Raymond James Trust N.A. Reduces Stake in Crown Castle Inc. (NYSE:CCI)

Raymond James Trust N.A. lessened its stake in shares of Crown Castle Inc. (NYSE:CCI) by 1.0% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 17,152 shares of the real estate investment trust’s stock after selling 174 shares during the period. Raymond James Trust N.A.’s holdings in Crown Castle were worth $1,676,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. CWM LLC grew its position in Crown Castle by 7.8% in the fourth quarter. CWM LLC now owns 12,546 shares of the real estate investment trust’s stock worth $1,445,000 after acquiring an additional 911 shares during the period. Atria Wealth Solutions Inc. increased its position in shares of Crown Castle by 10.7% during the 4th quarter. Atria Wealth Solutions Inc. now owns 33,777 shares of the real estate investment trust’s stock worth $3,891,000 after purchasing an additional 3,260 shares during the last quarter. Syon Capital LLC raised its holdings in Crown Castle by 10.8% in the 4th quarter. Syon Capital LLC now owns 3,005 shares of the real estate investment trust’s stock valued at $346,000 after buying an additional 294 shares during the period. Kovack Advisors Inc. lifted its position in Crown Castle by 142.5% in the fourth quarter. Kovack Advisors Inc. now owns 8,945 shares of the real estate investment trust’s stock valued at $1,030,000 after buying an additional 5,257 shares during the last quarter. Finally, Spinnaker Trust boosted its stake in Crown Castle by 1.2% during the fourth quarter. Spinnaker Trust now owns 19,039 shares of the real estate investment trust’s stock worth $2,193,000 after buying an additional 234 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Insiders Place Their Bets

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

Crown Castle Stock Up 2.6 %

CCI traded up $2.89 on Friday, reaching $112.38. The company’s stock had a trading volume of 1,194,333 shares, compared to its average volume of 2,067,724. The company has a market capitalization of $48.84 billion, a price-to-earnings ratio of 35.12 and a beta of 0.83. Crown Castle Inc. has a fifty-two week low of $84.72 and a fifty-two week high of $119.50. 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 stock has a 50 day moving average of $104.09 and a two-hundred day moving average of $102.97.

Crown Castle (NYSE:CCI) last posted its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 EPS for the quarter, beating 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 the consensus estimate of $1.62 billion. During the same period last year, the firm posted $2.05 EPS. The company’s revenue was down 12.9% on a year-over-year basis. As a group, analysts forecast that Crown Castle Inc. will post 6.64 EPS for the current fiscal year.

Crown Castle Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a dividend of $1.565 per share. The ex-dividend date is Friday, September 13th. This represents a $6.26 dividend on an annualized basis and a yield of 5.57%. Crown Castle’s dividend payout ratio is presently 195.63%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. BMO Capital Markets boosted their price target on shares of Crown Castle from $105.00 to $108.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. TD Cowen boosted their target price on Crown Castle from $124.00 to $127.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Deutsche Bank Aktiengesellschaft raised their price target on Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada boosted their price objective on Crown Castle from $100.00 to $104.00 and gave the company a “sector perform” rating in a report on Thursday, July 25th. Finally, Raymond James restated an “outperform” rating and set a $126.00 target price (up from $124.00) on shares of Crown Castle in a report on Friday, June 14th. Twelve investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Crown Castle currently has an average rating of “Hold” and a consensus target price of $113.53.

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.