Trust Co. of Toledo NA OH Grows Stock Position in Crown Castle Inc. (NYSE:CCI)

Trust Co. of Toledo NA OH grew its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 18.9% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,721 shares of the real estate investment trust’s stock after purchasing an additional 1,384 shares during the quarter. Trust Co. of Toledo NA OH’s holdings in Crown Castle were worth $852,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CCI. Ables Iannone Moore & Associates Inc. bought a new position in shares of Crown Castle during the 4th quarter valued at approximately $25,000. Rational Advisors LLC bought a new position in shares of Crown Castle during the 1st quarter valued at approximately $27,000. EntryPoint Capital LLC bought a new position in shares of Crown Castle during the 1st quarter valued at approximately $27,000. Gables Capital Management Inc. grew its stake in shares of Crown Castle by 164.0% during the 4th quarter. Gables Capital Management Inc. now owns 264 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 164 shares during the period. Finally, Richardson Financial Services Inc. bought a new position in Crown Castle in the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Activity

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of the firm’s stock in a transaction dated 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 sale, the chief operating officer now owns 75,127 shares of the company’s stock, valued at $7,792,172.44. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.39% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Royal Bank of Canada upped their price target on Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 25th. BMO Capital Markets upped their price target on Crown Castle from $105.00 to $108.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Wells Fargo & Company dropped their price target on Crown Castle from $115.00 to $100.00 and set an “equal weight” rating for the company in a research note on Friday, April 19th. Deutsche Bank Aktiengesellschaft increased their target price on Crown Castle from $103.00 to $105.00 and gave the company a “hold” rating in a research report on Tuesday, July 23rd. Finally, TD Cowen increased their target price on Crown Castle from $124.00 to $127.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Twelve research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Crown Castle presently has an average rating of “Hold” and a consensus target price of $113.20.

Crown Castle Trading Up 2.0 %

CCI stock traded up $2.19 during midday trading on Tuesday, reaching $112.96. The company’s stock had a trading volume of 3,113,524 shares, compared to its average volume of 2,766,189. The company has a debt-to-equity ratio of 4.04, a quick ratio of 0.42 and a current ratio of 0.43. The stock has a fifty day simple moving average of $101.31 and a two-hundred day simple moving average of $102.74. Crown Castle Inc. has a 1 year low of $84.72 and a 1 year high of $119.50. The firm has a market capitalization of $49.08 billion, a price-to-earnings ratio of 35.30 and a beta of 0.83.

Crown Castle (NYSE:CCI) last released its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.04. Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same quarter last year, the firm posted $2.05 earnings per share. The business’s revenue was down 12.9% compared to the same quarter last year. On average, equities research analysts predict that Crown Castle Inc. will post 6.63 EPS for the current year.

Crown Castle Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a dividend of $1.565 per share. The ex-dividend date was Friday, June 14th. This represents a $6.26 annualized dividend and a dividend yield of 5.54%. Crown Castle’s dividend payout ratio is currently 195.63%.

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.