Alliancebernstein L.P. Has $59.14 Million Holdings in Crown Castle Inc. (NYSE:CCI)

Alliancebernstein L.P. cut its stake in Crown Castle Inc. (NYSE:CCI) by 4.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 651,568 shares of the real estate investment trust’s stock after selling 32,813 shares during the period. Alliancebernstein L.P.’s holdings in Crown Castle were worth $59,136,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Crown Castle by 10.5% in the fourth quarter. Vanguard Group Inc. now owns 62,499,455 shares of the real estate investment trust’s stock valued at $5,672,451,000 after buying an additional 5,934,615 shares during the period. State Street Corp increased its stake in Crown Castle by 3.7% during the third quarter. State Street Corp now owns 20,875,581 shares of the real estate investment trust’s stock valued at $2,476,470,000 after acquiring an additional 747,390 shares during the period. Wellington Management Group LLP raised its holdings in Crown Castle by 18.9% in the 4th quarter. Wellington Management Group LLP now owns 20,849,846 shares of the real estate investment trust’s stock valued at $1,892,332,000 after acquiring an additional 3,321,249 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Crown Castle by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 12,105,151 shares of the real estate investment trust’s stock worth $1,434,229,000 after acquiring an additional 151,990 shares during the period. Finally, Norges Bank acquired a new stake in shares of Crown Castle during the 4th quarter worth approximately $561,714,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Crown Castle Stock Performance

Shares of NYSE:CCI opened at $100.89 on Friday. The business has a fifty day moving average of $95.67 and a 200-day moving average of $100.24. The firm has a market cap of $43.93 billion, a PE ratio of 35.78 and a beta of 0.89. The company has a debt-to-equity ratio of 4.43, a quick ratio of 0.54 and a current ratio of 0.54. Crown Castle Inc. has a twelve month low of $84.20 and a twelve month high of $120.92.

Crown Castle Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a $1.565 dividend. This represents a $6.26 dividend on an annualized basis and a dividend yield of 6.20%. The ex-dividend date was Friday, March 14th. Crown Castle’s dividend payout ratio is presently -69.71%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CCI shares. Wells Fargo & Company upgraded Crown Castle from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $85.00 to $105.00 in a research note on Monday, March 17th. Barclays increased their price objective on shares of Crown Castle from $104.00 to $113.00 and gave the company an “overweight” rating in a research note on Monday, March 17th. UBS Group upgraded shares of Crown Castle from a “neutral” rating to a “buy” rating and set a $118.00 target price on the stock in a research report 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. Finally, Argus upgraded shares of Crown Castle to a “hold” rating in a research note on Friday, March 21st. Eleven analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Crown Castle presently has a consensus rating of “Moderate Buy” and a consensus price target 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.