Legacy Financial Advisors Inc. Buys Shares of 3,027 Crown Castle Inc. (NYSE:CCI)

Legacy Financial Advisors Inc. purchased a new position in shares of Crown Castle Inc. (NYSE:CCI) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 3,027 shares of the real estate investment trust’s stock, valued at approximately $296,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Prosperity Consulting Group LLC grew its position in Crown Castle by 4.4% in the second quarter. Prosperity Consulting Group LLC now owns 2,262 shares of the real estate investment trust’s stock valued at $221,000 after purchasing an additional 95 shares in the last quarter. Granite Investment Partners LLC grew its holdings in shares of Crown Castle by 0.5% in the 2nd quarter. Granite Investment Partners LLC now owns 19,439 shares of the real estate investment trust’s stock valued at $1,899,000 after acquiring an additional 100 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Crown Castle by 12.8% in the first quarter. EverSource Wealth Advisors LLC now owns 950 shares of the real estate investment trust’s stock valued at $101,000 after acquiring an additional 108 shares during the last quarter. Gilbert & Cook Inc. raised its holdings in Crown Castle by 3.7% during the fourth quarter. Gilbert & Cook Inc. now owns 3,083 shares of the real estate investment trust’s stock worth $355,000 after acquiring an additional 110 shares in the last quarter. Finally, Benedict Financial Advisors Inc. boosted its position in Crown Castle by 4.0% during the first quarter. Benedict Financial Advisors Inc. now owns 2,947 shares of the real estate investment trust’s stock valued at $312,000 after purchasing an additional 113 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CCI. The Goldman Sachs Group began coverage on Crown Castle in a research report on Monday, July 1st. They set a “neutral” rating and a $104.00 price target on the stock. TD Cowen boosted their target price on shares of Crown Castle from $124.00 to $127.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Bank of America increased their price target 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. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a research note on Tuesday, July 23rd. Finally, BMO Capital Markets raised their target price on shares of Crown Castle from $105.00 to $108.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Twelve investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $113.53.

Insider Transactions at Crown Castle

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $103.72, for a total value of $1,128,784.76. Following the completion of the sale, the chief operating officer now directly owns 75,127 shares in the company, valued at $7,792,172.44. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.39% of the company’s stock.

Crown Castle Price Performance

Shares of NYSE CCI opened at $115.33 on Friday. The firm has a market cap of $50.11 billion, a P/E ratio of 36.04 and a beta of 0.85. The business’s 50 day moving average is $111.58 and its 200-day moving average is $104.05. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 4.04. Crown Castle Inc. has a 1-year low of $84.72 and a 1-year high of $120.92.

Crown Castle (NYSE:CCI) last posted its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.04. The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. The company’s quarterly revenue was down 12.9% compared to the same quarter last year. During the same quarter last year, the business earned $2.05 EPS. Equities research analysts predict that Crown Castle Inc. will post 6.64 earnings per share for the current year.

Crown Castle Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a dividend of $1.565 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.43%. Crown Castle’s payout ratio is presently 195.63%.

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.