New York Life Investment Management LLC Has $12.82 Million Stock Position in Crown Castle Inc. (NYSE:CCI)

New York Life Investment Management LLC increased its position in shares of Crown Castle Inc. (NYSE:CCI) by 4.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 131,168 shares of the real estate investment trust’s stock after buying an additional 5,989 shares during the quarter. New York Life Investment Management LLC’s holdings in Crown Castle were worth $12,815,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its position in shares of Crown Castle by 12.8% during the first quarter. EverSource Wealth Advisors LLC now owns 950 shares of the real estate investment trust’s stock worth $101,000 after acquiring an additional 108 shares in the last quarter. Gilbert & Cook Inc. raised its position in shares of Crown Castle by 3.7% in the fourth quarter. Gilbert & Cook Inc. now owns 3,083 shares of the real estate investment trust’s stock worth $355,000 after buying an additional 110 shares in the last quarter. Benedict Financial Advisors Inc. raised its position in shares of Crown Castle by 4.0% in the first quarter. Benedict Financial Advisors Inc. now owns 2,947 shares of the real estate investment trust’s stock worth $312,000 after buying an additional 113 shares in the last quarter. HM Payson & Co. raised its position in shares of Crown Castle by 5.3% in the first quarter. HM Payson & Co. now owns 2,259 shares of the real estate investment trust’s stock worth $239,000 after buying an additional 114 shares in the last quarter. Finally, OFI Invest Asset Management raised its position in shares of Crown Castle by 41.5% in the first quarter. OFI Invest Asset Management now owns 402 shares of the real estate investment trust’s stock worth $39,000 after buying an additional 118 shares in the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Crown Castle Stock Up 2.0 %

Shares of NYSE:CCI opened at $116.12 on Friday. The stock’s 50-day moving average price is $107.47 and its 200-day moving average price is $103.40. Crown Castle Inc. has a 12-month low of $84.72 and a 12-month high of $119.50. The stock has a market capitalization of $50.46 billion, a P/E ratio of 36.29 and a beta of 0.85. 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 (NYSE:CCI) last announced its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 revenue for the quarter was down 12.9% compared to the same quarter last year. During the same period last year, the firm earned $2.05 earnings per share. On average, equities analysts anticipate that Crown Castle Inc. will post 6.64 earnings per share for the current year.

Crown Castle Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $1.565 dividend. The ex-dividend date is Friday, September 13th. This represents a $6.26 annualized dividend and a dividend yield of 5.39%. Crown Castle’s payout ratio is presently 195.63%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft increased their price objective on Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a research report on Tuesday, July 23rd. BMO Capital Markets increased their price objective on Crown Castle from $105.00 to $108.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Raymond James reiterated an “outperform” rating and issued a $126.00 price objective (up previously from $124.00) on shares of Crown Castle in a research report on Friday, June 14th. The Goldman Sachs Group initiated coverage on Crown Castle in a research note on Monday, July 1st. They issued a “neutral” rating and a $104.00 target price on the stock. Finally, Bank of America increased their target price on Crown Castle from $110.00 to $115.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. Twelve investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $113.53.

Insider Buying and Selling

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of the firm’s stock in a transaction dated 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 sale, the chief operating officer now directly owns 75,127 shares of the company’s stock, valued at $7,792,172.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.39% of the stock is owned by insiders.

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.