State of Alaska Department of Revenue Lowers Stock Position in Crown Castle Inc. $CCI

Key Points

• The State of Alaska Department of Revenue reduced its stake in Crown Castle Inc. by 1.1%, owning approximately 261,160 shares worth $26.8 million as of the latest SEC filing.
• Crown Castle's latest earnings report surpassed analysts' estimates, with a quarterly revenue of $1.06 billion and earnings per share of $1.02.
• The company announced a quarterly dividend of $1.0625 per share, providing an annualized yield of 4.5%, with the ex-dividend date set for September 15th.

State of Alaska Department of Revenue lowered its position in Crown Castle Inc. (NYSE:CCI - Free Report) by 1.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 261,160 shares of the real estate investment trust's stock after selling 2,922 shares during the period. State of Alaska Department of Revenue owned about 0.06% of Crown Castle worth $26,827,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CCI. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Crown Castle by 7.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 240,038 shares of the real estate investment trust's stock valued at $21,786,000 after purchasing an additional 16,041 shares during the last quarter. 111 Capital purchased a new stake in shares of Crown Castle in the fourth quarter valued at about $455,000. Central Pacific Bank Trust Division raised its holdings in shares of Crown Castle by 182.6% in the first quarter. Central Pacific Bank Trust Division now owns 13,435 shares of the real estate investment trust's stock valued at $1,400,000 after purchasing an additional 8,681 shares during the last quarter. Versant Capital Management Inc raised its holdings in shares of Crown Castle by 95.2% in the first quarter. Versant Capital Management Inc now owns 408 shares of the real estate investment trust's stock valued at $43,000 after purchasing an additional 199 shares during the last quarter. Finally, Quent Capital LLC raised its holdings in shares of Crown Castle by 15.6% in the first quarter. Quent Capital LLC now owns 1,657 shares of the real estate investment trust's stock valued at $173,000 after purchasing an additional 224 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Crown Castle Stock Up 1.4%

Shares of NYSE:CCI opened at $95.30 on Friday. The firm has a market capitalization of $41.50 billion, a PE ratio of -8.93, a P/E/G ratio of 0.71 and a beta of 0.92. Crown Castle Inc. has a twelve month low of $84.20 and a twelve month high of $119.56. The company has a 50-day moving average price of $100.82 and a two-hundred day moving average price of $101.29.

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

Crown Castle Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $1.0625 per share. This represents a $4.25 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date is Monday, September 15th. Crown Castle's dividend payout ratio (DPR) is currently -39.83%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CCI. BMO Capital Markets upgraded shares of Crown Castle from a "market perform" rating to an "outperform" rating and increased their target price for the company from $115.00 to $120.00 in a report on Tuesday, August 19th. Wolfe Research upgraded shares of Crown Castle from a "peer perform" rating to an "outperform" rating and set a $114.00 price target for the company in a research report on Monday. UBS Group increased their price target on shares of Crown Castle from $124.00 to $127.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Barclays increased their price target on shares of Crown Castle from $119.00 to $120.00 and gave the company an "overweight" rating in a research report on Monday, September 15th. Finally, Wall Street Zen upgraded shares of Crown Castle from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $115.82.

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.

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