Vestcor Inc Cuts Stake in Crown Castle Inc. $CCI

Key Points

• Vestcor Inc cut its Crown Castle stake by 35.7% in Q3, selling 15,926 shares and retaining 28,674 shares valued at about $2.77 million.
• Crown Castle declared a quarterly dividend of $1.0625 per share (annualized $4.25) implying a 4.8% yield, while its payout ratio is an elevated 420.79%.
• The stock trades near $88.52 with a $38.6B market cap, analysts’ consensus is a "Moderate Buy" with an average target of $100.13, and insiders recently sold small positions amid 90.77% institutional ownership.

Vestcor Inc reduced its stake in Crown Castle Inc. (NYSE:CCI - Free Report) by 35.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,674 shares of the real estate investment trust's stock after selling 15,926 shares during the period. Vestcor Inc's holdings in Crown Castle were worth $2,767,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Harbor Capital Advisors Inc. raised its stake in shares of Crown Castle by 24.0% during the third quarter. Harbor Capital Advisors Inc. now owns 599 shares of the real estate investment trust's stock valued at $58,000 after acquiring an additional 116 shares during the last quarter. Choreo LLC raised its holdings in shares of Crown Castle by 1.1% during the third quarter. Choreo LLC now owns 11,021 shares of the real estate investment trust's stock valued at $1,063,000 after acquiring an additional 120 shares in the last quarter. Golden State Equity Partners boosted its stake in shares of Crown Castle by 2.8% during the 3rd quarter. Golden State Equity Partners now owns 4,567 shares of the real estate investment trust's stock valued at $441,000 after purchasing an additional 123 shares in the last quarter. Consolidated Portfolio Review Corp grew its holdings in shares of Crown Castle by 1.1% during the 3rd quarter. Consolidated Portfolio Review Corp now owns 10,966 shares of the real estate investment trust's stock worth $1,058,000 after acquiring an additional 123 shares during the period. Finally, Pinnacle Wealth Planning Services Inc. grew its stake in Crown Castle by 6.3% in the second quarter. Pinnacle Wealth Planning Services Inc. now owns 2,103 shares of the real estate investment trust's stock worth $216,000 after purchasing an additional 125 shares during the period. Hedge funds and other institutional investors own 90.77% of the company's stock.

Crown Castle Stock Performance

NYSE CCI opened at $88.52 on Wednesday. Crown Castle Inc. has a 52-week low of $77.01 and a 52-week high of $115.76. The firm's 50 day moving average price is $87.34 and its 200-day moving average price is $91.11. The company has a market cap of $38.60 billion, a PE ratio of 87.64, a P/E/G ratio of 0.45 and a beta of 0.96.

Crown Castle Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a dividend of $1.0625 per share. This represents a $4.25 annualized dividend and a dividend yield of 4.8%. The ex-dividend date is Friday, March 13th. Crown Castle's payout ratio is presently 420.79%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CCI. Raymond James Financial lowered their price objective on Crown Castle from $120.00 to $106.00 and set a "strong-buy" rating for the company in a research note on Friday, January 23rd. Wells Fargo & Company reduced their price objective on Crown Castle from $105.00 to $90.00 and set an "overweight" rating for the company in a research report on Thursday, February 5th. Wall Street Zen downgraded shares of Crown Castle from a "hold" rating to a "sell" rating in a research report on Saturday, February 28th. JPMorgan Chase & Co. lowered their target price on shares of Crown Castle from $110.00 to $95.00 and set a "neutral" rating on the stock in a research note on Thursday, February 5th. Finally, Citigroup reduced their price objective on shares of Crown Castle from $110.00 to $106.00 and set a "buy" rating on the stock in a research report on Thursday, February 5th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, Crown Castle has an average rating of "Moderate Buy" and an average target price of $100.13.

Insider Buying and Selling

In related news, VP Robert Sean Collins sold 3,000 shares of the firm's stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $87.49, for a total transaction of $262,470.00. Following the sale, the vice president directly owned 5,800 shares of the company's stock, valued at $507,442. This trade represents a 34.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Edward B. Adams, Jr. sold 4,650 shares of the company's stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $86.34, for a total transaction of $401,481.00. Following the completion of the transaction, the executive vice president owned 25,183 shares of the company's stock, valued at approximately $2,174,300.22. This trade represents a 15.59% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.10% of the stock is owned by corporate insiders.

About Crown Castle

Crown Castle is a U.S.-focused communications infrastructure company organized as a real estate investment trust (REIT) that owns, operates and leases shared wireless infrastructure. Its primary business consists of providing tower-based site leases, small cell networks and fiber solutions that support mobile voice and data transmission for wireless carriers, cable companies and other enterprise customers. The company's assets are positioned to enable network coverage and capacity, including the densification projects associated with 4G LTE and 5G deployments.

Its product and service offerings include ground-based tower sites that host multiple wireless operators, distributed small cell nodes and associated fiber backhaul used to connect sites into carrier networks, and site development and maintenance services.

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