Sound View Wealth Advisors Group LLC Has $297,000 Stock Holdings in Crown Castle Inc. (NYSE:CCI)

Key Points

• Sound View Wealth Advisors Group LLC has reduced its holdings in Crown Castle Inc. by 70.8%, resulting in ownership of 2,846 shares valued at approximately $297,000 as of their most recent SEC filing.
• Crown Castle reported $1.02 earnings per share for the latest quarter, surpassing analysts' expectations, but noted a 4.2% decline in revenue year-over-year.
• The company has announced a quarterly dividend of $1.0625, representing an annual yield of 4.0%, but currently has a negative dividend payout ratio of -39.83%.

Sound View Wealth Advisors Group LLC cut its holdings in Crown Castle Inc. (NYSE:CCI - Free Report) by 70.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 2,846 shares of the real estate investment trust's stock after selling 6,887 shares during the quarter. Sound View Wealth Advisors Group LLC's holdings in Crown Castle were worth $297,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CCI. Opal Wealth Advisors LLC acquired a new position in shares of Crown Castle in the 1st quarter valued at approximately $26,000. Iron Horse Wealth Management LLC acquired a new position in shares of Crown Castle in the 1st quarter valued at approximately $26,000. American National Bank & Trust acquired a new position in shares of Crown Castle in the 1st quarter valued at approximately $29,000. Capital Advisors Ltd. LLC grew its position in shares of Crown Castle by 62.1% in the 1st quarter. Capital Advisors Ltd. LLC now owns 347 shares of the real estate investment trust's stock valued at $36,000 after purchasing an additional 133 shares during the period. Finally, Vermillion Wealth Management Inc. acquired a new position in shares of Crown Castle in the 4th quarter valued at approximately $38,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Crown Castle Trading Up 1.7%

CCI opened at $106.89 on Friday. Crown Castle Inc. has a 1-year low of $84.20 and a 1-year high of $120.92. The stock's fifty day simple moving average is $102.78 and its 200 day simple moving average is $99.21. The stock has a market cap of $46.55 billion, a PE ratio of -10.02, a price-to-earnings-growth ratio of 0.80 and a beta of 0.89.

Crown Castle (NYSE:CCI - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The real estate investment trust reported $1.02 earnings per share for the quarter, beating 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 business had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.04 billion. During the same quarter in the prior year, the business earned $1.62 EPS. The firm's revenue for the quarter was down 4.2% on a year-over-year basis. Equities analysts forecast that Crown Castle Inc. will post 6.67 earnings per share for the current year.

Crown Castle Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a $1.0625 dividend. This represents a $4.25 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Friday, June 13th. Crown Castle's dividend payout ratio is currently -39.83%.

Analyst Upgrades and Downgrades

CCI has been the topic of several research reports. KeyCorp boosted their target price on Crown Castle from $122.00 to $125.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. JMP Securities restated a "market outperform" rating and issued a $125.00 target price on shares of Crown Castle in a research note on Thursday, July 24th. UBS Group boosted their target price on Crown Castle from $124.00 to $127.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Royal Bank Of Canada boosted their target price on Crown Castle from $107.00 to $112.00 and gave the company a "sector perform" rating in a research note on Friday, May 2nd. Finally, BMO Capital Markets boosted their target price on Crown Castle from $108.00 to $115.00 and gave the company a "market perform" rating in a research note on Thursday, July 24th. Ten investment analysts have rated the stock with a hold rating, eight have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $116.18.

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.

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