Crown Castle Inc. $CCI Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its stake in Crown Castle Inc. (NYSE:CCI) by 3.1% in the second quarter, Holdings Channel.com reports. The firm owned 804,222 shares of the real estate investment trust’s stock after selling 25,505 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Crown Castle were worth $60,904,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wiser Advisor Group LLC acquired a new position in Crown Castle during the third quarter worth $29,000. Hilton Head Capital Partners LLC increased its stake in shares of Crown Castle by 55.6% in the 1st quarter. Hilton Head Capital Partners LLC now owns 375 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 134 shares during the last quarter. Triumph Capital Management acquired a new stake in shares of Crown Castle in the 3rd quarter worth $31,000. Global Assets Advisory LLC purchased a new position in shares of Crown Castle during the 1st quarter worth $32,000. Finally, Salomon & Ludwin LLC raised its holdings in shares of Crown Castle by 128.7% during the 4th quarter. Salomon & Ludwin LLC now owns 382 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 215 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Insider Buying and Selling

In other Crown Castle news, VP Robert Sean Collins sold 1,500 shares of the company’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $75.89, for a total transaction of $113,835.00. Following the transaction, the vice president directly owned 5,113 shares in the company, valued at $388,025.57. This represents a 22.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.09% of the stock is owned by company insiders.

Crown Castle Stock Performance

Shares of CCI stock opened at $75.75 on Friday. The firm’s 50 day moving average price is $79.98 and its 200-day moving average price is $84.58. Crown Castle Inc. has a one year low of $69.72 and a one year high of $104.61. The firm has a market cap of $32.23 billion, a P/E ratio of 38.45, a P/E/G ratio of 0.39 and a beta of 0.95.

Crown Castle Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $1.0625 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $4.25 dividend on an annualized basis and a yield of 5.6%. Crown Castle’s payout ratio is presently 215.74%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. TD Cowen lowered their price target on shares of Crown Castle from $94.00 to $92.00 and set a “buy” rating on the stock in a research report on Thursday, July 23rd. KeyCorp lifted their target price on shares of Crown Castle from $98.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, April 23rd. Weiss Ratings reiterated a “hold (c-)” rating on shares of Crown Castle in a report on Friday, May 22nd. Royal Bank Of Canada decreased their target price on shares of Crown Castle from $92.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, July 23rd. Finally, Truist Financial dropped their price target on shares of Crown Castle from $95.00 to $87.00 and set a “hold” rating for the company in a research note on Tuesday, July 28th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $95.13.

About Crown Castle

Crown Castle is a U.S.-focused communications infrastructure company organized as a real estate investment trust (REIT) that owns, operates and leases shared wireless infrastructure. Its primary business consists of providing tower-based site leases, small cell networks and fiber solutions that support mobile voice and data transmission for wireless carriers, cable companies and other enterprise customers. The company’s assets are positioned to enable network coverage and capacity, including the densification projects associated with 4G LTE and 5G deployments.

Its product and service offerings include ground-based tower sites that host multiple wireless operators, distributed small cell nodes and associated fiber backhaul used to connect sites into carrier networks, and site development and maintenance services.