Summit Securities Group LLC Increases Position in Crown Castle Inc. (NYSE:CCI)

Summit Securities Group LLC increased its holdings in Crown Castle Inc. (NYSE:CCI) by 367.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,401 shares of the real estate investment trust’s stock after purchasing an additional 1,101 shares during the period. Summit Securities Group LLC’s holdings in Crown Castle were worth $127,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Twin Tree Management LP purchased a new position in shares of Crown Castle during the fourth quarter valued at about $25,000. FNY Investment Advisers LLC increased its stake in Crown Castle by 300.0% in the 4th quarter. FNY Investment Advisers LLC now owns 400 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 300 shares during the last quarter. Roxbury Financial LLC bought a new position in shares of Crown Castle during the 4th quarter valued at approximately $37,000. Marshall Investment Management LLC purchased a new position in shares of Crown Castle in the fourth quarter valued at $50,000. Finally, Bank of Jackson Hole Trust bought a new stake in Crown Castle in the fourth quarter worth $53,000. Institutional investors own 90.77% of the company’s stock.

Crown Castle Price Performance

CCI opened at $103.61 on Friday. The firm 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 stock’s 50-day moving average price is $94.20 and its 200 day moving average price is $100.65. Crown Castle Inc. has a 12-month low of $84.20 and a 12-month high of $120.92.

Crown Castle Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $1.565 dividend. This represents a $6.26 dividend on an annualized basis and a dividend yield of 6.04%. The ex-dividend date of this dividend is Friday, March 14th. Crown Castle’s dividend payout ratio (DPR) is currently -69.71%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on CCI shares. Barclays upped their target price on shares of Crown Castle from $104.00 to $113.00 and gave the company an “overweight” rating in a research report on Monday, March 17th. JPMorgan Chase & Co. cut their price target on shares of Crown Castle from $121.00 to $115.00 and set a “neutral” rating on the stock in a report on Monday, March 17th. KeyCorp upgraded shares of Crown Castle from a “sector weight” rating to an “overweight” rating and set a $120.00 target price on the stock in a research note on Friday, March 14th. Citizens Jmp raised Crown Castle to a “strong-buy” rating in a research report on Monday, January 27th. Finally, Citigroup raised their price target on Crown Castle from $106.00 to $108.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Eleven 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 company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $110.00.

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.