Crown Castle Inc. (NYSE:CCI) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 77.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 260,679 shares of the real estate investment trust’s stock after buying an additional 113,600 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned 0.06% of Crown Castle worth $25,468,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Ridgewood Investments LLC acquired a new stake in shares of Crown Castle in the 2nd quarter valued at $56,000. Arkadios Wealth Advisors raised its holdings in shares of Crown Castle by 32.9% in the 2nd quarter. Arkadios Wealth Advisors now owns 12,606 shares of the real estate investment trust’s stock valued at $1,232,000 after purchasing an additional 3,118 shares in the last quarter. HB Wealth Management LLC raised its holdings in shares of Crown Castle by 4.0% in the 2nd quarter. HB Wealth Management LLC now owns 9,828 shares of the real estate investment trust’s stock valued at $960,000 after purchasing an additional 382 shares in the last quarter. 1834 Investment Advisors Co. raised its holdings in shares of Crown Castle by 16.2% in the 2nd quarter. 1834 Investment Advisors Co. now owns 80,534 shares of the real estate investment trust’s stock valued at $7,868,000 after purchasing an additional 11,250 shares in the last quarter. Finally, Fort Pitt Capital Group LLC raised its holdings in shares of Crown Castle by 5.3% in the 2nd quarter. Fort Pitt Capital Group LLC now owns 38,521 shares of the real estate investment trust’s stock valued at $3,764,000 after purchasing an additional 1,934 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Crown Castle Stock Performance

Crown Castle stock traded down $1.80 during midday trading on Thursday, hitting $111.69. 1,818,034 shares of the company’s stock were exchanged, compared to its average volume of 2,657,572. The stock has a market cap of $48.54 billion, a price-to-earnings ratio of 34.90 and a beta of 0.83. The firm’s 50 day simple moving average is $105.15 and its 200 day simple moving average is $103.12. The company has a debt-to-equity ratio of 4.04, a quick ratio of 0.43 and a current ratio of 0.43. Crown Castle Inc. has a 12-month low of $84.72 and a 12-month high of $119.50.

Crown Castle (NYSE:CCI) last issued its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.04. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.62 billion. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The business’s quarterly revenue was down 12.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.05 earnings per share. Equities research analysts predict that Crown Castle Inc. will post 6.64 EPS for the current year.

Crown Castle Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $1.565 dividend. This represents a $6.26 annualized dividend and a dividend yield of 5.60%. The ex-dividend date is Friday, September 13th. Crown Castle’s payout ratio is 195.63%.

Insider Activity

In other news, COO Michael Joseph Kavanagh sold 10,883 shares of Crown Castle stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $103.72, for a total value of $1,128,784.76. Following the sale, the chief operating officer now owns 75,127 shares of the company’s stock, valued at $7,792,172.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.39% of the company’s stock.

Analyst Ratings Changes

CCI has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Crown Castle from $103.00 to $105.00 and gave the company a “hold” rating in a report on Tuesday, July 23rd. TD Cowen increased their target price on shares of Crown Castle from $124.00 to $127.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. The Goldman Sachs Group initiated coverage on shares of Crown Castle in a research report on Monday, July 1st. They issued a “neutral” rating and a $104.00 target price on the stock. Bank of America increased their target price on shares of Crown Castle from $110.00 to $115.00 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. Finally, Royal Bank of Canada increased their target price on shares of Crown Castle from $100.00 to $104.00 and gave the company a “sector perform” rating in a research report on Thursday, July 25th. Twelve analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Crown Castle currently has a consensus rating of “Hold” and a consensus target price of $113.53.

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.