Bank of New York Mellon Corp Has $187.37 Million Stock Position in Crown Castle Inc. $CCI

Key Points

• Bank of New York Mellon reduced its Crown Castle position by 4.5% in the fourth quarter, leaving it with 2.11 million shares worth about $187.4 million.
• Institutional ownership remains very high, with hedge funds and other institutions holding about 90.77% of Crown Castle’s stock. Several big investors, including Vanguard, State Street, Geode, Norges Bank, and Invesco, also adjusted or added to their positions.
• Analysts are mixed but mildly positive: the consensus rating is “Moderate Buy” with an average price target of $98.52. Crown Castle also reported quarterly earnings above expectations and announced a quarterly dividend of $1.0625 per share, implying a 4.5% annualized yield.

Bank of New York Mellon Corp trimmed its position in Crown Castle Inc. (NYSE:CCI - Free Report) by 4.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,108,377 shares of the real estate investment trust's stock after selling 99,129 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.48% of Crown Castle worth $187,371,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Crown Castle by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 69,769,393 shares of the real estate investment trust's stock valued at $6,200,406,000 after purchasing an additional 386,733 shares during the period. State Street Corp raised its position in shares of Crown Castle by 1.2% in the third quarter. State Street Corp now owns 21,728,541 shares of the real estate investment trust's stock valued at $2,096,587,000 after purchasing an additional 266,963 shares during the period. Geode Capital Management LLC raised its position in shares of Crown Castle by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 13,027,749 shares of the real estate investment trust's stock valued at $1,156,972,000 after purchasing an additional 184,533 shares during the period. Norges Bank bought a new position in shares of Crown Castle in the fourth quarter valued at approximately $594,670,000. Finally, Invesco Ltd. raised its position in shares of Crown Castle by 33.2% in 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 purchasing an additional 1,605,291 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CCI. Wall Street Zen upgraded shares of Crown Castle from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Wolfe Research downgraded shares of Crown Castle from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, May 20th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Crown Castle in a research note on Friday, May 22nd. Sanford C. Bernstein began coverage on shares of Crown Castle in a research note on Thursday, March 5th. They issued an "outperform" rating and a $102.00 target price on the stock. Finally, Wells Fargo & Company restated an "equal weight" rating and issued a $85.00 target price (down from $90.00) on shares of Crown Castle in a research note on Monday, March 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $98.52.

Crown Castle Trading Up 0.5%

CCI opened at $94.27 on Friday. Crown Castle Inc. has a 1-year low of $75.96 and a 1-year high of $115.76. The stock's fifty day simple moving average is $87.75 and its 200 day simple moving average is $87.66. The stock has a market cap of $41.15 billion, a PE ratio of 38.96, a price-to-earnings-growth ratio of 0.48 and a beta of 0.93.

Crown Castle (NYSE:CCI - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The real estate investment trust reported $1.02 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $995.42 million. During the same quarter last year, the firm earned $1.10 earnings per share. The company's 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. Equities analysts forecast that Crown Castle Inc. will post 4.22 earnings per share for the current year.

Crown Castle Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $1.0625 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $4.25 annualized dividend and a yield of 4.5%. Crown Castle's dividend payout ratio (DPR) is 175.62%.

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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