Corebridge Financial Inc. Cuts Stake in Crown Castle Inc. $CCI

Key Points

• Corebridge Financial Inc. reduced its holdings in Crown Castle Inc. by 11.1% during the first quarter, now possessing 99,857 shares valued at approximately $10.4 million.
• Crown Castle announced a quarterly dividend of $1.0625 per share, translating to an annualized yield of 4.2%, with the ex-dividend date set for September 15.
• The company's recent earnings report showed EPS of $1.02, exceeding analyst expectations, despite a 4.2% decline in year-over-year revenue.

Corebridge Financial Inc. decreased its stake in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 11.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 99,857 shares of the real estate investment trust's stock after selling 12,420 shares during the quarter. Corebridge Financial Inc.'s holdings in Crown Castle were worth $10,408,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. ICONIQ Capital LLC boosted its holdings in Crown Castle by 25.4% in the first quarter. ICONIQ Capital LLC now owns 2,942 shares of the real estate investment trust's stock worth $307,000 after acquiring an additional 595 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC boosted its holdings in Crown Castle by 1.1% in the first quarter. Cbre Investment Management Listed Real Assets LLC now owns 751,212 shares of the real estate investment trust's stock worth $78,299,000 after acquiring an additional 8,308 shares in the last quarter. Cadence Bank boosted its holdings in Crown Castle by 6.1% in the first quarter. Cadence Bank now owns 2,473 shares of the real estate investment trust's stock worth $258,000 after acquiring an additional 142 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in Crown Castle by 9.2% in the first quarter. Smartleaf Asset Management LLC now owns 2,759 shares of the real estate investment trust's stock worth $286,000 after acquiring an additional 233 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in Crown Castle by 4.2% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 13,718 shares of the real estate investment trust's stock worth $1,430,000 after acquiring an additional 547 shares in the last quarter. 90.77% of the stock is owned by institutional investors.

Crown Castle Stock Up 1.5%

Shares of Crown Castle stock traded up $1.44 during trading hours on Monday, reaching $99.18. 3,262,933 shares of the stock traded hands, compared to its average volume of 2,993,643. The company has a 50 day moving average price of $103.98 and a 200 day moving average price of $101.16. The firm has a market capitalization of $43.19 billion, a price-to-earnings ratio of -9.30, a P/E/G ratio of 0.75 and a beta of 0.92. Crown Castle Inc. has a one year low of $84.20 and a one year high of $120.92.

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

Crown Castle Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a $1.0625 dividend. The ex-dividend date is Monday, September 15th. This represents a $4.25 dividend on an annualized basis and a yield of 4.3%. Crown Castle's dividend payout ratio is presently -39.83%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. JPMorgan Chase & Co. boosted their price target on Crown Castle from $115.00 to $120.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Wall Street Zen upgraded Crown Castle from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Raymond James Financial restated a "strong-buy" rating and issued a $124.00 price target (up previously from $122.00) on shares of Crown Castle in a research note on Thursday, July 24th. UBS Group boosted their price target on Crown Castle from $124.00 to $127.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Finally, Bank of America started coverage on Crown Castle in a research report on Monday, May 19th. They set a "buy" rating and a $115.00 price objective for the company. Three investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, Crown Castle presently has an average rating of "Moderate Buy" and a consensus price target 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.