Truist Financial Cuts Crown Castle (NYSE:CCI) Price Target to $87.00

Crown Castle (NYSE:CCI) had its target price trimmed by Truist Financial from $95.00 to $87.00 in a research note released on Tuesday morning,Benzinga reports. The firm currently has a hold rating on the real estate investment trust’s stock.

CCI has been the topic of several other reports. BMO Capital Markets increased their target price on shares of Crown Castle from $91.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, April 17th. KeyCorp boosted their price target on shares of Crown Castle from $98.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, April 23rd. JPMorgan Chase & Co. decreased their price target on shares of Crown Castle from $95.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, July 23rd. Citigroup reiterated a “market outperform” rating on shares of Crown Castle in a research report on Friday, July 24th. Finally, Citizens Jmp dropped their price objective on Crown Castle from $125.00 to $120.00 and set a “market outperform” rating for the company in a research note on Friday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $95.13.

Crown Castle Trading Down 3.2%

CCI stock opened at $76.55 on Tuesday. The firm has a 50 day moving average of $83.15 and a 200-day moving average of $85.47. Crown Castle has a 12 month low of $73.52 and a 12 month high of $112.75. The firm has a market capitalization of $33.41 billion, a P/E ratio of 38.86, a price-to-earnings-growth ratio of 0.42 and a beta of 0.95.

Crown Castle Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a $1.0625 dividend. This represents a $4.25 dividend on an annualized basis and a yield of 5.6%. The ex-dividend date of this dividend was Monday, June 15th. Crown Castle’s dividend payout ratio (DPR) is currently 215.74%.

Hedge Funds Weigh In On Crown Castle

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Wiser Advisor Group LLC bought a new stake in shares of Crown Castle during the 3rd quarter worth $29,000. Triumph Capital Management bought a new position in Crown Castle in the third quarter valued at $31,000. Hilton Head Capital Partners LLC increased its stake in Crown Castle by 55.6% in the first quarter. Hilton Head Capital Partners LLC now owns 375 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 134 shares during the last quarter. Salomon & Ludwin LLC increased its stake in Crown Castle by 128.7% in the fourth quarter. Salomon & Ludwin LLC now owns 382 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 215 shares during the last quarter. Finally, MV Capital Management Inc. purchased a new stake in Crown Castle during the fourth quarter valued at about $34,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

About Crown Castle

Crown Castle is a U.S.-focused communications infrastructure company organized as a real estate investment trust (REIT) that owns, operates and leases shared wireless infrastructure. Its primary business consists of providing tower-based site leases, small cell networks and fiber solutions that support mobile voice and data transmission for wireless carriers, cable companies and other enterprise customers. The company’s assets are positioned to enable network coverage and capacity, including the densification projects associated with 4G LTE and 5G deployments.

Its product and service offerings include ground-based tower sites that host multiple wireless operators, distributed small cell nodes and associated fiber backhaul used to connect sites into carrier networks, and site development and maintenance services.