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Crown Castle Inc. (NYSE:CCI) Shares Acquired by Citigroup Inc.

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Key Points

  • Citigroup Inc. increased its stake in Crown Castle Inc. by 19.8% during the first quarter, owning 823,782 shares valued at $85.86 million.
  • Crown Castle recently reported earnings of **$1.02** per share, slightly surpassing estimates, but experienced a **4.2%** decline in revenue year-over-year.
  • The company announced a quarterly dividend of **$1.0625** per share, which equates to an annual yield of **4.1%** for shareholders.
  • Want stock alerts on Crown Castle? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Citigroup Inc. lifted its holdings in Crown Castle Inc. (NYSE:CCI - Free Report) by 19.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 823,782 shares of the real estate investment trust's stock after acquiring an additional 135,985 shares during the quarter. Citigroup Inc. owned 0.19% of Crown Castle worth $85,863,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Federated Hermes Inc. boosted its holdings in Crown Castle by 210.3% during the fourth quarter. Federated Hermes Inc. now owns 5,961 shares of the real estate investment trust's stock worth $541,000 after buying an additional 4,040 shares in the last quarter. Bank of Nova Scotia lifted its holdings in Crown Castle by 12.5% during the fourth quarter. Bank of Nova Scotia now owns 63,312 shares of the real estate investment trust's stock valued at $5,746,000 after purchasing an additional 7,043 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Crown Castle in the fourth quarter worth about $2,442,000. Bessemer Group Inc. lifted its stake in shares of Crown Castle by 1.3% in the fourth quarter. Bessemer Group Inc. now owns 71,742 shares of the real estate investment trust's stock worth $6,512,000 after buying an additional 928 shares in the last quarter. Finally, F M Investments LLC lifted its stake in shares of Crown Castle by 19.0% in the fourth quarter. F M Investments LLC now owns 13,472 shares of the real estate investment trust's stock worth $1,223,000 after buying an additional 2,152 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company's stock.

Crown Castle Price Performance

NYSE:CCI opened at $104.58 on Friday. Crown Castle Inc. has a fifty-two week low of $84.20 and a fifty-two week high of $120.92. The stock's 50-day moving average is $103.33 and its two-hundred day moving average is $99.83. The stock has a market cap of $45.54 billion, a PE ratio of -9.80, a price-to-earnings-growth ratio of 0.79 and a beta of 0.89.

Crown Castle (NYSE:CCI - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The real estate investment trust reported $1.02 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.02. Crown Castle had a negative return on equity of 619.62% and a negative net margin of 85.54%. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period in the previous year, the company earned $1.62 EPS. The company's revenue for the quarter was down 4.2% on a year-over-year basis. On average, equities research analysts anticipate that Crown Castle Inc. will post 6.67 earnings per share for the current year.

Crown Castle Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a dividend of $1.0625 per share. This represents a $4.25 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Monday, September 15th. Crown Castle's dividend payout ratio is presently -39.83%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. BMO Capital Markets raised their price objective on shares of Crown Castle from $108.00 to $115.00 and gave the stock a "market perform" rating in a research report on Thursday, July 24th. KeyCorp lifted their price objective on shares of Crown Castle from $122.00 to $125.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Citigroup lifted their price objective on shares of Crown Castle from $108.00 to $124.00 and gave the company a "buy" rating in a report on Monday, May 5th. Wall Street Zen upgraded shares of Crown Castle from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, Raymond James Financial reiterated 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. Ten research analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, Crown Castle currently has an average rating of "Moderate Buy" and an average target price of $116.24.

Check Out Our Latest Report on Crown Castle

Crown Castle Profile

(Free Report)

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.

See Also

Want to see what other hedge funds are holding CCI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Crown Castle Inc. (NYSE:CCI - Free Report).

Institutional Ownership by Quarter for Crown Castle (NYSE:CCI)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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