AlphaCore Capital LLC Acquires 446 Shares of Crown Castle Inc. (NYSE:CCI)

AlphaCore Capital LLC increased its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 10.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,784 shares of the real estate investment trust’s stock after purchasing an additional 446 shares during the period. AlphaCore Capital LLC’s holdings in Crown Castle were worth $568,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of CCI. Investors Research Corp raised its holdings in shares of Crown Castle by 57.2% during the third quarter. Investors Research Corp now owns 423 shares of the real estate investment trust’s stock worth $50,000 after acquiring an additional 154 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Crown Castle by 5.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,002,934 shares of the real estate investment trust’s stock valued at $593,498,000 after purchasing an additional 237,730 shares in the last quarter. Intech Investment Management LLC bought a new position in shares of Crown Castle during the third quarter worth about $518,000. King Luther Capital Management Corp raised its position in Crown Castle by 7.9% in the 3rd quarter. King Luther Capital Management Corp now owns 6,043 shares of the real estate investment trust’s stock valued at $717,000 after buying an additional 441 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Crown Castle by 2,706.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 105,563 shares of the real estate investment trust’s stock valued at $12,523,000 after acquiring an additional 101,801 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CCI shares. Royal Bank of Canada raised their price target on shares of Crown Castle from $104.00 to $109.00 and gave the stock a “sector perform” rating in a research note on Monday, October 28th. Wells Fargo & Company raised their target price on shares of Crown Castle from $100.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. The Goldman Sachs Group boosted their price target on shares of Crown Castle from $105.00 to $120.00 and gave the stock a “neutral” rating in a research report on Thursday, September 26th. UBS Group raised their price objective on Crown Castle from $103.00 to $118.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Finally, JPMorgan Chase & Co. increased their price target on Crown Castle from $115.00 to $124.00 and gave the company a “neutral” rating in a research report on Monday, September 23rd. Twelve research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Crown Castle has an average rating of “Hold” and an average price target of $116.87.

Crown Castle Stock Performance

CCI opened at $104.61 on Friday. The firm has a market cap of $45.47 billion, a P/E ratio of 37.10 and a beta of 0.86. The business’s fifty day moving average is $110.87 and its 200-day moving average is $106.69. Crown Castle Inc. has a 52-week low of $92.48 and a 52-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 (NYSE:CCI) last released its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.70 EPS for the quarter, missing the consensus estimate of $1.73 by ($1.03). The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.64 billion. Crown Castle had a net margin of 18.59% and a return on equity of 20.98%. Crown Castle’s quarterly revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.77 earnings per share. Sell-side analysts expect that Crown Castle Inc. will post 6.66 EPS for the current fiscal year.

Crown Castle Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a dividend of $1.565 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.98%. Crown Castle’s payout ratio is presently 221.99%.

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.