Crown Castle (NYSE:CCI) PT Lowered to $118.00 at Scotiabank

Crown Castle (NYSE:CCI) had its target price lowered by Scotiabank from $133.00 to $118.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a sector perform rating on the real estate investment trust’s stock.

Other equities analysts also recently issued reports about the stock. BMO Capital Markets decreased their price objective on shares of Crown Castle from $110.00 to $105.00 and set a market perform rating on the stock in a report on Thursday. Royal Bank of Canada increased their price objective on shares of Crown Castle from $92.00 to $109.00 and gave the company a sector perform rating in a report on Wednesday, February 21st. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $119.40.

Crown Castle Stock Performance

Shares of NYSE CCI opened at $94.37 on Thursday. The company’s fifty day moving average price is $105.15 and its 200 day moving average price is $105.07. Crown Castle has a 1 year low of $84.72 and a 1 year high of $134.09. The company has a market capitalization of $41.01 billion, a PE ratio of 29.49, a price-to-earnings-growth ratio of 2.48 and a beta of 0.73. The company has a debt-to-equity ratio of 3.46, a quick ratio of 0.40 and a current ratio of 0.40.

Crown Castle (NYSE:CCI) last announced its quarterly earnings results on Wednesday, April 17th. The real estate investment trust reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.63 by ($0.92). Crown Castle had a return on equity of 20.78% and a net margin of 20.32%. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period last year, the company posted $1.91 earnings per share. The business’s quarterly revenue was down 7.4% on a year-over-year basis. On average, research analysts predict that Crown Castle will post 6.59 earnings per share for the current year.

Crown Castle Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $1.565 dividend. This represents a $6.26 annualized dividend and a dividend yield of 6.63%. The ex-dividend date was Thursday, March 14th. Crown Castle’s dividend payout ratio is currently 195.63%.

Hedge Funds Weigh In On Crown Castle

Hedge funds and other institutional investors have recently modified their holdings of the business. United Services Automobile Association lifted its stake in shares of Crown Castle by 23.1% in the third quarter. United Services Automobile Association now owns 13,411 shares of the real estate investment trust’s stock worth $1,234,000 after buying an additional 2,516 shares in the last quarter. Court Place Advisors LLC acquired a new stake in Crown Castle during the fourth quarter worth about $201,000. Van ECK Associates Corp increased its position in Crown Castle by 0.5% during the third quarter. Van ECK Associates Corp now owns 117,914 shares of the real estate investment trust’s stock worth $10,852,000 after purchasing an additional 542 shares during the last quarter. International Assets Investment Management LLC increased its position in Crown Castle by 8,611.0% during the fourth quarter. International Assets Investment Management LLC now owns 703,236 shares of the real estate investment trust’s stock worth $81,006,000 after purchasing an additional 695,163 shares during the last quarter. Finally, Manning & Napier Group LLC acquired a new stake in Crown Castle during the fourth quarter worth about $5,005,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

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.