Allstate Corp Has $3.03 Million Stock Position in Crown Castle Inc. $CCI

Key Points

• Allstate Corp nearly doubled its stake in Crown Castle during the fourth quarter, ending with 34,121 shares valued at about $3.03 million.
• Crown Castle reported better-than-expected quarterly earnings of $1.02 per share versus $0.47 expected, while revenue of $1.01 billion also topped estimates despite being down 4.9% year over year.
• The company declared a quarterly dividend of $1.0625 per share payable June 30, implying an annualized yield of about 4.7%, though the payout ratio is elevated at 175.62%.

Allstate Corp raised its position in Crown Castle Inc. (NYSE:CCI - Free Report) by 99.2% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 34,121 shares of the real estate investment trust's stock after acquiring an additional 16,994 shares during the period. Allstate Corp's holdings in Crown Castle were worth $3,032,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in CCI. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Crown Castle by 591.8% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,471,120 shares of the real estate investment trust's stock valued at $431,418,000 after acquiring an additional 3,824,778 shares during the period. Principal Financial Group Inc. boosted its position in shares of Crown Castle by 422.5% during the fourth quarter. Principal Financial Group Inc. now owns 3,581,154 shares of the real estate investment trust's stock valued at $318,258,000 after buying an additional 2,895,756 shares during the last quarter. Invesco Ltd. boosted its position in shares of Crown Castle by 33.2% during the third quarter. Invesco Ltd. now owns 6,437,685 shares of the real estate investment trust's stock valued at $621,172,000 after buying an additional 1,605,291 shares during the last quarter. ANTIPODES PARTNERS Ltd purchased a new position in shares of Crown Castle during the third quarter valued at approximately $121,726,000. Finally, Daiwa Securities Group Inc. boosted its position in shares of Crown Castle by 42.3% during the third quarter. Daiwa Securities Group Inc. now owns 3,931,258 shares of the real estate investment trust's stock valued at $379,327,000 after buying an additional 1,168,132 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company's stock.

Insider Buying and Selling

In related 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 completion of the transaction, the vice president directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.09% of the stock is currently owned by insiders.

Crown Castle Stock Performance

NYSE:CCI opened at $90.82 on Thursday. Crown Castle Inc. has a 52-week low of $75.96 and a 52-week high of $115.76. The firm has a market cap of $39.64 billion, a price-to-earnings ratio of 37.53, a PEG ratio of 0.46 and a beta of 0.93. The business's fifty day moving average is $86.48 and its 200 day moving average is $87.65.

Crown Castle (NYSE:CCI - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.47 by $0.55. Crown Castle had a negative return on equity of 64.64% and a net margin of 25.13%.The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $995.42 million. During the same period in the previous year, the company posted $1.10 EPS. The firm's revenue for the quarter was down 4.9% compared to the same quarter last year. Crown Castle has set its FY 2026 guidance at 4.380-4.490 EPS. Equities analysts predict that Crown Castle Inc. will post 4.22 EPS for the current fiscal year.

Crown Castle Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $1.0625 per share. This represents a $4.25 annualized dividend and a yield of 4.7%. The ex-dividend date is Monday, June 15th. Crown Castle's payout ratio is presently 175.62%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Wells Fargo & Company reiterated an "equal weight" rating and set a $85.00 price target (down from $90.00) on shares of Crown Castle in a report on Monday, March 23rd. Citigroup dropped their price target on Crown Castle from $110.00 to $106.00 and set a "buy" rating on the stock in a report on Thursday, February 5th. Jefferies Financial Group lifted their price target on Crown Castle from $84.00 to $89.00 and gave the stock a "hold" rating in a report on Tuesday, April 14th. Truist Financial assumed coverage on Crown Castle in a report on Tuesday, March 31st. They set a "hold" rating and a $90.00 price target on the stock. Finally, JPMorgan Chase & Co. dropped their price target on Crown Castle from $110.00 to $95.00 and set a "neutral" rating on the stock in a report on Thursday, February 5th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $98.52.

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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