 shares of the real estate investment trust's stock valued at $4,052,000 after purchasing an additional 145 shares in the last quarter. Aberdeen Group plc increased its position in Crown Castle by 4.9% in the second quarter. Aberdeen Group plc now owns 1,054,126 shares of the real estate investment trust's stock worth $79,829,000 after purchasing an additional 49,485 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its position in Crown Castle by 7.3% in the second quarter. Daiwa Securities Group Inc. now owns 4,705,219 shares of the real estate investment trust's stock worth $356,326,000 after purchasing an additional 320,027 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Crown Castle Trading Up 0.2%

Shares of NYSE:CCI opened at $75.91 on Friday. Crown Castle Inc. has a 12 month low of $69.72 and a 12 month high of $104.61. The company has a market capitalization of $32.30 billion, a price-to-earnings ratio of 38.53, a PEG ratio of 0.40 and a beta of 0.95. The firm's 50-day moving average is $79.61 and its 200 day moving average is $84.52.

Crown Castle Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $1.0625 per share. This represents a $4.25 annualized dividend and a dividend yield of 5.6%. The ex-dividend date is Tuesday, September 15th. Crown Castle's payout ratio is 215.74%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Raymond James Financial increased their price objective on shares of Crown Castle from $102.00 to $108.00 and gave the company a "strong-buy" rating in a research report on Thursday, April 23rd. KeyCorp boosted their target price on shares of Crown Castle from $98.00 to $105.00 and gave the stock an "overweight" rating in a report on Thursday, April 23rd. JPMorgan Chase & Co. decreased their target price on shares of Crown Castle from $95.00 to $85.00 and set a "neutral" rating on the stock in a research report on Thursday, July 23rd. Royal Bank Of Canada dropped their price target on Crown Castle from $92.00 to $90.00 and set an "outperform" rating for the company in a research report on Thursday, July 23rd. Finally, Barclays boosted their price objective on Crown Castle from $91.00 to $92.00 and gave the stock an "equal weight" rating in a research note on Monday, May 4th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $95.13.

Insider Activity at Crown Castle

In other news, VP Robert Sean Collins sold 1,500 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $75.89, for a total value of $113,835.00. Following the sale, the vice president directly owned 5,113 shares in the company, valued at approximately $388,025.57. This represents a 22.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.09% of the company's stock.

Crown Castle 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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