Bank of America Corp DE Purchases 61,201 Shares of Crown Castle Inc. $CCI

Bank of America Corp DE boosted its position in Crown Castle Inc. (NYSE:CCI - Free Report) by 1.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,877,251 shares of the real estate investment trust's stock after purchasing an additional 61,201 shares during the period. Bank of America Corp DE owned 1.12% of Crown Castle worth $396,569,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Empowered Funds LLC grew its holdings in Crown Castle by 7.5% during the 1st quarter. Empowered Funds LLC now owns 16,444 shares of the real estate investment trust's stock worth $1,714,000 after acquiring an additional 1,150 shares during the last quarter. First Trust Advisors LP increased its position in Crown Castle by 6.9% in the 2nd quarter. First Trust Advisors LP now owns 87,611 shares of the real estate investment trust's stock valued at $9,000,000 after acquiring an additional 5,630 shares during the period. Baird Financial Group Inc. raised its stake in shares of Crown Castle by 3.7% during the second quarter. Baird Financial Group Inc. now owns 7,655 shares of the real estate investment trust's stock valued at $786,000 after acquiring an additional 272 shares during the last quarter. Jump Financial LLC lifted its holdings in shares of Crown Castle by 49.3% during the second quarter. Jump Financial LLC now owns 10,913 shares of the real estate investment trust's stock worth $1,121,000 after purchasing an additional 3,603 shares during the period. Finally, Federated Hermes Inc. lifted its holdings in shares of Crown Castle by 5.6% during the second quarter. Federated Hermes Inc. now owns 4,955 shares of the real estate investment trust's stock worth $509,000 after purchasing an additional 261 shares during the period. 90.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Wall Street Zen raised shares of Crown Castle from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Wolfe Research downgraded Crown Castle from an "outperform" rating to a "peer perform" rating in a report on Wednesday, May 20th. Raymond James Financial upped their price target on Crown Castle from $102.00 to $108.00 and gave the company a "strong-buy" rating in a research report on Thursday, April 23rd. BMO Capital Markets decreased their price target on Crown Castle from $100.00 to $95.00 and set an "outperform" rating for the company in a research note on Monday, July 20th. Finally, JPMorgan Chase & Co. lowered their price objective on Crown Castle from $95.00 to $85.00 and set a "neutral" rating for the company in a research report on Thursday, July 23rd. 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 company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $95.13.

Crown Castle Stock Up 0.2%

CCI stock opened at $76.43 on Monday. The firm has a market cap of $33.36 billion, a price-to-earnings ratio of 38.80, a PEG ratio of 0.40 and a beta of 0.95. The company's fifty day simple moving average is $82.85 and its 200 day simple moving average is $85.41. Crown Castle Inc. has a 12-month low of $73.52 and a 12-month high of $112.75.

Crown Castle Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a $1.0625 dividend. This represents a $4.25 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date of this dividend was Monday, June 15th. Crown Castle's payout ratio is currently 215.74%.

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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