SouthState Corp Lowers Position in Crown Castle Inc. (NYSE:CCI)

SouthState Corp decreased its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 14.6% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 8,555 shares of the real estate investment trust’s stock after selling 1,459 shares during the period. SouthState Corp’s holdings in Crown Castle were worth $776,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Twin Tree Management LP purchased a new position in Crown Castle during the fourth quarter valued at approximately $25,000. American Assets Capital Advisers LLC boosted its position in Crown Castle by 8.1% during the 4th quarter. American Assets Capital Advisers LLC now owns 26,694 shares of the real estate investment trust’s stock valued at $2,423,000 after acquiring an additional 2,000 shares in the last quarter. Intact Investment Management Inc. increased its holdings in shares of Crown Castle by 6.3% in the 4th quarter. Intact Investment Management Inc. now owns 117,000 shares of the real estate investment trust’s stock valued at $10,619,000 after acquiring an additional 6,900 shares during the period. HBK Sorce Advisory LLC lifted its stake in shares of Crown Castle by 7.5% during the 4th quarter. HBK Sorce Advisory LLC now owns 2,474 shares of the real estate investment trust’s stock worth $225,000 after purchasing an additional 173 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in Crown Castle by 1.3% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 106,912 shares of the real estate investment trust’s stock valued at $9,703,000 after purchasing an additional 1,349 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on CCI. Wolfe Research upgraded shares of Crown Castle from an “underperform” rating to a “peer perform” rating in a report on Monday. JPMorgan Chase & Co. decreased their target price on shares of Crown Castle from $121.00 to $115.00 and set a “neutral” rating for the company in a research report on Monday. Wells Fargo & Company raised shares of Crown Castle from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $85.00 to $105.00 in a report on Monday. Citizens Jmp upgraded Crown Castle to a “strong-buy” rating in a report on Monday, January 27th. Finally, Scotiabank lowered their price objective on Crown Castle from $102.00 to $99.00 and set a “sector perform” rating for the company in a research report on Friday. Eleven analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $110.29.

Crown Castle Price Performance

Shares of CCI opened at $102.91 on Tuesday. The business’s 50-day moving average is $91.29 and its two-hundred day moving average is $101.26. The company has a market capitalization of $44.73 billion, a P/E ratio of 36.49 and a beta of 0.89. Crown Castle Inc. has a fifty-two week low of $84.20 and a fifty-two week high of $120.92. The company has a debt-to-equity ratio of 4.43, a quick ratio of 0.54 and a current ratio of 0.54.

Crown Castle Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a yield of 6.08%. The ex-dividend date is Friday, March 14th. Crown Castle’s dividend payout ratio is currently -69.71%.

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.