Crown Castle (NYSE:CCI) Given New $91.00 Price Target at Scotiabank

Crown Castle (NYSE:CCI) had its price target trimmed by Scotiabank from $94.00 to $91.00 in a research report sent to investors on Tuesday,MarketScreener reports. The brokerage currently has a sector perform rating on the real estate investment trust’s stock.

CCI has been the topic of a number of other research reports. BMO Capital Markets decreased their target price on shares of Crown Castle from $97.00 to $91.00 and set an “outperform” rating on the stock in a research report on Thursday, February 5th. Truist Financial started coverage on shares of Crown Castle in a research report on Tuesday, March 31st. They issued a “hold” rating and a $90.00 target price on the stock. The Goldman Sachs Group decreased their target price on shares of Crown Castle from $105.00 to $95.00 and set a “neutral” rating on the stock in a research report on Thursday, February 5th. UBS Group reduced their price target on shares of Crown Castle from $116.00 to $105.00 and set a “buy” rating on the stock in a research report on Thursday, February 5th. Finally, Royal Bank Of Canada reduced their price target on shares of Crown Castle from $112.00 to $110.00 and set an “outperform” rating on the stock in a research report on Monday, January 12th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $98.13.

Crown Castle Trading Down 0.6%

NYSE CCI traded down $0.51 during trading hours on Tuesday, reaching $84.40. The company had a trading volume of 355,968 shares, compared to its average volume of 3,363,698. The stock has a 50-day moving average of $85.67 and a 200 day moving average of $89.25. Crown Castle has a 1-year low of $75.96 and a 1-year high of $115.76. The stock has a market capitalization of $36.80 billion, a P/E ratio of 83.57, a price-to-earnings-growth ratio of 0.43 and a beta of 0.94.

Crown Castle Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were given a dividend of $1.0625 per share. This represents a $4.25 annualized dividend and a dividend yield of 5.0%. The ex-dividend date of this dividend was Friday, March 13th. Crown Castle’s dividend payout ratio is currently 420.79%.

Insider Activity

In other news, VP Robert Sean Collins sold 3,000 shares of the stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $87.49, for a total transaction of $262,470.00. Following the sale, the vice president owned 5,800 shares of the company’s stock, valued at approximately $507,442. This represents a 34.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Edward B. Adams, Jr. sold 4,650 shares of the stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $86.34, for a total transaction of $401,481.00. Following the sale, the executive vice president directly owned 25,183 shares in the company, valued at $2,174,300.22. This represents a 15.59% decrease in their position. The SEC filing for this sale provides additional information. 0.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Crown Castle by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 69,769,393 shares of the real estate investment trust’s stock worth $6,200,406,000 after acquiring an additional 386,733 shares in the last quarter. Cohen & Steers Inc. grew its holdings in Crown Castle by 11.0% during the 4th quarter. Cohen & Steers Inc. now owns 39,790,292 shares of the real estate investment trust’s stock worth $3,536,214,000 after acquiring an additional 3,953,685 shares in the last quarter. State Street Corp grew its holdings in Crown Castle by 2.4% during the 4th quarter. State Street Corp now owns 22,239,559 shares of the real estate investment trust’s stock worth $1,976,430,000 after acquiring an additional 511,018 shares in the last quarter. Wellington Management Group LLP grew its holdings in Crown Castle by 2.8% during the 4th quarter. Wellington Management Group LLP now owns 13,986,852 shares of the real estate investment trust’s stock worth $1,243,012,000 after acquiring an additional 380,419 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Crown Castle by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 13,027,749 shares of the real estate investment trust’s stock worth $1,156,972,000 after acquiring an additional 184,533 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

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.