Allstate Corp Grows Stake in Crown Castle Inc. $CCI

Allstate Corp boosted its position in shares of Crown Castle Inc. (NYSE:CCI) by 34.2% in the first quarter, Holdings Channel reports. The fund owned 26,061 shares of the real estate investment trust’s stock after purchasing an additional 6,636 shares during the quarter. Allstate Corp’s holdings in Crown Castle were worth $2,716,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of CCI. Renaissance Technologies LLC bought a new stake in Crown Castle during the fourth quarter valued at approximately $2,442,000. First Trust Advisors LP boosted its stake in shares of Crown Castle by 44.8% during the 4th quarter. First Trust Advisors LP now owns 164,322 shares of the real estate investment trust’s stock worth $14,914,000 after acquiring an additional 50,874 shares during the last quarter. MGO One Seven LLC boosted its stake in shares of Crown Castle by 10.8% during the 4th quarter. MGO One Seven LLC now owns 8,141 shares of the real estate investment trust’s stock worth $739,000 after acquiring an additional 793 shares during the last quarter. Integrated Wealth Concepts LLC grew its position in shares of Crown Castle by 7.3% during the 4th quarter. Integrated Wealth Concepts LLC now owns 6,931 shares of the real estate investment trust’s stock valued at $629,000 after acquiring an additional 473 shares during the period. Finally, Kovitz Investment Group Partners LLC increased its stake in shares of Crown Castle by 29.2% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 9,173 shares of the real estate investment trust’s stock worth $833,000 after purchasing an additional 2,074 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Crown Castle Stock Performance

CCI stock opened at $103.6630 on Friday. The company’s fifty day moving average price is $103.87 and its 200-day moving average price is $100.65. Crown Castle Inc. has a one year low of $84.20 and a one year high of $120.92. The company has a market capitalization of $45.14 billion, a PE ratio of -9.72, a price-to-earnings-growth ratio of 0.78 and a beta of 0.89.

Crown Castle (NYSE:CCI) last issued its quarterly earnings data 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 firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter last year, the business posted $1.62 earnings per share. The business’s quarterly revenue was down 4.2% compared to the same quarter last year. Crown Castle has set its FY 2025 guidance at 4.140-4.250 EPS. On average, research analysts predict that Crown Castle Inc. will post 6.67 EPS for the current fiscal year.

Crown Castle Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a $1.0625 dividend. This represents a $4.25 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend is Monday, September 15th. Crown Castle’s dividend payout ratio (DPR) is presently -39.83%.

Analyst Ratings Changes

CCI has been the topic of several analyst reports. UBS Group lifted their target price on Crown Castle from $124.00 to $127.00 and gave the company a “buy” rating in a research report on Friday, July 25th. JPMorgan Chase & Co. lifted their price objective on Crown Castle from $115.00 to $120.00 and gave the company a “neutral” rating in a research report on Thursday, July 24th. Citigroup boosted their price objective on Crown Castle from $108.00 to $124.00 and gave the company a “buy” rating in a research note on Monday, May 5th. Barclays reduced their target price on shares of Crown Castle from $121.00 to $119.00 and set an “overweight” rating for the company in a report on Monday, August 18th. Finally, New Street Research raised shares of Crown Castle from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 1st. Three investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $116.41.

Crown Castle 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.