Munich Reinsurance Co Stock Corp in Munich Buys Shares of 718,492 Crown Castle Inc. $CCI

Key Points

• Munich Reinsurance Co Stock Corp in Munich bought a new stake of 718,492 shares of Crown Castle (NYSE:CCI) worth about $69.33 million, making the position the insurer's 13th-largest holding (≈1.7% of its portfolio).
• Crown Castle declared a quarterly dividend of $1.0625 (annualized $4.25) payable March 31, implying a ~4.7% yield, though its dividend payout ratio is very high at 420.79%.
• Analyst sentiment is mixed: the stock carries a consensus rating of "Moderate Buy" with a $100.13 target, but several firms recently trimmed price targets and ratings; the company trades at a high P/E (~89.6) with a market cap around $39.5 billion.

Munich Reinsurance Co Stock Corp in Munich bought a new stake in shares of Crown Castle Inc. (NYSE:CCI - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 718,492 shares of the real estate investment trust's stock, valued at approximately $69,327,000. Crown Castle comprises about 1.7% of Munich Reinsurance Co Stock Corp in Munich's holdings, making the stock its 13th biggest position. Munich Reinsurance Co Stock Corp in Munich owned 0.16% of Crown Castle at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CCI. Vanguard Group Inc. boosted its stake in shares of Crown Castle by 0.7% during the second quarter. Vanguard Group Inc. now owns 69,290,381 shares of the real estate investment trust's stock valued at $7,118,201,000 after purchasing an additional 449,776 shares during the period. State Street Corp increased its stake in Crown Castle by 0.5% in the 2nd quarter. State Street Corp now owns 21,461,578 shares of the real estate investment trust's stock worth $2,204,748,000 after buying an additional 110,050 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Crown Castle by 3.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 6,185,915 shares of the real estate investment trust's stock valued at $596,876,000 after buying an additional 177,896 shares in the last quarter. Norges Bank bought a new stake in Crown Castle during the 2nd quarter valued at about $629,431,000. Finally, Bank of America Corp DE boosted its position in Crown Castle by 2.2% in the 2nd quarter. Bank of America Corp DE now owns 5,534,066 shares of the real estate investment trust's stock valued at $568,515,000 after buying an additional 117,904 shares during the period. 90.77% of the stock is owned by institutional investors.

Crown Castle Price Performance

Shares of NYSE CCI opened at $90.49 on Friday. The business has a fifty day moving average price of $87.33 and a 200 day moving average price of $91.46. Crown Castle Inc. has a 1-year low of $77.01 and a 1-year high of $115.76. The stock has a market capitalization of $39.46 billion, a P/E ratio of 89.59, a price-to-earnings-growth ratio of 0.46 and a beta of 0.96.

Crown Castle Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a $1.0625 dividend. This represents a $4.25 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date is Friday, March 13th. Crown Castle's dividend payout ratio (DPR) is currently 420.79%.

Analysts Set New Price Targets

CCI has been the topic of a number of research reports. HSBC reduced their target price on shares of Crown Castle from $107.00 to $88.40 and set a "hold" rating on the stock in a research report on Thursday, February 5th. New Street Research cut Crown Castle from a "buy" rating to a "neutral" rating and set a $93.00 price objective on the stock. in a research note on Monday, January 5th. Wolfe Research lowered Crown Castle from a "strong-buy" rating to a "hold" rating in a research report on Friday, February 6th. BMO Capital Markets dropped their price target on Crown Castle from $97.00 to $91.00 and set an "outperform" rating on the stock in a research report on Thursday, February 5th. Finally, Raymond James Financial cut their price target on Crown Castle from $120.00 to $106.00 and set a "strong-buy" rating on the stock in a research note on Friday, January 23rd. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $100.13.

Insider Buying and Selling

In related news, VP Robert Sean Collins sold 3,000 shares of the business's stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $87.49, for a total transaction of $262,470.00. Following the completion of the transaction, the vice president owned 5,800 shares in the company, valued at $507,442. The trade was a 34.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Edward B. Adams, Jr. sold 4,650 shares of the stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $86.34, for a total transaction of $401,481.00. Following the sale, the executive vice president directly owned 25,183 shares of the company's stock, valued at $2,174,300.22. The trade was a 15.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.10% of the stock is owned by insiders.

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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