Prestige Wealth Management Group LLC Sells 5,232 Shares of Crown Castle Inc. (NYSE:CCI)

Prestige Wealth Management Group LLC reduced its position in shares of Crown Castle Inc. (NYSE:CCI) by 94.5% in the second quarter, according to its most recent filing with the SEC. The fund owned 304 shares of the real estate investment trust’s stock after selling 5,232 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in Crown Castle were worth $30,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Crown Castle by 1.2% during the first quarter. Vanguard Group Inc. now owns 56,609,569 shares of the real estate investment trust’s stock valued at $5,990,991,000 after purchasing an additional 673,243 shares during the last quarter. Cohen & Steers Inc. grew its position in Crown Castle by 7.9% in the fourth quarter. Cohen & Steers Inc. now owns 11,375,567 shares of the real estate investment trust’s stock worth $1,310,559,000 after acquiring an additional 834,198 shares in the last quarter. Wellington Management Group LLP increased its stake in Crown Castle by 11.1% during the fourth quarter. Wellington Management Group LLP now owns 11,260,932 shares of the real estate investment trust’s stock worth $1,297,147,000 after acquiring an additional 1,126,394 shares during the last quarter. Norges Bank bought a new stake in Crown Castle during the fourth quarter worth approximately $581,503,000. Finally, Fisher Asset Management LLC raised its position in Crown Castle by 16.2% during the fourth quarter. Fisher Asset Management LLC now owns 4,547,032 shares of the real estate investment trust’s stock valued at $523,773,000 after purchasing an additional 632,398 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Crown Castle

In other Crown Castle news, COO Michael Joseph Kavanagh sold 10,883 shares of Crown Castle 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 transaction, the chief operating officer now owns 75,127 shares in the company, valued at $7,792,172.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.39% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. BMO Capital Markets boosted their target price on Crown Castle from $105.00 to $108.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Royal Bank of Canada increased their target price on shares of Crown Castle from $100.00 to $104.00 and gave the company a “sector perform” rating in a research note on Thursday, July 25th. Raymond James restated an “outperform” rating and issued a $126.00 target price (up previously from $124.00) on shares of Crown Castle in a report on Friday, June 14th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Crown Castle from $103.00 to $105.00 and gave the company a “hold” rating in a report on Tuesday, July 23rd. Finally, The Goldman Sachs Group started coverage on shares of Crown Castle in a research note on Monday, July 1st. They issued a “neutral” rating and a $104.00 price objective for the company. Twelve analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Crown Castle presently has an average rating of “Hold” and an average price target of $113.53.

Crown Castle Stock Up 2.0 %

NYSE:CCI opened at $116.12 on Monday. The company has a debt-to-equity ratio of 4.04, a current ratio of 0.43 and a quick ratio of 0.43. The firm has a market cap of $50.46 billion, a PE ratio of 36.29 and a beta of 0.85. The company has a 50-day moving average of $107.47 and a 200 day moving average of $103.37. Crown Castle Inc. has a 1-year low of $84.72 and a 1-year high of $119.50.

Crown Castle (NYSE:CCI) last released 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 the consensus estimate of $1.62 billion. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The company’s quarterly revenue was down 12.9% on a year-over-year basis. During the same period last year, the firm earned $2.05 earnings per share. As a group, research analysts anticipate that Crown Castle Inc. will post 6.64 EPS for the current fiscal year.

Crown Castle Announces Dividend

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