Wells Fargo & Company Cuts Crown Castle (NYSE:CCI) Price Target to $85.00

Crown Castle (NYSE:CCI) had its target price lowered by Wells Fargo & Company from $100.00 to $85.00 in a research note published on Thursday,Benzinga reports. The brokerage currently has an underweight rating on the real estate investment trust’s stock.

A number of other equities research analysts have also recently commented on the company. Royal Bank of Canada increased their target price on Crown Castle from $104.00 to $109.00 and gave the company a “sector perform” rating in a report on Monday, October 28th. The Goldman Sachs Group lifted their price objective on Crown Castle from $105.00 to $120.00 and gave the stock a “neutral” rating in a research report on Thursday, September 26th. Citigroup set a $128.00 target price on shares of Crown Castle in a report on Thursday, October 17th. Barclays raised shares of Crown Castle from an “equal weight” rating to an “overweight” rating and decreased their price target for the stock from $117.00 to $104.00 in a research note on Monday, January 13th. Finally, TD Cowen reduced their price objective on shares of Crown Castle from $127.00 to $123.00 and set a “buy” rating on the stock in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Crown Castle currently has a consensus rating of “Hold” and a consensus price target of $109.80.

Crown Castle Stock Down 0.2 %

Shares of NYSE CCI opened at $88.49 on Thursday. The firm’s 50-day moving average is $95.29 and its two-hundred day moving average is $105.30. The company has a market capitalization of $38.46 billion, a PE ratio of 31.38 and a beta of 0.87. Crown Castle has a 12-month low of $84.20 and a 12-month 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 Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were given a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a yield of 7.07%. The ex-dividend date was Friday, December 13th. Crown Castle’s dividend payout ratio (DPR) is presently 221.99%.

Hedge Funds Weigh In On Crown Castle

Large investors have recently modified their holdings of the company. Catalyst Capital Advisors LLC acquired a new stake in Crown Castle during the 3rd quarter worth approximately $25,000. Rosenberg Matthew Hamilton increased its position in shares of Crown Castle by 107.9% in the third quarter. Rosenberg Matthew Hamilton now owns 262 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 136 shares in the last quarter. FNY Investment Advisers LLC raised its stake in shares of Crown Castle by 300.0% in the 4th quarter. FNY Investment Advisers LLC now owns 400 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 300 shares during the period. Harbor Capital Advisors Inc. acquired a new position in shares of Crown Castle during the 3rd quarter valued at $47,000. Finally, Friedenthal Financial acquired a new position in shares of Crown Castle during the 3rd quarter valued at $50,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

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.