Principal Financial Group Inc. Sells 2,500 Shares of Crown Castle Inc. (NYSE:CCI)

Principal Financial Group Inc. trimmed its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 0.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 546,623 shares of the real estate investment trust’s stock after selling 2,500 shares during the period. Principal Financial Group Inc. owned about 0.13% of Crown Castle worth $64,846,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the business. &PARTNERS lifted its position in shares of Crown Castle by 38.7% during the second quarter. &PARTNERS now owns 6,907 shares of the real estate investment trust’s stock valued at $675,000 after buying an additional 1,926 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in Crown Castle by 4.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 51,536 shares of the real estate investment trust’s stock valued at $5,035,000 after acquiring an additional 2,222 shares during the last quarter. AlphaStar Capital Management LLC boosted its stake in Crown Castle by 14.2% in the second quarter. AlphaStar Capital Management LLC now owns 2,729 shares of the real estate investment trust’s stock valued at $267,000 after acquiring an additional 339 shares in the last quarter. Skylands Capital LLC grew its holdings in Crown Castle by 0.7% in the second quarter. Skylands Capital LLC now owns 248,200 shares of the real estate investment trust’s stock worth $24,249,000 after purchasing an additional 1,675 shares during the last quarter. Finally, Wealth Advisory Solutions LLC increased its position in shares of Crown Castle by 21.5% during the second quarter. Wealth Advisory Solutions LLC now owns 18,207 shares of the real estate investment trust’s stock worth $1,779,000 after purchasing an additional 3,223 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Crown Castle Stock Down 0.1 %

CCI opened at $90.66 on Friday. Crown Castle Inc. has a one year low of $89.64 and a one year high of $120.92. 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 stock has a market capitalization of $39.40 billion, a P/E ratio of 32.15 and a beta of 0.86. The business’s 50-day simple moving average is $104.76 and its 200-day simple moving average is $106.85.

Crown Castle (NYSE:CCI) last issued its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $1.73 by ($1.03). Crown Castle had a return on equity of 20.98% and a net margin of 18.59%. The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.64 billion. During the same quarter in the prior year, the company earned $1.77 EPS. The firm’s revenue for the quarter was down .9% on a year-over-year basis. Analysts anticipate that Crown Castle Inc. will post 6.66 EPS for the current year.

Crown Castle Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a $1.565 dividend. This represents a $6.26 annualized dividend and a dividend yield of 6.90%. The ex-dividend date of this dividend is Friday, December 13th. Crown Castle’s payout ratio is 221.99%.

Analyst Ratings Changes

Several brokerages recently issued reports on CCI. Jefferies Financial Group upped their target price on Crown Castle from $123.00 to $127.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Citigroup set a $128.00 price objective on shares of Crown Castle in a report on Thursday, October 17th. The Goldman Sachs Group lifted their target price on shares of Crown Castle from $105.00 to $120.00 and gave the stock a “neutral” rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. upped their target price on Crown Castle from $115.00 to $124.00 and gave the company a “neutral” rating in a research report on Monday, September 23rd. Finally, Royal Bank of Canada lifted their price target on Crown Castle from $104.00 to $109.00 and gave the stock a “sector perform” rating in a research report on Monday, October 28th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $117.00.

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.