State Street Corp Raises Position in Crown Castle Inc. (NYSE:CCI)

State Street Corp increased its position in Crown Castle Inc. (NYSE:CCI - Free Report) by 3.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,875,581 shares of the real estate investment trust's stock after buying an additional 747,390 shares during the quarter. State Street Corp owned 4.80% of Crown Castle worth $2,476,470,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Mather Group LLC. raised its stake in shares of Crown Castle by 25.9% during the second quarter. Mather Group LLC. now owns 1,362 shares of the real estate investment trust's stock valued at $144,000 after acquiring an additional 280 shares during the last quarter. CWM LLC raised its position in Crown Castle by 10.3% during the 2nd quarter. CWM LLC now owns 13,253 shares of the real estate investment trust's stock worth $1,295,000 after purchasing an additional 1,239 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in Crown Castle during the 2nd quarter worth about $4,301,000. CHICAGO TRUST Co NA lifted its holdings in Crown Castle by 33.4% during the 2nd quarter. CHICAGO TRUST Co NA now owns 3,452 shares of the real estate investment trust's stock worth $337,000 after buying an additional 865 shares during the period. Finally, QRG Capital Management Inc. grew its position in shares of Crown Castle by 102.1% in the 2nd quarter. QRG Capital Management Inc. now owns 26,453 shares of the real estate investment trust's stock valued at $2,584,000 after buying an additional 13,361 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CCI. TD Cowen lowered their price objective on Crown Castle from $127.00 to $123.00 and set a "buy" rating for the company in a research report on Thursday, October 17th. Wells Fargo & Company raised their price target on shares of Crown Castle from $100.00 to $105.00 and gave the stock an "equal weight" rating in a report on Friday, October 18th. Bank of America upped their price objective on shares of Crown Castle from $110.00 to $115.00 and gave the company a "neutral" rating in a research note on Tuesday, August 13th. UBS Group increased their price objective on shares of Crown Castle from $103.00 to $118.00 and gave the stock a "neutral" rating in a research report on Thursday, October 17th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Crown Castle from $115.00 to $124.00 and gave the company a "neutral" rating in a report on Monday, September 23rd. Twelve research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $116.87.

Crown Castle Stock Down 1.5 %

Crown Castle stock traded down $1.50 during midday trading on Friday, reaching $101.82. The stock had a trading volume of 2,965,187 shares, compared to its average volume of 2,608,716. The company has a fifty day moving average price of $108.50 and a two-hundred day moving average price of $107.06. Crown Castle Inc. has a 12 month low of $92.48 and a 12 month high of $120.92. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 4.43. The company has a market capitalization of $44.25 billion, a P/E ratio of 36.10 and a beta of 0.86.

Crown Castle (NYSE:CCI - Get Free Report) last announced its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $0.70 EPS for the quarter, missing analysts' consensus estimates of $1.73 by ($1.03). Crown Castle had a net margin of 18.59% and a return on equity of 20.98%. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.64 billion. During the same period last year, the business posted $1.77 EPS. The company's revenue was down .9% on a year-over-year basis. As a group, equities analysts expect that Crown Castle Inc. will post 6.66 EPS for the current fiscal year.

Crown Castle Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a dividend of $1.565 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $6.26 annualized dividend and a yield of 6.15%. Crown Castle's payout ratio is 221.99%.

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.