SouthState Corp Has $635,000 Stake in Crown Castle Inc. (NYSE:CCI)

Key Points

• SouthState Corp has decreased its stake in Crown Castle Inc. by 28.7%, owning 6,097 shares worth approximately $635,000 after selling 2,458 shares in the first quarter.
• Wall Street analysts have a generally positive outlook on Crown Castle, with ten analysts giving a hold rating and multiple firms raising their price targets, with an overall average target of $116.24.
• Crown Castle recently announced a quarterly dividend of $1.0625 per share, reflecting an annualized yield of 4.1%, despite reporting a net margin decline and revenue decrease year-over-year.

SouthState Corp lessened its holdings in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 28.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,097 shares of the real estate investment trust's stock after selling 2,458 shares during the quarter. SouthState Corp's holdings in Crown Castle were worth $635,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Iron Horse Wealth Management LLC acquired a new position in Crown Castle in the 1st quarter valued at about $26,000. Opal Wealth Advisors LLC acquired a new stake in shares of Crown Castle in the first quarter valued at approximately $26,000. American National Bank & Trust acquired a new stake in shares of Crown Castle during the 1st quarter worth about $29,000. Capital Advisors Ltd. LLC boosted its position in Crown Castle by 62.1% during the first quarter. Capital Advisors Ltd. LLC now owns 347 shares of the real estate investment trust's stock worth $36,000 after acquiring an additional 133 shares during the last quarter. Finally, TCTC Holdings LLC boosted its stake in Crown Castle by 1,878.9% in the 1st quarter. TCTC Holdings LLC now owns 376 shares of the real estate investment trust's stock worth $39,000 after buying an additional 357 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on CCI shares. UBS Group boosted 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. Bank of America initiated coverage on Crown Castle in a report on Monday, May 19th. They set a "buy" rating and a $115.00 price target on the stock. BMO Capital Markets lifted their target price on Crown Castle from $108.00 to $115.00 and gave the stock a "market perform" rating in a report on Thursday, July 24th. Raymond James Financial reissued a "strong-buy" rating and issued a $124.00 target price (up from $122.00) on shares of Crown Castle in a research report on Thursday, July 24th. Finally, Scotiabank boosted their price target on shares of Crown Castle from $109.00 to $114.00 and gave the company a "sector perform" rating in a report on Friday, July 25th. Ten research analysts have rated the stock with a hold rating, eight have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, Crown Castle has an average rating of "Moderate Buy" and a consensus price target of $116.24.

Crown Castle Price Performance

Shares of CCI stock traded down $0.75 during trading on Thursday, hitting $101.08. 2,249,103 shares of the stock traded hands, compared to its average volume of 3,247,424. The firm has a market capitalization of $44.02 billion, a P/E ratio of -9.47, a price-to-earnings-growth ratio of 0.77 and a beta of 0.89. Crown Castle Inc. has a 52-week low of $84.20 and a 52-week high of $120.92. The firm's fifty day moving average price is $103.49 and its 200-day moving average price is $100.04.

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. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. Crown Castle had a negative return on equity of 619.62% and a negative net margin of 85.54%. The company's revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.62 earnings per share. As a group, equities research analysts expect that Crown Castle Inc. will post 6.67 earnings per share for the current year.

Crown Castle Dividend Announcement

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

Crown Castle Company 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.