PNC Financial Services Group Inc. Cuts Stock Position in Crown Castle Inc. (NYSE:CCI)

PNC Financial Services Group Inc. lowered its stake in Crown Castle Inc. (NYSE:CCI) by 19.2% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 105,577 shares of the real estate investment trust’s stock after selling 25,064 shares during the period. PNC Financial Services Group Inc.’s holdings in Crown Castle were worth $9,582,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Versor Investments LP boosted its stake in Crown Castle by 120.0% during the 4th quarter. Versor Investments LP now owns 8,447 shares of the real estate investment trust’s stock valued at $767,000 after purchasing an additional 4,608 shares during the last quarter. Nordea Investment Management AB boosted its stake in Crown Castle by 29.4% during the 4th quarter. Nordea Investment Management AB now owns 1,243,722 shares of the real estate investment trust’s stock valued at $113,465,000 after purchasing an additional 282,821 shares during the last quarter. Oak Thistle LLC purchased a new stake in Crown Castle during the 4th quarter valued at $1,231,000. Avanza Fonder AB purchased a new position in shares of Crown Castle in the 4th quarter worth $3,083,000. Finally, Fisher Asset Management LLC boosted its stake in shares of Crown Castle by 4.2% in the 3rd quarter. Fisher Asset Management LLC now owns 5,088,017 shares of the real estate investment trust’s stock worth $603,592,000 after buying an additional 203,442 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Crown Castle Price Performance

NYSE:CCI opened at $97.73 on Wednesday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 4.43. The business’s 50-day simple moving average is $90.54 and its two-hundred day simple moving average is $101.65. The stock has a market cap of $42.47 billion, a PE ratio of 34.66 and a beta of 0.89. Crown Castle Inc. has a 52 week low of $84.20 and a 52 week high of $120.92.

Crown Castle Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $1.565 dividend. The ex-dividend date is Friday, March 14th. This represents a $6.26 annualized dividend and a dividend yield of 6.41%. Crown Castle’s dividend payout ratio (DPR) is 221.99%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CCI shares. Deutsche Bank Aktiengesellschaft dropped their price target on Crown Castle from $116.00 to $96.00 and set a “hold” rating on the stock in a research note on Thursday, January 23rd. Barclays upgraded Crown Castle from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $117.00 to $104.00 in a research note on Monday, January 13th. Moffett Nathanson dropped their price target on Crown Castle from $127.00 to $105.00 in a research note on Thursday, January 23rd. JMP Securities started coverage on Crown Castle in a research note on Monday, January 27th. They issued an “outperform” rating and a $115.00 price target on the stock. Finally, Citizens Jmp upgraded Crown Castle to a “strong-buy” rating in a research note on Monday, January 27th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Crown Castle presently has an average rating of “Hold” and an average price target of $108.75.

Crown Castle 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.