South State CORP. boosted its holdings in Crown Castle International Corp. (REIT) (NYSE:CCI) by 3.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,944 shares of the real estate investment trust’s stock after purchasing an additional 375 shares during the quarter. South State CORP.’s holdings in Crown Castle International were worth $1,884,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in CCI. Ritholtz Wealth Management acquired a new stake in Crown Castle International during the first quarter worth about $226,000. E Fund Management Co. Ltd. acquired a new stake in Crown Castle International during the first quarter worth about $130,000. Norinchukin Bank The increased its stake in Crown Castle International by 1.7% during the first quarter. Norinchukin Bank The now owns 35,893 shares of the real estate investment trust’s stock worth $6,178,000 after acquiring an additional 594 shares during the last quarter. Alpha DNA Investment Management LLC increased its stake in Crown Castle International by 31.7% during the first quarter. Alpha DNA Investment Management LLC now owns 245 shares of the real estate investment trust’s stock worth $42,000 after acquiring an additional 59 shares during the last quarter. Finally, Sei Investments Co. increased its stake in Crown Castle International by 43.8% during the first quarter. Sei Investments Co. now owns 397,189 shares of the real estate investment trust’s stock worth $68,362,000 after acquiring an additional 121,063 shares during the last quarter. Hedge funds and other institutional investors own 90.36% of the company’s stock.
CCI traded down $3.37 on Friday, reaching $196.87. The company’s stock had a trading volume of 3,082 shares, compared to its average volume of 2,041,458. The firm has a market cap of $85.09 billion, a PE ratio of 89.39, a price-to-earnings-growth ratio of 1.45 and a beta of 0.35. Crown Castle International Corp. has a 1 year low of $146.15 and a 1 year high of $200.47. The company has a debt-to-equity ratio of 2.21, a quick ratio of 0.61 and a current ratio of 0.61. The firm has a 50 day moving average of $184.78.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 30th. Shareholders of record on Monday, June 14th will be paid a dividend of $1.33 per share. This represents a $5.32 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend is Friday, June 11th. Crown Castle International’s payout ratio is currently 78.47%.
Several equities research analysts have commented on CCI shares. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $209.00 price target (up from $195.00) on shares of Crown Castle International in a research note on Friday. Oppenheimer upped their target price on Crown Castle International from $170.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, May 3rd. JPMorgan Chase & Co. upped their target price on Crown Castle International from $189.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, April 29th. Wolfe Research assumed coverage on Crown Castle International in a research report on Wednesday, March 24th. They issued a “peer perform” rating and a $165.00 target price for the company. Finally, Morgan Stanley raised Crown Castle International from an “in-line” rating to an “overweight” rating and upped their target price for the stock from $200.00 to $204.00 in a research report on Wednesday, June 2nd. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $188.86.
In other news, Director Kevin A. Stephens acquired 310 shares of the business’s stock in a transaction on Friday, May 14th. The shares were purchased at an average price of $181.53 per share, for a total transaction of $56,274.30. Following the completion of the purchase, the director now directly owns 5,487 shares of the company’s stock, valued at approximately $996,055.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director J Landis Martin purchased 1,180 shares of the company’s stock in a transaction dated Monday, March 15th. The shares were bought at an average price of $160.99 per share, for a total transaction of $189,968.20. Following the completion of the transaction, the director now directly owns 145,620 shares in the company, valued at approximately $23,443,363.80. The disclosure for this purchase can be found here. Corporate insiders own 0.45% of the company’s stock.
Crown Castle International Profile
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 80,000 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.
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