Summit Financial LLC Purchases 730 Shares of Crown Castle Inc. (NYSE:CCI)

Summit Financial LLC increased its position in shares of Crown Castle Inc. (NYSE:CCI) by 14.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 5,889 shares of the real estate investment trust’s stock after purchasing an additional 730 shares during the quarter. Summit Financial LLC’s holdings in Crown Castle were worth $534,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Crown Castle by 10.5% during the 4th quarter. Vanguard Group Inc. now owns 62,499,455 shares of the real estate investment trust’s stock worth $5,672,451,000 after buying an additional 5,934,615 shares during the period. State Street Corp grew its stake in shares of Crown Castle by 3.7% in 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 in the last quarter. Wellington Management Group LLP grew its stake in shares of Crown Castle by 18.9% in the fourth 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 increased its position in Crown Castle by 1.3% during the third 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 Crown Castle in the 4th quarter worth about $561,714,000. 90.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CCI. Argus upgraded shares of Crown Castle to a “hold” rating in a research report on Friday, March 21st. Deutsche Bank Aktiengesellschaft cut their price target on Crown Castle from $116.00 to $96.00 and set a “hold” rating for the company in a research note on Thursday, January 23rd. BMO Capital Markets restated a “market perform” rating on shares of Crown Castle in a research note on Tuesday, March 25th. KeyCorp upgraded Crown Castle from a “sector weight” rating to an “overweight” rating and set a $120.00 target price for the company in a research report on Friday, March 14th. Finally, Wells Fargo & Company raised Crown Castle from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $85.00 to $105.00 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $110.00.

Crown Castle Trading Up 3.1 %

Shares of Crown Castle stock opened at $107.07 on Friday. The firm’s 50 day moving average is $95.43 and its 200 day moving average is $100.38. The firm has a market capitalization of $46.62 billion, a PE ratio of 37.97 and a beta of 0.89. Crown Castle Inc. has a 1 year low of $84.20 and a 1 year high of $120.92. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 4.43.

Crown Castle Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $1.565 per share. The ex-dividend date was Friday, March 14th. This represents a $6.26 annualized dividend and a dividend yield of 5.85%. Crown Castle’s dividend payout ratio (DPR) is presently -69.71%.

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.