Toronto Dominion Bank Cuts Holdings in Crown Castle Inc. (NYSE:CCI)

Toronto Dominion Bank cut its position in shares of Crown Castle Inc. (NYSE:CCI) by 11.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 243,914 shares of the real estate investment trust’s stock after selling 32,814 shares during the quarter. Toronto Dominion Bank’s holdings in Crown Castle were worth $23,830,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Prosperity Consulting Group LLC boosted its holdings in Crown Castle by 4.4% during the second quarter. Prosperity Consulting Group LLC now owns 2,262 shares of the real estate investment trust’s stock worth $221,000 after purchasing an additional 95 shares during the last quarter. Granite Investment Partners LLC boosted its holdings in Crown Castle by 0.5% during the second quarter. Granite Investment Partners LLC now owns 19,439 shares of the real estate investment trust’s stock worth $1,899,000 after purchasing an additional 100 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in 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 purchasing an additional 108 shares during the last quarter. Gilbert & Cook Inc. boosted 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 purchasing an additional 110 shares during the last quarter. Finally, HM Payson & Co. boosted its holdings in Crown Castle by 5.3% during the first quarter. HM Payson & Co. now owns 2,259 shares of the real estate investment trust’s stock worth $239,000 after purchasing an additional 114 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Crown Castle Stock Performance

NYSE CCI opened at $114.78 on Friday. The company’s 50 day moving average is $112.35 and its 200-day moving average is $104.16. Crown Castle Inc. has a 12-month low of $84.72 and a 12-month high of $120.92. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 4.04. The firm has a market cap of $49.88 billion, a P/E ratio of 35.87 and a beta of 0.85.

Crown Castle (NYSE:CCI) last posted its quarterly 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. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same quarter in the previous year, the firm posted $2.05 earnings per share. The company’s quarterly revenue was down 12.9% compared to the same quarter last year. Sell-side analysts predict that Crown Castle Inc. will post 6.64 earnings per share for the current year.

Crown Castle Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a yield of 5.45%. The ex-dividend date of this dividend is Friday, September 13th. Crown Castle’s dividend payout ratio (DPR) is presently 195.63%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. The Goldman Sachs Group boosted their price target on shares of Crown Castle from $105.00 to $120.00 and gave the stock a “neutral” rating in a report on Thursday. JPMorgan Chase & Co. lifted their price objective on shares of Crown Castle from $115.00 to $124.00 and gave the stock a “neutral” rating in a research report on Monday. Royal Bank of Canada lifted their price objective on shares of Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 25th. Raymond James reaffirmed 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. Finally, TD Cowen lifted their price objective 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 analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $115.40.

Insider Buying and Selling

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $103.72, for a total transaction of $1,128,784.76. Following the sale, the chief operating officer now owns 75,127 shares of the company’s stock, valued at approximately $7,792,172.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.39% of the stock is currently owned by insiders.

Crown Castle Company 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.