Resona Asset Management Co. Ltd. Invests $6.44 Million in Crown Castle Inc. (NYSE:CCI)

Resona Asset Management Co. Ltd. acquired a new stake in shares of Crown Castle Inc. (NYSE:CCI) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 70,961 shares of the real estate investment trust’s stock, valued at approximately $6,437,000.

A number of other hedge funds also recently bought and sold shares of CCI. Integrated Wealth Concepts LLC boosted its stake in shares of Crown Castle by 9.4% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 6,458 shares of the real estate investment trust’s stock valued at $766,000 after purchasing an additional 555 shares in the last quarter. Quantinno Capital Management LP increased its holdings in shares of Crown Castle by 72.2% in the third quarter. Quantinno Capital Management LP now owns 11,872 shares of the real estate investment trust’s stock worth $1,408,000 after buying an additional 4,979 shares during the period. MML Investors Services LLC increased its holdings in shares of Crown Castle by 4.2% in the third quarter. MML Investors Services LLC now owns 163,723 shares of the real estate investment trust’s stock worth $19,422,000 after buying an additional 6,641 shares during the period. Nomura Asset Management Co. Ltd. lifted its stake in shares of Crown Castle by 7.0% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 129,122 shares of the real estate investment trust’s stock valued at $15,318,000 after acquiring an additional 8,498 shares during the last quarter. Finally, Barclays PLC lifted its position in Crown Castle by 7.2% in the third quarter. Barclays PLC now owns 5,174,920 shares of the real estate investment trust’s stock valued at $613,900,000 after purchasing an additional 348,296 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Crown Castle Price Performance

Shares of NYSE CCI opened at $98.06 on Tuesday. The company has a debt-to-equity ratio of 4.43, a quick ratio of 0.54 and a current ratio of 0.54. The company has a 50 day simple moving average of $95.79 and a two-hundred day simple moving average of $99.86. Crown Castle Inc. has a fifty-two week low of $84.20 and a fifty-two week high of $120.92. The company has a market capitalization of $42.70 billion, a price-to-earnings ratio of 34.77 and a beta of 0.93.

Crown Castle Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a $1.565 dividend. This represents a $6.26 annualized dividend and a yield of 6.38%. The ex-dividend date was Friday, March 14th. Crown Castle’s dividend payout ratio (DPR) is -69.71%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CCI shares. JMP Securities began coverage on shares of Crown Castle in a report on Monday, January 27th. They issued an “outperform” rating and a $115.00 target price on the stock. Scotiabank lowered their price objective on shares of Crown Castle from $102.00 to $99.00 and set a “sector perform” rating for the company in a research note on Friday, March 14th. BMO Capital Markets reissued a “market perform” rating on shares of Crown Castle in a research note on Tuesday, March 25th. Raymond James upgraded Crown Castle from an “outperform” rating to a “strong-buy” rating and reduced their price target for the company from $128.00 to $122.00 in a report on Friday, March 14th. Finally, JPMorgan Chase & Co. dropped their price objective on Crown Castle from $121.00 to $115.00 and set a “neutral” rating for the company in a report on Monday, March 17th. Eleven investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $110.00.

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.