SouthState Corp Decreases Position in Crown Castle Inc. (NYSE:CCI)

SouthState Corp reduced its stake in shares of Crown Castle Inc. (NYSE:CCI) by 12.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,850 shares of the real estate investment trust’s stock after selling 1,521 shares during the quarter. SouthState Corp’s holdings in Crown Castle were worth $1,250,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CCI. The Manufacturers Life Insurance Company raised its stake in shares of Crown Castle by 42.8% during the third quarter. The Manufacturers Life Insurance Company now owns 7,083,665 shares of the real estate investment trust’s stock valued at $651,910,000 after purchasing an additional 2,121,603 shares during the period. Barclays PLC lifted its holdings in Crown Castle by 217.9% in the 3rd quarter. Barclays PLC now owns 3,058,133 shares of the real estate investment trust’s stock worth $281,439,000 after buying an additional 2,096,272 shares in the last quarter. Wellington Management Group LLP boosted its position in Crown Castle by 21.9% in the 3rd quarter. Wellington Management Group LLP now owns 10,134,538 shares of the real estate investment trust’s stock valued at $932,682,000 after buying an additional 1,818,910 shares during the last quarter. FMR LLC grew its stake in shares of Crown Castle by 14.3% during the third quarter. FMR LLC now owns 11,936,611 shares of the real estate investment trust’s stock valued at $1,098,526,000 after acquiring an additional 1,496,330 shares in the last quarter. Finally, Morgan Stanley increased its position in shares of Crown Castle by 8.9% during the third quarter. Morgan Stanley now owns 13,078,861 shares of the real estate investment trust’s stock worth $1,203,648,000 after acquiring an additional 1,064,382 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CCI has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Crown Castle from $110.00 to $109.00 and set a “hold” rating for the company in a research report on Monday, April 22nd. Argus cut Crown Castle from a “buy” rating to a “hold” rating in a research note on Friday, April 19th. Jefferies Financial Group decreased their target price on Crown Castle from $126.00 to $123.00 and set a “buy” rating for the company in a research report on Thursday, April 18th. BMO Capital Markets dropped their price target on Crown Castle from $110.00 to $105.00 and set a “market perform” rating on the stock in a research report on Thursday, April 18th. Finally, Bank of America decreased their price objective on shares of Crown Castle from $120.00 to $105.00 and set a “neutral” rating for the company in a report on Friday, April 19th. Eleven analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $113.29.

Crown Castle Stock Performance

NYSE CCI traded up $0.95 on Friday, hitting $97.39. The stock had a trading volume of 4,101,947 shares, compared to its average volume of 2,903,015. The company’s 50-day moving average is $102.61 and its two-hundred day moving average is $105.28. The stock has a market cap of $42.32 billion, a price-to-earnings ratio of 30.43, a P/E/G ratio of 2.54 and a beta of 0.76. The company has a quick ratio of 0.40, a current ratio of 0.42 and a debt-to-equity ratio of 3.73. Crown Castle Inc. has a one year low of $84.72 and a one year high of $119.60.

Crown Castle (NYSE:CCI) last posted its earnings results on Wednesday, April 17th. The real estate investment trust reported $0.71 EPS for the quarter, missing the consensus estimate of $1.63 by ($0.92). Crown Castle had a net margin of 20.32% and a return on equity of 21.30%. The business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the prior year, the business earned $1.91 earnings per share. The firm’s revenue was down 7.4% compared to the same quarter last year. On average, analysts expect that Crown Castle Inc. will post 6.59 earnings per share for the current year.

Crown Castle Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a dividend of $1.565 per share. The ex-dividend date was Thursday, March 14th. This represents a $6.26 dividend on an annualized basis and a dividend yield of 6.43%. Crown Castle’s dividend payout ratio (DPR) is 195.63%.

About Crown Castle

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.