Naviter Wealth LLC Acquires 2,911 Shares of Crown Castle Inc. $CCI

Key Points

• Naviter Wealth LLC has increased its holdings in Crown Castle Inc. (CCI) by 12.7% in the second quarter, acquiring an additional 2,911 shares, bringing its total to 25,801 shares valued at approximately $2.65 million.
• Brokers have recently adjusted their price targets for Crown Castle, with UBS Group raising its target from $124 to $127, while KeyCorp lowered its target from $125 to $120; the current average target price is $115.76.
• Crown Castle declared a quarterly dividend of $1.0625 per share, resulting in an annualized dividend of $4.25 and a yield of 4.4%, despite a negative dividend payout ratio.

Naviter Wealth LLC increased its holdings in Crown Castle Inc. (NYSE:CCI - Free Report) by 12.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,801 shares of the real estate investment trust's stock after purchasing an additional 2,911 shares during the quarter. Naviter Wealth LLC's holdings in Crown Castle were worth $2,651,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the business. Iron Horse Wealth Management LLC bought a new position in shares of Crown Castle during the first quarter valued at approximately $26,000. Centerpoint Advisors LLC bought a new position in shares of Crown Castle during the first quarter valued at approximately $26,000. Opal Wealth Advisors LLC bought a new position in shares of Crown Castle during the first quarter valued at approximately $26,000. Stone House Investment Management LLC purchased a new stake in Crown Castle in the first quarter worth about $27,000. Finally, Rise Advisors LLC purchased a new stake in Crown Castle in the first quarter worth about $28,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on CCI. UBS Group raised their price objective on shares of Crown Castle from $124.00 to $127.00 and gave the stock a "buy" rating in a report on Friday, July 25th. KeyCorp lowered their price objective on shares of Crown Castle from $125.00 to $120.00 and set an "overweight" rating for the company in a report on Wednesday, September 17th. Barclays raised their price objective on shares of Crown Castle from $119.00 to $120.00 and gave the stock an "overweight" rating in a report on Monday, September 15th. Scotiabank raised their price objective on shares of Crown Castle from $109.00 to $114.00 and gave the stock a "sector perform" rating in a report on Friday, July 25th. Finally, Wolfe Research upgraded shares of Crown Castle from a "peer perform" rating to an "outperform" rating and set a $114.00 price objective for the company in a report on Monday, September 22nd. Three investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $115.76.

Crown Castle Stock Performance

Shares of NYSE CCI opened at $96.13 on Tuesday. The company has a market capitalization of $41.86 billion, a price-to-earnings ratio of -9.01, a P/E/G ratio of 0.74 and a beta of 0.95. The company has a 50 day simple moving average of $98.00 and a two-hundred day simple moving average of $100.80. Crown Castle Inc. has a fifty-two week low of $84.20 and a fifty-two week high of $115.89.

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

Crown Castle Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were given a dividend of $1.0625 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $4.25 annualized dividend and a dividend yield of 4.4%. Crown Castle's dividend payout ratio (DPR) is -39.83%.

Crown Castle 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.

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