Federated Hermes Inc. Reduces Holdings in Crown Castle Inc. (NYSE:CCI)

Federated Hermes Inc. cut its stake in shares of Crown Castle Inc. (NYSE:CCI) by 99.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,295 shares of the real estate investment trust’s stock after selling 453,889 shares during the quarter. Federated Hermes Inc.’s holdings in Crown Castle were worth $224,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Ables Iannone Moore & Associates Inc. purchased a new stake in Crown Castle during the 4th quarter valued at about $25,000. EntryPoint Capital LLC purchased a new stake in Crown Castle in the 1st quarter worth approximately $27,000. Asset Dedication LLC lifted its holdings in Crown Castle by 159.0% in the 2nd quarter. Asset Dedication LLC now owns 272 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 167 shares during the period. Richardson Financial Services Inc. purchased a new stake in Crown Castle in the 4th quarter worth approximately $30,000. Finally, Beacon Capital Management LLC lifted its holdings in Crown Castle by 163.9% in the 1st quarter. Beacon Capital Management LLC now owns 285 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 177 shares during the period. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on CCI. Raymond James reiterated an “outperform” rating and issued a $126.00 price objective (up previously from $124.00) on shares of Crown Castle in a report on Friday, June 14th. TD Cowen increased their target price on Crown Castle from $124.00 to $127.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. increased their target price on Crown Castle from $115.00 to $124.00 and gave the stock a “neutral” rating in a research report on Monday. Bank of America increased their target price on Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Finally, The Goldman Sachs Group initiated coverage on Crown Castle in a research report on Monday, July 1st. They issued a “neutral” rating and a $104.00 target price for the company. Twelve equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $114.33.

Insider Activity at Crown Castle

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $103.72, for a total transaction of $1,128,784.76. Following the transaction, the chief operating officer now owns 75,127 shares in the company, valued at $7,792,172.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.39% of the stock is owned by insiders.

Crown Castle Stock Up 0.5 %

CCI stock opened at $117.42 on Wednesday. The firm has a market cap of $51.02 billion, a PE ratio of 36.69 and a beta of 0.85. The business has a 50 day moving average of $112.13 and a 200 day moving average of $104.07. Crown Castle Inc. has a twelve month low of $84.72 and a twelve month high of $120.92. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 4.04.

Crown Castle (NYSE:CCI) last released its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.58 EPS for the quarter, beating the consensus estimate of $0.54 by $0.04. The company had revenue of $1.63 billion for 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%. Crown Castle’s revenue was down 12.9% compared to the same quarter last year. During the same period last year, the firm posted $2.05 earnings per share. On average, research analysts forecast that Crown Castle Inc. will post 6.64 EPS for the current fiscal year.

Crown Castle Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $1.565 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $6.26 dividend on an annualized basis and a yield of 5.33%. Crown Castle’s dividend payout ratio (DPR) is 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.