70,223 Shares in Crown Castle Inc. $CCI Acquired by Commerzbank Aktiengesellschaft FI

Key Points

• Commerzbank Aktiengesellschaft FI acquired 70,223 Crown Castle shares during the second quarter, valued at approximately $5.3 million. Institutional investors and hedge funds collectively own 90.77% of the company.
• Crown Castle shares opened at $74.45, near the lower end of their 52-week range of $69.72 to $104.61. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $95.13.
• The company declared a quarterly dividend of $1.0625, equivalent to $4.25 annually and a 5.7% yield. The payout ratio is elevated at 215.74%.

Commerzbank Aktiengesellschaft FI acquired a new position in shares of Crown Castle Inc. (NYSE:CCI - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 70,223 shares of the real estate investment trust's stock, valued at approximately $5,318,000.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Crown Castle by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 69,769,393 shares of the real estate investment trust's stock worth $6,200,406,000 after acquiring an additional 386,733 shares during the last quarter. Cohen & Steers Inc. increased its stake in shares of Crown Castle by 11.0% during the fourth quarter. Cohen & Steers Inc. now owns 39,790,292 shares of the real estate investment trust's stock worth $3,536,214,000 after acquiring an additional 3,953,685 shares during the period. State Street Corp increased its position in Crown Castle by 2.4% during the 4th quarter. State Street Corp now owns 22,239,559 shares of the real estate investment trust's stock worth $1,976,430,000 after purchasing an additional 511,018 shares during the period. Wellington Management Group LLP raised its position in Crown Castle by 2.8% in the fourth quarter. Wellington Management Group LLP now owns 13,986,852 shares of the real estate investment trust's stock worth $1,243,012,000 after acquiring an additional 380,419 shares in the last quarter. Finally, Lazard Asset Management LLC grew its stake in shares of Crown Castle by 15.7% during the 1st quarter. Lazard Asset Management LLC now owns 13,463,182 shares of the real estate investment trust's stock worth $1,094,691,000 after purchasing an additional 1,828,065 shares during the period. Institutional investors and hedge funds own 90.77% of the company's stock.

Insider Activity at Crown Castle

In related news, VP Robert Sean Collins sold 1,500 shares of the business's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $75.89, for a total transaction of $113,835.00. Following the transaction, the vice president directly owned 5,113 shares of the company's stock, valued at approximately $388,025.57. The trade was a 22.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.09% of the stock is currently owned by company insiders.

Crown Castle Stock Performance

CCI stock opened at $74.45 on Tuesday. The stock has a market capitalization of $31.67 billion, a price-to-earnings ratio of 37.79, a PEG ratio of 0.40 and a beta of 0.95. The stock's fifty day moving average is $79.27 and its two-hundred day moving average is $84.41. Crown Castle Inc. has a 1 year low of $69.72 and a 1 year high of $104.61.

Crown Castle Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a $1.0625 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $4.25 dividend on an annualized basis and a yield of 5.7%. Crown Castle's dividend payout ratio (DPR) is currently 215.74%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CCI shares. BMO Capital Markets dropped their target price on shares of Crown Castle from $100.00 to $95.00 and set an "outperform" rating for the company in a report on Monday, July 20th. Wolfe Research lowered Crown Castle from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, May 20th. Citizens Jmp dropped their price target on shares of Crown Castle from $125.00 to $120.00 and set a "market outperform" rating for the company in a research report on Friday, July 24th. JPMorgan Chase & Co. dropped their price target on Crown Castle from $95.00 to $85.00 and set a "neutral" rating for the company in a research note on Thursday, July 23rd. Finally, The Goldman Sachs Group started coverage on shares of Crown Castle in a research note on Friday, June 26th. They issued a "neutral" rating and a $95.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $95.13.

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.

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