SouthState Corp Sells 630 Shares of Crown Castle Inc. (NYSE:CCI)

SouthState Corp decreased its stake in shares of Crown Castle Inc. (NYSE:CCI) by 5.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,014 shares of the real estate investment trust’s stock after selling 630 shares during the period. SouthState Corp’s holdings in Crown Castle were worth $1,188,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Fifth Third Wealth Advisors LLC raised its holdings in shares of Crown Castle by 46.3% in the third quarter. Fifth Third Wealth Advisors LLC now owns 5,293 shares of the real estate investment trust’s stock valued at $628,000 after purchasing an additional 1,674 shares during the last quarter. Caprock Group LLC boosted its position in Crown Castle by 19.0% during the third quarter. Caprock Group LLC now owns 11,285 shares of the real estate investment trust’s stock valued at $1,339,000 after purchasing an additional 1,802 shares during the last quarter. Pathstone Holdings LLC grew its stake in Crown Castle by 0.6% in the third quarter. Pathstone Holdings LLC now owns 41,982 shares of the real estate investment trust’s stock valued at $4,980,000 after purchasing an additional 230 shares in the last quarter. Napa Wealth Management increased its position in shares of Crown Castle by 4.6% during the 3rd quarter. Napa Wealth Management now owns 2,765 shares of the real estate investment trust’s stock worth $328,000 after purchasing an additional 122 shares during the last quarter. Finally, J. W. Coons Advisors LLC acquired a new stake in shares of Crown Castle in the 3rd quarter valued at approximately $214,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Crown Castle Stock Performance

Shares of NYSE:CCI opened at $104.45 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. Crown Castle Inc. has a 12-month low of $92.48 and a 12-month high of $120.92. The company’s 50 day moving average price is $111.48 and its two-hundred day moving average price is $106.72. The firm has a market cap of $45.39 billion, a PE ratio of 37.04 and a beta of 0.86.

Crown Castle (NYSE:CCI) last posted its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $1.73 by ($1.03). The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.64 billion. Crown Castle had a return on equity of 20.98% and a net margin of 18.59%. Crown Castle’s revenue was down .9% on a year-over-year basis. During the same quarter last year, the business earned $1.77 EPS. Equities research analysts predict that Crown Castle Inc. will post 6.66 earnings per share for the current year.

Crown Castle Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $1.565 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $6.26 annualized dividend and a yield of 5.99%. Crown Castle’s dividend payout ratio is 221.99%.

Analyst Ratings Changes

Several research firms recently weighed in on CCI. TD Cowen decreased their target price on shares of Crown Castle from $127.00 to $123.00 and set a “buy” rating for the company in a research note on Thursday, October 17th. Barclays boosted their price objective on shares of Crown Castle from $116.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Friday, November 1st. Jefferies Financial Group upped their target price on shares of Crown Castle from $123.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, October 17th. UBS Group boosted their price target on Crown Castle from $103.00 to $118.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Finally, Bank of America raised their price objective on Crown Castle from $110.00 to $115.00 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. Twelve investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $116.87.

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.