Norges Bank Acquires Shares of 6,189,009 Crown Castle Inc. (NYSE:CCI)

Norges Bank acquired a new stake in Crown Castle Inc. (NYSE:CCI) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 6,189,009 shares of the real estate investment trust’s stock, valued at approximately $561,714,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Intech Investment Management LLC bought a new position in shares of Crown Castle in the third quarter valued at about $518,000. D.A. Davidson & CO. grew its stake in Crown Castle by 4.9% in the 3rd quarter. D.A. Davidson & CO. now owns 20,478 shares of the real estate investment trust’s stock valued at $2,429,000 after buying an additional 960 shares during the last quarter. Townsquare Capital LLC raised its holdings in Crown Castle by 25.9% in the 3rd quarter. Townsquare Capital LLC now owns 5,853 shares of the real estate investment trust’s stock valued at $694,000 after acquiring an additional 1,203 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Crown Castle by 0.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 262,056 shares of the real estate investment trust’s stock valued at $31,088,000 after acquiring an additional 1,377 shares during the period. Finally, Fiduciary Trust Co lifted its position in Crown Castle by 15.7% during the third quarter. Fiduciary Trust Co now owns 8,180 shares of the real estate investment trust’s stock worth $970,000 after acquiring an additional 1,113 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

Crown Castle Stock Up 1.0 %

Shares of CCI opened at $103.61 on Friday. The firm has a 50 day simple moving average of $94.20 and a two-hundred day simple moving average of $100.78. The company has a market cap of $45.11 billion, a P/E ratio of 36.74 and a beta of 0.89. Crown Castle Inc. has a one year low of $84.20 and a one year high of $120.92. 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 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 given a dividend of $1.565 per share. The ex-dividend date is Friday, March 14th. This represents a $6.26 annualized dividend and a dividend yield of 6.04%. Crown Castle’s dividend payout ratio is currently -69.71%.

Wall Street Analyst Weigh In

CCI has been the topic of several research reports. Wolfe Research raised Crown Castle from an “underperform” rating to a “peer perform” rating in a research report on Monday, March 17th. KeyCorp upgraded Crown Castle from a “sector weight” rating to an “overweight” rating and set a $120.00 price objective on the stock in a research report on Friday, March 14th. UBS Group raised shares of Crown Castle from a “neutral” rating to a “buy” rating and set a $118.00 target price for the company in a research report on Friday, March 14th. Argus raised shares of Crown Castle to a “hold” rating in a research report on Friday, March 21st. Finally, Citigroup lifted their price objective on shares of Crown Castle from $106.00 to $108.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Eleven analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus 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.