Gulf International Bank UK Ltd Sells 9,588 Shares of Crown Castle Inc. $CCI

Key Points

• Gulf International Bank UK Ltd reduced its stake in Crown Castle Inc. by 28.3% during Q1, holding 24,350 shares worth approximately $2.54 million after selling 9,588 shares.
• Several other institutional investors increased their positions in Crown Castle, including Federated Hermes, which grew its investment by 210.3% in the previous quarter.
• Crown Castle reported a quarterly revenue of $1.06 billion, exceeding analyst estimates, but faced a negative net margin of 85.54% compared to the previous year's earnings.

Gulf International Bank UK Ltd reduced its stake in Crown Castle Inc. (NYSE:CCI - Free Report) by 28.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,350 shares of the real estate investment trust's stock after selling 9,588 shares during the period. Gulf International Bank UK Ltd's holdings in Crown Castle were worth $2,538,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. CWA Asset Management Group LLC increased its holdings in shares of Crown Castle by 9.0% in the first quarter. CWA Asset Management Group LLC now owns 2,663 shares of the real estate investment trust's stock worth $278,000 after buying an additional 219 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Crown Castle by 13.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 35,031 shares of the real estate investment trust's stock worth $3,665,000 after buying an additional 4,276 shares during the period. Legacy Advisors LLC purchased a new position in shares of Crown Castle in the first quarter worth about $262,000. Everhart Financial Group Inc. purchased a new position in shares of Crown Castle in the first quarter worth about $307,000. Finally, QRG Capital Management Inc. increased its holdings in shares of Crown Castle by 7.2% in the first quarter. QRG Capital Management Inc. now owns 43,780 shares of the real estate investment trust's stock worth $4,563,000 after buying an additional 2,943 shares during the period. 90.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on CCI. Wall Street Zen upgraded Crown Castle from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Barclays cut their target price on Crown Castle from $121.00 to $119.00 and set an "overweight" rating on the stock in a research note on Monday. UBS Group raised their target price on Crown Castle from $124.00 to $127.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Wells Fargo & Company raised Crown Castle from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $105.00 to $125.00 in a research note on Thursday, July 24th. Finally, Bank of America assumed coverage on Crown Castle in a research note on Monday, May 19th. They issued a "buy" rating and a $115.00 target price on the stock. Ten investment analysts have rated the stock with a hold rating, eight have given a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $116.12.

Crown Castle Stock Performance

Shares of CCI traded down $1.21 during mid-day trading on Monday, reaching $100.48. The company had a trading volume of 2,678,386 shares, compared to its average volume of 3,233,333. The firm has a 50-day moving average price of $103.56 and a 200 day moving average price of $100.35. Crown Castle Inc. has a 52 week low of $84.20 and a 52 week high of $120.92. The company has a market capitalization of $43.75 billion, a price-to-earnings ratio of -9.42, a price-to-earnings-growth ratio of 0.77 and a beta of 0.89.

Crown Castle (NYSE:CCI - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The real estate investment trust reported $1.02 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $1.04 billion. During the same period in the previous year, the firm posted $1.62 EPS. The business's revenue for the quarter was down 4.2% compared to the same quarter last year. As a group, research analysts forecast that Crown Castle Inc. will post 6.67 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a $1.0625 dividend. This represents a $4.25 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend is Monday, September 15th. Crown Castle's payout ratio is currently -39.83%.

About Crown Castle

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.