Bank of New York Mellon Corp Has $217.18 Million Stake in Crown Castle Inc. (NYSE:CCI)

Bank of New York Mellon Corp reduced its stake in shares of Crown Castle Inc. (NYSE:CCI) by 9.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,392,853 shares of the real estate investment trust’s stock after selling 236,655 shares during the quarter. Bank of New York Mellon Corp owned about 0.55% of Crown Castle worth $217,175,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. State Street Corp grew its holdings in Crown Castle by 3.7% during the third quarter. State Street Corp now owns 20,875,581 shares of the real estate investment trust’s stock valued at $2,476,470,000 after purchasing an additional 747,390 shares during the period. Wellington Management Group LLP boosted its position in shares of Crown Castle by 23.8% during the third quarter. Wellington Management Group LLP now owns 17,528,597 shares of the real estate investment trust’s stock worth $2,079,417,000 after purchasing an additional 3,371,186 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Crown Castle by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 12,105,151 shares of the real estate investment trust’s stock valued at $1,434,229,000 after buying an additional 151,990 shares during the period. Barclays PLC raised its stake in Crown Castle by 7.2% during the 3rd quarter. Barclays PLC now owns 5,174,920 shares of the real estate investment trust’s stock worth $613,900,000 after buying an additional 348,296 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in Crown Castle by 4.2% during the third quarter. Fisher Asset Management LLC now owns 5,088,017 shares of the real estate investment trust’s stock worth $603,592,000 after acquiring an additional 203,442 shares in the last quarter. 90.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CCI. Citigroup dropped their price target on Crown Castle from $128.00 to $106.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. Scotiabank dropped their target price on shares of Crown Castle from $118.00 to $102.00 and set a “sector perform” rating on the stock in a report on Thursday, January 23rd. Barclays upgraded shares of Crown Castle from an “equal weight” rating to an “overweight” rating and reduced their price target for the company from $117.00 to $104.00 in a report on Monday, January 13th. JMP Securities started coverage on shares of Crown Castle in a report on Monday, January 27th. They set an “outperform” rating and a $115.00 price objective on the stock. Finally, Wells Fargo & Company reduced their target price on shares of Crown Castle from $100.00 to $85.00 and set an “underweight” rating for the company in a research note on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Crown Castle has a consensus rating of “Hold” and a consensus price target of $108.75.

Crown Castle Price Performance

Shares of CCI opened at $93.58 on Friday. The company has a market cap of $40.67 billion, a price-to-earnings ratio of 33.18 and a beta of 0.88. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 4.43. The company’s fifty day simple moving average is $89.69 and its 200 day simple moving average is $102.55. Crown Castle Inc. has a 1-year low of $84.20 and a 1-year high of $120.92.

Crown Castle Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $1.565 dividend. The ex-dividend date is Friday, March 14th. This represents a $6.26 dividend on an annualized basis and a dividend yield of 6.69%. Crown Castle’s payout ratio is 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.