SouthState Corp Sells 630 Shares of Crown Castle Inc. (NYSE:CCI)

SouthState Corp lessened its holdings in Crown Castle Inc. (NYSE:CCI) by 5.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 10,014 shares of the real estate investment trust’s stock after selling 630 shares during the quarter. SouthState Corp’s holdings in Crown Castle were worth $1,188,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of CCI. Fifth Third Wealth Advisors LLC boosted its stake in Crown Castle by 46.3% in the third quarter. Fifth Third Wealth Advisors LLC now owns 5,293 shares of the real estate investment trust’s stock valued at $628,000 after buying an additional 1,674 shares in the last quarter. Caprock Group LLC lifted its holdings in shares of Crown Castle by 19.0% in the third quarter. Caprock Group LLC now owns 11,285 shares of the real estate investment trust’s stock worth $1,339,000 after acquiring an additional 1,802 shares during the last quarter. Pathstone Holdings LLC lifted its holdings in shares of Crown Castle by 0.6% in the third quarter. Pathstone Holdings LLC now owns 41,982 shares of the real estate investment trust’s stock worth $4,980,000 after acquiring an additional 230 shares during the last quarter. Napa Wealth Management boosted its stake in shares of Crown Castle by 4.6% in the 3rd quarter. Napa Wealth Management now owns 2,765 shares of the real estate investment trust’s stock valued at $328,000 after purchasing an additional 122 shares in the last quarter. Finally, J. W. Coons Advisors LLC bought a new stake in shares of Crown Castle during the 3rd quarter valued at approximately $214,000. Institutional investors own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

CCI has been the subject of several research reports. Bank of America increased their price objective on shares of Crown Castle from $110.00 to $115.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. TD Cowen cut their price objective on Crown Castle from $127.00 to $123.00 and set a “buy” rating on the stock in a report on Thursday, October 17th. UBS Group upped their target price on Crown Castle from $103.00 to $118.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Royal Bank of Canada lifted their price target on Crown Castle from $104.00 to $109.00 and gave the company a “sector perform” rating in a research note on Monday, October 28th. Finally, Wells Fargo & Company upped their price objective on Crown Castle from $100.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Twelve equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $116.87.

Crown Castle Stock Performance

Shares of CCI stock opened at $104.45 on Wednesday. The firm has a 50 day moving average of $111.48 and a 200-day moving average of $106.72. The company has a market cap of $45.39 billion, a price-to-earnings ratio of 37.04 and a beta of 0.86. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 4.43. Crown Castle Inc. has a 52 week low of $92.48 and a 52 week high of $120.92.

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

Crown Castle Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $1.565 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $6.26 annualized dividend and a yield of 5.99%. Crown Castle’s payout ratio is currently 221.99%.

About Crown Castle

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.