Allstate Corp Purchases 6,636 Shares of Crown Castle Inc. $CCI

Key Points

• Allstate Corp increased its stake in Crown Castle Inc. by 34.2% in Q1, now owning 26,061 shares worth approximately $2.72 million.
• Crown Castle recently announced a quarterly dividend of $1.0625 per share, with a 4.1% annualized yield, to be paid on September 30th.
• The company reported earnings of $1.02 per share for the last quarter, exceeding analysts' estimates, but showed a 4.2% decrease in year-over-year revenue.

Allstate Corp lifted its position in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 34.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,061 shares of the real estate investment trust's stock after buying an additional 6,636 shares during the quarter. Allstate Corp's holdings in Crown Castle were worth $2,716,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Opal Wealth Advisors LLC acquired a new stake in shares of Crown Castle during the first quarter worth $26,000. Iron Horse Wealth Management LLC bought a new position in Crown Castle during the first quarter worth $26,000. Centerpoint Advisors LLC bought a new position in Crown Castle during the first quarter worth $26,000. Stone House Investment Management LLC bought a new position in Crown Castle during the first quarter worth $27,000. Finally, American National Bank & Trust bought a new position in Crown Castle during the first quarter worth $29,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Crown Castle Stock Down 1.1%

NYSE CCI traded down $1.15 during trading hours on Wednesday, reaching $100.24. 3,776,347 shares of the company were exchanged, compared to its average volume of 3,223,242. Crown Castle Inc. has a 1 year low of $84.20 and a 1 year high of $120.92. The business's 50 day simple moving average is $104.00 and its 200-day simple moving average is $100.90. The stock has a market capitalization of $43.65 billion, a P/E ratio of -9.39, a P/E/G ratio of 0.78 and a beta of 0.89.

Crown Castle (NYSE:CCI - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.02. Crown Castle had a negative net margin of 85.54% and a negative return on equity of 619.62%. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter last year, the company posted $1.62 earnings per share. The firm's quarterly revenue was down 4.2% compared to the same quarter last year. Crown Castle has set its FY 2025 guidance at 4.140-4.250 EPS. As a group, sell-side analysts anticipate that Crown Castle Inc. will post 6.67 earnings per share for the current year.

Crown Castle Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a $1.0625 dividend. This represents a $4.25 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Monday, September 15th. Crown Castle's dividend payout ratio (DPR) is -39.83%.

Analyst Ratings Changes

Several research analysts recently issued reports on CCI shares. JPMorgan Chase & Co. increased their target price on shares of Crown Castle from $115.00 to $120.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Scotiabank raised their price objective on shares of Crown Castle from $109.00 to $114.00 and gave the company a "sector perform" rating in a research note on Friday, July 25th. KeyCorp raised their price objective on shares of Crown Castle from $122.00 to $125.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Citigroup raised their price objective on shares of Crown Castle from $108.00 to $124.00 and gave the company a "buy" rating in a research note on Monday, May 5th. Finally, Wells Fargo & Company raised shares of Crown Castle from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $105.00 to $125.00 in a research note on Thursday, July 24th. Three investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, Crown Castle presently has a consensus rating of "Moderate Buy" and an average target price of $116.41.

Crown Castle Company Profile

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.