Assetmark Inc. decreased its position in Crown Castle Inc. (NYSE:CCI - Free Report) by 91.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,922 shares of the real estate investment trust's stock after selling 19,925 shares during the quarter. Assetmark Inc.'s holdings in Crown Castle were worth $146,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of CCI. Rogco LP grew its position in Crown Castle by 19.9% in the second quarter. Rogco LP now owns 3,942 shares of the real estate investment trust's stock valued at $299,000 after purchasing an additional 654 shares in the last quarter. Waterloo Capital L.P. increased its stake in shares of Crown Castle by 35.0% during the 2nd quarter. Waterloo Capital L.P. now owns 28,530 shares of the real estate investment trust's stock worth $2,161,000 after purchasing an additional 7,390 shares during the last quarter. Gilliland Jeter Wealth Management LLC increased its stake in shares of Crown Castle by 3.9% during the 2nd quarter. Gilliland Jeter Wealth Management LLC now owns 7,090 shares of the real estate investment trust's stock worth $537,000 after purchasing an additional 267 shares during the last quarter. iA Global Asset Management Inc. bought a new stake in shares of Crown Castle in the 2nd quarter valued at about $1,462,000. Finally, Swiss Life Asset Management Ltd lifted its stake in Crown Castle by 21.3% in the 2nd quarter. Swiss Life Asset Management Ltd now owns 119,868 shares of the real estate investment trust's stock valued at $9,078,000 after purchasing an additional 21,054 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.
Crown Castle Stock Performance
Shares of CCI stock opened at $75.91 on Friday. Crown Castle Inc. has a fifty-two week low of $69.72 and a fifty-two week high of $104.61. The stock's fifty day moving average price is $79.61 and its two-hundred day moving average price is $84.52. The company has a market cap of $32.30 billion, a PE ratio of 38.53, a P/E/G ratio of 0.40 and a beta of 0.95.
Crown Castle Announces Dividend
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 $1.0625 dividend. This represents a $4.25 dividend on an annualized basis and a yield of 5.6%. The ex-dividend date is Tuesday, September 15th. Crown Castle's payout ratio is currently 215.74%.
Insiders Place Their Bets
In other Crown Castle news, VP Robert Sean Collins sold 1,500 shares of the business's stock in a transaction 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 sale, the vice president 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.09% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
CCI has been the topic of a number of recent analyst reports. TD Cowen dropped their price target on Crown Castle from $94.00 to $92.00 and set a "buy" rating on the stock in a research note on Thursday, July 23rd. Barclays boosted their price objective on Crown Castle from $91.00 to $92.00 and gave the stock an "equal weight" rating in a report on Monday, May 4th. Wolfe Research downgraded Crown Castle from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, May 20th. KeyCorp increased their price objective on Crown Castle from $98.00 to $105.00 and gave the stock an "overweight" rating in a research report on Thursday, April 23rd. Finally, Jefferies Financial Group lowered their price target on shares of Crown Castle from $88.00 to $82.00 and set a "hold" rating on the stock in a research report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have assigned a Hold rating to the company's stock. According to MarketBeat.com, Crown Castle currently has an average rating of "Moderate Buy" and an average target price of $95.13.
View Our Latest Analysis on CCI
Crown Castle Company Profile
(
Free Report)
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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