Bank of New York Mellon Corp Grows Stake in Crown Castle Inc. $CCI

Key Points

• Bank of New York Mellon increased its Crown Castle stake by 8.3% in the first quarter, ending with 2.28 million shares valued at about $185.7 million.
• Crown Castle’s latest quarter beat expectations, with EPS of $1.02 versus the $0.47 estimate and revenue of $1.01 billion, though revenue still declined 4.9% year over year.
• The REIT paid a quarterly dividend of $1.0625 per share, implying an annualized yield of about 5.4%; analysts currently rate the stock Moderate Buy with an average target price of $98.52.

Bank of New York Mellon Corp grew its stake in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 8.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,283,912 shares of the real estate investment trust's stock after acquiring an additional 175,535 shares during the quarter. Bank of New York Mellon Corp owned about 0.52% of Crown Castle worth $185,705,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. United Asset Strategies Inc. raised its holdings in Crown Castle by 2.5% in the 4th quarter. United Asset Strategies Inc. now owns 4,931 shares of the real estate investment trust's stock worth $438,000 after acquiring an additional 120 shares during the last quarter. Binnacle Investments Inc boosted its stake in Crown Castle by 10.9% during the 3rd quarter. Binnacle Investments Inc now owns 1,295 shares of the real estate investment trust's stock valued at $125,000 after purchasing an additional 127 shares during the last quarter. Applied Capital LLC FL boosted its stake in Crown Castle by 0.9% during the 4th quarter. Applied Capital LLC FL now owns 15,269 shares of the real estate investment trust's stock valued at $1,357,000 after purchasing an additional 132 shares during the last quarter. Hilton Head Capital Partners LLC increased its holdings in shares of Crown Castle by 55.6% in the 1st quarter. Hilton Head Capital Partners LLC now owns 375 shares of the real estate investment trust's stock worth $31,000 after purchasing an additional 134 shares in the last quarter. Finally, CENTRAL TRUST Co increased its holdings in shares of Crown Castle by 10.2% in the 1st quarter. CENTRAL TRUST Co now owns 1,488 shares of the real estate investment trust's stock worth $121,000 after purchasing an additional 138 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Crown Castle Stock Up 0.7%

NYSE CCI opened at $79.24 on Friday. Crown Castle Inc. has a 52 week low of $73.75 and a 52 week high of $115.76. The firm has a market capitalization of $34.59 billion, a P/E ratio of 32.75, a PEG ratio of 0.40 and a beta of 0.95. The company has a 50-day moving average price of $85.66 and a 200-day moving average price of $86.18.

Crown Castle (NYSE:CCI - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The real estate investment trust reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.55. Crown Castle had a net margin of 25.13% and a negative return on equity of 64.64%. The firm had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $995.41 million. During the same quarter in the prior year, the business earned $1.10 EPS. The business's quarterly revenue was down 4.9% on a year-over-year basis. Crown Castle has set its FY 2026 guidance at 4.380-4.490 EPS. As a group, equities research analysts anticipate that Crown Castle Inc. will post 4.22 EPS for the current year.

Crown Castle Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a dividend of $1.0625 per share. The ex-dividend date was Monday, June 15th. This represents a $4.25 annualized dividend and a yield of 5.4%. Crown Castle's payout ratio is 175.62%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CCI shares. Barclays increased their price objective on Crown Castle from $91.00 to $92.00 and gave the company an "equal weight" rating in a research report on Monday, May 4th. KeyCorp boosted their target price on Crown Castle from $98.00 to $105.00 and gave the stock an "overweight" rating in a research report on Thursday, April 23rd. Wells Fargo & Company restated an "equal weight" rating and set a $85.00 target price (down from $90.00) on shares of Crown Castle in a research note on Monday, March 23rd. Raymond James Financial raised their price target on shares of Crown Castle from $102.00 to $108.00 and gave the company a "strong-buy" rating in a report on Thursday, April 23rd. Finally, Scotiabank reduced their price target on shares of Crown Castle from $94.00 to $91.00 and set a "sector perform" rating for the company in a research note on Tuesday, April 7th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, Crown Castle has a consensus rating of "Moderate Buy" and an average target price of $98.52.

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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