Crown Castle Inc. (NYSE:CCI) Shares Sold by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. reduced its position in shares of Crown Castle Inc. (NYSE:CCI) by 4.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,027 shares of the real estate investment trust’s stock after selling 405 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Crown Castle were worth $925,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Morgan Stanley raised its stake in Crown Castle by 8.9% during the 3rd quarter. Morgan Stanley now owns 13,078,861 shares of the real estate investment trust’s stock valued at $1,203,648,000 after purchasing an additional 1,064,382 shares during the period. FMR LLC increased its stake in shares of Crown Castle by 14.3% in the third quarter. FMR LLC now owns 11,936,611 shares of the real estate investment trust’s stock worth $1,098,526,000 after acquiring an additional 1,496,330 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Crown Castle by 21.9% in the third quarter. Wellington Management Group LLP now owns 10,134,538 shares of the real estate investment trust’s stock worth $932,682,000 after acquiring an additional 1,818,910 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Crown Castle by 1.3% in the first quarter. Geode Capital Management LLC now owns 9,046,249 shares of the real estate investment trust’s stock worth $1,208,030,000 after acquiring an additional 118,306 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Crown Castle by 42.8% in the third quarter. The Manufacturers Life Insurance Company now owns 7,083,665 shares of the real estate investment trust’s stock worth $651,910,000 after acquiring an additional 2,121,603 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Crown Castle Stock Down 1.1 %

CCI stock opened at $95.62 on Tuesday. The company has a debt-to-equity ratio of 3.46, a current ratio of 0.40 and a quick ratio of 0.40. Crown Castle Inc. has a 52-week low of $84.72 and a 52-week high of $134.09. The company has a 50-day moving average of $105.96 and a two-hundred day moving average of $105.22. The stock has a market capitalization of $41.55 billion, a price-to-earnings ratio of 27.64, a price-to-earnings-growth ratio of 2.57 and a beta of 0.73.

Crown Castle Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a yield of 6.55%. The ex-dividend date of this dividend was Thursday, March 14th. Crown Castle’s dividend payout ratio (DPR) is 180.92%.

Wall Street Analysts Forecast Growth

CCI has been the topic of a number of research reports. Royal Bank of Canada upped their price target on shares of Crown Castle from $92.00 to $109.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 21st. BMO Capital Markets raised shares of Crown Castle from an “underperform” rating to a “market perform” rating and upped their price target for the stock from $107.00 to $110.00 in a research note on Friday, January 19th. Nine analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $118.93.

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.