The Manufacturers Life Insurance Company Sells 52,097 Shares of Crown Castle Inc. (NYSE:CCI)

The Manufacturers Life Insurance Company lessened its stake in shares of Crown Castle Inc. (NYSE:CCI) by 0.8% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,085,456 shares of the real estate investment trust’s stock after selling 52,097 shares during the quarter. Crown Castle makes up 0.6% of The Manufacturers Life Insurance Company’s holdings, making the stock its 28th biggest holding. The Manufacturers Life Insurance Company owned approximately 1.40% of Crown Castle worth $721,918,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the stock. Catalyst Capital Advisors LLC acquired a new position in Crown Castle in the 3rd quarter worth about $25,000. EntryPoint Capital LLC acquired a new position in shares of Crown Castle in the first quarter valued at approximately $27,000. Rosenberg Matthew Hamilton raised its holdings in Crown Castle by 107.9% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 262 shares of the real estate investment trust’s stock valued at $31,000 after buying an additional 136 shares during the last quarter. Asset Dedication LLC grew its holdings in Crown Castle by 159.0% during the 2nd quarter. Asset Dedication LLC now owns 272 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 167 shares during the last quarter. Finally, Beacon Capital Management LLC increased its position in Crown Castle by 163.9% in the 1st quarter. Beacon Capital Management LLC now owns 285 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 177 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Crown Castle Stock Up 0.6 %

Shares of NYSE CCI opened at $106.08 on Tuesday. The company has a debt-to-equity ratio of 4.43, a current ratio of 0.54 and a quick ratio of 0.54. Crown Castle Inc. has a 1 year low of $92.48 and a 1 year high of $120.92. The stock has a market capitalization of $46.10 billion, a P/E ratio of 37.62 and a beta of 0.86. The company has a 50-day moving average price of $110.32 and a 200-day moving average price of $106.94.

Crown Castle (NYSE:CCI) last issued its quarterly earnings data 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). Crown Castle had a return on equity of 20.98% and a net margin of 18.59%. The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.64 billion. During the same period last year, the company earned $1.77 earnings per share. The business’s revenue for the quarter was down .9% compared to the same quarter last year. On average, equities research analysts forecast that Crown Castle Inc. will post 6.66 EPS for the current fiscal year.

Crown Castle Announces Dividend

The company also recently declared 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. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.90%. The ex-dividend date is Friday, December 13th. Crown Castle’s payout ratio is currently 221.99%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CCI shares. Bank of America raised their target price on Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Barclays upped their target price on Crown Castle from $116.00 to $117.00 and gave the company an “equal weight” rating in a report on Friday, November 1st. 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 report on Monday, October 28th. Wells Fargo & Company upped their price objective on shares of Crown Castle from $100.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Finally, JPMorgan Chase & Co. increased their price target on Crown Castle from $115.00 to $124.00 and gave the stock a “neutral” rating in a report on Monday, September 23rd. Twelve 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 presently has an average rating of “Hold” and a consensus price target of $116.87.

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.