Providence Capital Advisors LLC Raises Stake in Crown Castle Inc. (NYSE:CCI)

Providence Capital Advisors LLC boosted its position in Crown Castle Inc. (NYSE:CCI) by 1.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,518 shares of the real estate investment trust’s stock after buying an additional 283 shares during the quarter. Providence Capital Advisors LLC’s holdings in Crown Castle were worth $2,671,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Van ECK Associates Corp boosted its stake in shares of Crown Castle by 24.7% during the third quarter. Van ECK Associates Corp now owns 157,895 shares of the real estate investment trust’s stock valued at $17,476,000 after purchasing an additional 31,319 shares during the period. Fisher Asset Management LLC boosted its stake in shares of Crown Castle by 4.2% during the third quarter. Fisher Asset Management LLC now owns 5,088,017 shares of the real estate investment trust’s stock valued at $603,592,000 after purchasing an additional 203,442 shares during the period. Quest Partners LLC boosted its stake in shares of Crown Castle by 3,111.6% during the third quarter. Quest Partners LLC now owns 13,328 shares of the real estate investment trust’s stock valued at $1,581,000 after purchasing an additional 12,913 shares during the period. Thrivent Financial for Lutherans boosted its stake in shares of Crown Castle by 7.9% during the third quarter. Thrivent Financial for Lutherans now owns 1,059,300 shares of the real estate investment trust’s stock valued at $125,665,000 after purchasing an additional 77,135 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Crown Castle by 2,706.0% during the third 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 purchasing an additional 101,801 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. JPMorgan Chase & Co. increased their price objective on Crown Castle from $115.00 to $124.00 and gave the company a “neutral” rating in a research note on Monday, September 23rd. Citigroup set a $128.00 price objective on Crown Castle in a research note on Thursday, October 17th. TD Cowen dropped their price objective on Crown Castle from $127.00 to $123.00 and set a “buy” rating for the company in a research note on Thursday, October 17th. Jefferies Financial Group upped their target price on Crown Castle from $123.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Finally, The Goldman Sachs Group upped their target price on Crown Castle from $105.00 to $120.00 and gave the company a “neutral” rating in a report on Thursday, September 26th. Twelve research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $116.87.

Crown Castle Price Performance

CCI opened at $106.69 on Thursday. The stock has a fifty day simple moving average of $109.83 and a two-hundred day simple moving average of $106.98. 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 has a market cap of $46.37 billion, a price-to-earnings ratio of 37.83 and a beta of 0.86. Crown Castle Inc. has a 12-month low of $92.48 and a 12-month high of $120.92.

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

Crown Castle Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a $1.565 dividend. The ex-dividend date is Friday, December 13th. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.87%. Crown Castle’s dividend payout ratio is currently 221.99%.

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.