Allstate Corp Buys 10,761 Shares of Crown Castle Inc. (NYSE:CCI)

Allstate Corp raised its position in shares of Crown Castle Inc. (NYSE:CCI) by 124.2% during the 4th quarter, HoldingsChannel.com reports. The fund owned 19,425 shares of the real estate investment trust’s stock after acquiring an additional 10,761 shares during the period. Allstate Corp’s holdings in Crown Castle were worth $1,763,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Intech Investment Management LLC bought a new position in Crown Castle in the third quarter worth $518,000. D.A. Davidson & CO. increased its stake in shares of Crown Castle by 4.9% in the 3rd quarter. D.A. Davidson & CO. now owns 20,478 shares of the real estate investment trust’s stock worth $2,429,000 after acquiring an additional 960 shares in the last quarter. Townsquare Capital LLC increased its stake in shares of Crown Castle by 25.9% in the 3rd quarter. Townsquare Capital LLC now owns 5,853 shares of the real estate investment trust’s stock worth $694,000 after acquiring an additional 1,203 shares in the last quarter. Fiduciary Trust Co lifted its position in Crown Castle by 15.7% during the 3rd quarter. Fiduciary Trust Co now owns 8,180 shares of the real estate investment trust’s stock valued at $970,000 after acquiring an additional 1,113 shares during the period. Finally, Public Sector Pension Investment Board grew its holdings in Crown Castle by 25.5% in the third quarter. Public Sector Pension Investment Board now owns 75,869 shares of the real estate investment trust’s stock worth $9,000,000 after purchasing an additional 15,437 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Crown Castle Stock Performance

CCI opened at $103.61 on Friday. Crown Castle Inc. has a 12-month low of $84.20 and a 12-month high of $120.92. The company has a market cap of $45.11 billion, a price-to-earnings ratio of 36.74 and a beta of 0.89. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 4.43. The company’s 50 day moving average is $94.20 and its 200 day moving average is $100.65.

Crown Castle Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a yield of 6.04%. The ex-dividend date is Friday, March 14th. Crown Castle’s dividend payout ratio is presently -69.71%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Raymond James raised Crown Castle from an “outperform” rating to a “strong-buy” rating and dropped their price target for the stock from $128.00 to $122.00 in a research report on Friday, March 14th. Deutsche Bank Aktiengesellschaft dropped their target price on Crown Castle from $116.00 to $96.00 and set a “hold” rating on the stock in a report on Thursday, January 23rd. Barclays raised their price target on Crown Castle from $104.00 to $113.00 and gave the company an “overweight” rating in a report on Monday, March 17th. Argus upgraded shares of Crown Castle to a “hold” rating in a research note on Friday, March 21st. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Crown Castle from $121.00 to $115.00 and set a “neutral” rating for the company in a research note on Monday, March 17th. Eleven research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $110.00.

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.