Zions Bancorporation N.A. Sells 20,585 Shares of Crown Castle Inc. (NYSE:CCI)

Zions Bancorporation N.A. cut its stake in Crown Castle Inc. (NYSE:CCI) by 98.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 314 shares of the real estate investment trust’s stock after selling 20,585 shares during the quarter. Zions Bancorporation N.A.’s holdings in Crown Castle were worth $31,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Meeder Advisory Services Inc. lifted its holdings in shares of Crown Castle by 32.9% in the 2nd quarter. Meeder Advisory Services Inc. now owns 6,427 shares of the real estate investment trust’s stock worth $628,000 after acquiring an additional 1,592 shares during the last quarter. Morningstar Investment Management LLC lifted its stake in Crown Castle by 12.8% in the second quarter. Morningstar Investment Management LLC now owns 8,080 shares of the real estate investment trust’s stock worth $789,000 after purchasing an additional 915 shares during the last quarter. Private Wealth Partners LLC boosted its position in shares of Crown Castle by 90.4% during the second quarter. Private Wealth Partners LLC now owns 5,201 shares of the real estate investment trust’s stock valued at $508,000 after buying an additional 2,470 shares during the period. Forsta AP Fonden grew its stake in shares of Crown Castle by 4.8% during the second quarter. Forsta AP Fonden now owns 151,500 shares of the real estate investment trust’s stock valued at $14,802,000 after buying an additional 7,000 shares during the last quarter. Finally, Y.D. More Investments Ltd bought a new position in shares of Crown Castle during the second quarter valued at approximately $114,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Crown Castle Trading Down 0.2 %

Shares of NYSE:CCI opened at $118.85 on Monday. The company has a market capitalization of $51.65 billion, a PE ratio of 37.14 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 Inc. has a 12-month low of $84.72 and a 12-month high of $120.31. The business’s fifty day simple moving average is $109.77 and its 200-day simple moving average is $103.78.

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

Crown Castle Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a dividend of $1.565 per share. The ex-dividend date is Friday, September 13th. This represents a $6.26 annualized dividend and a dividend yield of 5.27%. Crown Castle’s dividend payout ratio (DPR) is presently 195.63%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Royal Bank of Canada raised their price target on Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 25th. Bank of America boosted their target price 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 raised their price target 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. Raymond James reissued an “outperform” rating and issued a $126.00 price objective (up from $124.00) on shares of Crown Castle in a research report on Friday, June 14th. Finally, TD Cowen raised their target price on shares of Crown Castle from $124.00 to $127.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Twelve research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Crown Castle currently has a consensus rating of “Hold” and an average price target of $113.53.

Insider Activity at Crown Castle

In other Crown Castle news, COO Michael Joseph Kavanagh sold 10,883 shares of Crown Castle stock in a transaction on Tuesday, July 23rd. The shares were 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 directly owns 75,127 shares of the company’s stock, valued at $7,792,172.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.39% of the stock is currently owned by corporate insiders.

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.