Jacobi Capital Management LLC Acquires 237 Shares of Crown Castle Inc. (NYSE:CCI)

Jacobi Capital Management LLC increased its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 3.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,363 shares of the real estate investment trust’s stock after acquiring an additional 237 shares during the quarter. Jacobi Capital Management LLC’s holdings in Crown Castle were worth $779,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Crown Castle by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 56,609,569 shares of the real estate investment trust’s stock worth $5,990,991,000 after buying an additional 673,243 shares during the last quarter. Cohen & Steers Inc. grew its position in shares of Crown Castle by 7.9% in the fourth quarter. Cohen & Steers Inc. now owns 11,375,567 shares of the real estate investment trust’s stock valued at $1,310,559,000 after purchasing an additional 834,198 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Crown Castle by 11.1% during the fourth quarter. Wellington Management Group LLP now owns 11,260,932 shares of the real estate investment trust’s stock worth $1,297,147,000 after purchasing an additional 1,126,394 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Crown Castle by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,478,477 shares of the real estate investment trust’s stock valued at $625,975,000 after purchasing an additional 122,948 shares during the period. Finally, Norges Bank acquired a new position in Crown Castle in the 4th quarter valued at $581,503,000. Institutional investors own 90.77% of the company’s stock.

Analyst Ratings Changes

CCI has been the topic of a number of recent research reports. Scotiabank lowered their price target on shares of Crown Castle from $133.00 to $118.00 and set a “sector perform” rating on the stock in a research report on Thursday, April 18th. Deutsche Bank Aktiengesellschaft cut their price target on Crown Castle from $110.00 to $109.00 and set a “hold” rating for the company in a research note on Monday, April 22nd. Argus downgraded Crown Castle from a “buy” rating to a “hold” rating in a research report on Friday, April 19th. Royal Bank of Canada dropped their price objective on Crown Castle from $109.00 to $100.00 and set a “sector perform” rating for the company in a report on Tuesday, May 7th. Finally, BMO Capital Markets upped their target price on Crown Castle from $105.00 to $108.00 and gave the company a “market perform” rating in a research report on Thursday. Twelve research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $114.88.

Crown Castle Price Performance

Shares of Crown Castle stock traded down $1.18 during midday trading on Monday, hitting $103.90. 1,731,079 shares of the company traded hands, compared to its average volume of 2,784,346. The firm’s fifty day moving average price is $99.62 and its 200-day moving average price is $103.04. The stock has a market cap of $45.15 billion, a price-to-earnings ratio of 32.76, a PEG ratio of 2.79 and a beta of 0.83. Crown Castle Inc. has a 12 month low of $84.72 and a 12 month high of $119.50. The company has a debt-to-equity ratio of 4.04, a quick ratio of 0.42 and a current ratio of 0.43.

Crown Castle (NYSE:CCI) last posted its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.04. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter in the previous year, the firm posted $2.05 earnings per share. The company’s revenue was down 12.9% on a year-over-year basis. As a group, sell-side analysts forecast that Crown Castle Inc. will post 6.62 earnings per share for the current year.

Crown Castle Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $1.565 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $6.26 annualized dividend and a yield of 6.03%. Crown Castle’s dividend payout ratio is presently 195.63%.

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.