The Manufacturers Life Insurance Company Lowers Stock Position in Crown Castle Inc. $CCI

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Crown Castle Inc. by 2.0%, now holding approximately 6 million shares valued at $627.48 million.
• Analysts have a consensus rating of "Moderate Buy" on Crown Castle, with the average price target set at $116.41, reflecting confidence in the company's recovery potential.
• Crown Castle recently announced a quarterly dividend of $1.0625 per share, translating to an annualized yield of 4.3%, despite a negative payout ratio of -39.83%.

The Manufacturers Life Insurance Company trimmed its position in Crown Castle Inc. (NYSE:CCI - Free Report) by 2.0% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 6,020,117 shares of the real estate investment trust's stock after selling 124,242 shares during the period. Crown Castle comprises 0.6% of The Manufacturers Life Insurance Company's investment portfolio, making the stock its 29th biggest position. The Manufacturers Life Insurance Company owned approximately 1.38% of Crown Castle worth $627,477,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CHICAGO TRUST Co NA increased its position in Crown Castle by 3.0% in the first quarter. CHICAGO TRUST Co NA now owns 3,532 shares of the real estate investment trust's stock worth $368,000 after buying an additional 104 shares during the last quarter. Harbour Investments Inc. boosted its holdings in Crown Castle by 18.9% in the 1st quarter. Harbour Investments Inc. now owns 672 shares of the real estate investment trust's stock valued at $70,000 after purchasing an additional 107 shares during the period. Abel Hall LLC grew its position in Crown Castle by 1.8% during the first quarter. Abel Hall LLC now owns 6,393 shares of the real estate investment trust's stock worth $666,000 after buying an additional 115 shares in the last quarter. Beacon Capital Management LLC raised its stake in Crown Castle by 36.6% in the first quarter. Beacon Capital Management LLC now owns 448 shares of the real estate investment trust's stock valued at $47,000 after purchasing an additional 120 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its holdings in shares of Crown Castle by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 37,357 shares of the real estate investment trust's stock worth $3,894,000 after acquiring an additional 120 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on CCI. KeyCorp increased their price target on shares of Crown Castle from $122.00 to $125.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. JMP Securities restated a "market outperform" rating and issued a $125.00 price objective on shares of Crown Castle in a report on Thursday, July 24th. Barclays decreased their target price on shares of Crown Castle from $121.00 to $119.00 and set an "overweight" rating for the company in a research note on Monday, August 18th. Citigroup raised their price target on shares of Crown Castle from $108.00 to $124.00 and gave the company a "buy" rating in a research report on Monday, May 5th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Crown Castle from $115.00 to $120.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Three analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $116.41.

Crown Castle Trading Down 1.0%

Shares of NYSE:CCI traded down $1.00 during mid-day trading on Tuesday, reaching $98.14. The stock had a trading volume of 4,319,388 shares, compared to its average volume of 3,239,855. The company has a market cap of $42.74 billion, a P/E ratio of -9.20, a price-to-earnings-growth ratio of 0.75 and a beta of 0.92. Crown Castle Inc. has a 1 year low of $84.20 and a 1 year high of $120.92. The business's 50 day moving average price is $103.91 and its 200 day moving average price is $101.23.

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, topping the consensus estimate of $1.00 by $0.02. The company had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.04 billion. Crown Castle had a negative net margin of 85.54% and a negative return on equity of 619.62%. Crown Castle's quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.62 earnings per share. Crown Castle has set its FY 2025 guidance at 4.140-4.250 EPS. Analysts predict that Crown Castle Inc. will post 6.67 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a dividend of $1.0625 per share. The ex-dividend date is Monday, September 15th. This represents a $4.25 dividend on an annualized basis and a yield of 4.3%. Crown Castle's 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.