Allstate Corp Purchases 10,761 Shares of Crown Castle Inc. (NYSE:CCI)

Allstate Corp increased its position in Crown Castle Inc. (NYSE:CCI - Free Report) by 124.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,425 shares of the real estate investment trust's stock after acquiring an additional 10,761 shares during the period. Allstate Corp's holdings in Crown Castle were worth $1,763,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CCI. Level Four Advisory Services LLC boosted its position in Crown Castle by 9.1% during the 4th quarter. Level Four Advisory Services LLC now owns 3,555 shares of the real estate investment trust's stock worth $323,000 after acquiring an additional 297 shares during the period. Slagle Financial LLC grew its position in Crown Castle by 6.7% in the 4th quarter. Slagle Financial LLC now owns 26,577 shares of the real estate investment trust's stock valued at $2,412,000 after buying an additional 1,670 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its stake in Crown Castle by 0.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 129,846 shares of the real estate investment trust's stock valued at $11,785,000 after buying an additional 724 shares during the period. Providence Capital Advisors LLC raised its position in shares of Crown Castle by 0.7% during the 4th quarter. Providence Capital Advisors LLC now owns 22,668 shares of the real estate investment trust's stock worth $2,057,000 after buying an additional 150 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Crown Castle during the 4th quarter worth about $561,714,000. 90.77% of the stock is owned by institutional investors and hedge funds.

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Analyst Upgrades and Downgrades

CCI has been the topic of a number of research analyst reports. KeyCorp upgraded shares of Crown Castle from a "sector weight" rating to an "overweight" rating and set a $120.00 price objective on the stock in a research note on Friday, March 14th. Raymond James upgraded Crown Castle from an "outperform" rating to a "strong-buy" rating and lowered their price target for the company from $128.00 to $122.00 in a research report on Friday, March 14th. Jefferies Financial Group lowered Crown Castle from a "buy" rating to a "hold" rating and cut their price objective for the company from $127.00 to $84.00 in a report on Thursday, January 2nd. Moffett Nathanson lowered their target price on Crown Castle from $127.00 to $105.00 in a report on Thursday, January 23rd. Finally, BMO Capital Markets reissued a "market perform" rating on shares of Crown Castle in a report on Tuesday, March 25th. Eleven investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Crown Castle presently has a consensus rating of "Moderate Buy" and a consensus price target of $110.00.

Crown Castle Stock Up 2.6 %

CCI traded up $2.75 during midday trading on Thursday, hitting $106.56. 1,406,300 shares of the company's stock traded hands, compared to its average volume of 2,855,318. The company has a debt-to-equity ratio of 4.43, a current ratio of 0.54 and a quick ratio of 0.54. The company has a market cap of $46.40 billion, a PE ratio of 37.79 and a beta of 0.89. The stock's fifty day simple moving average is $95.06 and its 200-day simple moving average is $100.33. Crown Castle Inc. has a one year low of $84.20 and a one year high of $120.92.

Crown Castle Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $1.565 per share. The ex-dividend date was Friday, March 14th. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.87%. Crown Castle's dividend payout ratio is currently -69.71%.

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.