Park Place Capital Corp Sells 3,191 Shares of Crown Castle Inc. (NYSE:CCI)

Park Place Capital Corp lessened its stake in Crown Castle Inc. (NYSE:CCI) by 54.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,716 shares of the real estate investment trust’s stock after selling 3,191 shares during the period. Park Place Capital Corp’s holdings in Crown Castle were worth $265,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Ables Iannone Moore & Associates Inc. bought a new stake in shares of Crown Castle during the 4th quarter valued at about $25,000. Rational Advisors LLC bought a new position in Crown Castle in the first quarter worth approximately $27,000. EntryPoint Capital LLC bought a new position in Crown Castle in the first quarter worth approximately $27,000. Gables Capital Management Inc. boosted its holdings in Crown Castle by 164.0% in the fourth quarter. Gables Capital Management Inc. now owns 264 shares of the real estate investment trust’s stock worth $30,000 after acquiring an additional 164 shares in the last quarter. Finally, Richardson Financial Services Inc. bought a new position in Crown Castle in the fourth quarter worth approximately $30,000. Institutional investors own 90.77% of the company’s stock.

Crown Castle Stock Performance

Shares of NYSE CCI traded down $3.08 during mid-day trading on Monday, hitting $112.13. The company had a trading volume of 2,110,426 shares, compared to its average volume of 2,753,034. The company has a market capitalization of $48.73 billion, a price-to-earnings ratio of 35.53 and a beta of 0.83. Crown Castle Inc. has a 1 year low of $84.72 and a 1 year high of $119.50. The company has a current ratio of 0.43, a quick ratio of 0.42 and a debt-to-equity ratio of 4.04. The stock’s 50-day moving average price is $101.05 and its 200-day moving average price is $102.72.

Crown Castle (NYSE:CCI) last announced its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.04. The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.62 billion. Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. The firm’s quarterly revenue was down 12.9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.05 earnings per share. On average, sell-side analysts forecast that Crown Castle Inc. will post 6.63 earnings per share for the current year.

Crown Castle Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a yield of 5.58%. The ex-dividend date was Friday, June 14th. Crown Castle’s dividend payout ratio is 195.63%.

Insider Activity at Crown Castle

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of Crown Castle stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $103.72, for a total transaction of $1,128,784.76. Following the completion of the sale, the chief operating officer now owns 75,127 shares of the company’s stock, valued at $7,792,172.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.39% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on CCI shares. Raymond James reiterated an “outperform” rating and issued a $126.00 price target (up previously from $124.00) on shares of Crown Castle in a report on Friday, June 14th. Deutsche Bank Aktiengesellschaft increased their price target on Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Tuesday, July 23rd. TD Cowen raised their target price on Crown Castle from $124.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, July 18th. BMO Capital Markets raised their target price on Crown Castle from $105.00 to $108.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Finally, Wells Fargo & Company dropped their target price on Crown Castle from $115.00 to $100.00 and set an “equal weight” rating on the stock in a report on Friday, April 19th. Twelve equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Crown Castle presently has a consensus rating of “Hold” and a consensus target price of $113.20.

Crown Castle 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.