Park Place Capital Corp Sells 1,648 Shares of Crown Castle Inc. (NYSE:CCI)

Park Place Capital Corp lessened its stake in Crown Castle Inc. (NYSE:CCI) by 60.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,068 shares of the real estate investment trust’s stock after selling 1,648 shares during the quarter. Park Place Capital Corp’s holdings in Crown Castle were worth $127,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Fisher Asset Management LLC raised its stake in Crown Castle by 16.2% during the fourth quarter. Fisher Asset Management LLC now owns 4,547,032 shares of the real estate investment trust’s stock worth $523,773,000 after acquiring an additional 632,398 shares in the last quarter. BOKF NA raised its stake in Crown Castle by 25.6% during the first quarter. BOKF NA now owns 4,004 shares of the real estate investment trust’s stock worth $417,000 after acquiring an additional 815 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Crown Castle by 0.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 931,397 shares of the real estate investment trust’s stock worth $98,570,000 after acquiring an additional 8,136 shares in the last quarter. Global Assets Advisory LLC acquired a new position in Crown Castle during the first quarter worth about $4,425,000. Finally, O Shaughnessy Asset Management LLC increased its stake in shares of Crown Castle by 30.4% in the first quarter. O Shaughnessy Asset Management LLC now owns 35,805 shares of the real estate investment trust’s stock valued at $3,789,000 after buying an additional 8,346 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Crown Castle Trading Up 0.8 %

NYSE CCI opened at $112.10 on Wednesday. The firm has a market capitalization of $48.72 billion, a P/E ratio of 35.03 and a beta of 0.85. The business has a fifty day simple moving average of $113.89 and a 200 day simple moving average of $104.60. Crown Castle Inc. has a 12 month low of $84.72 and a 12 month high of $120.92. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 4.04.

Crown Castle (NYSE:CCI) last released its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.04. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.62 billion. Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. Crown Castle’s quarterly revenue was down 12.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.05 EPS. On average, analysts predict that Crown Castle Inc. will post 6.64 EPS for the current fiscal year.

Crown Castle Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a dividend yield of 5.58%. The ex-dividend date of this dividend was Friday, September 13th. Crown Castle’s dividend payout ratio is presently 195.63%.

Wall Street Analysts Forecast Growth

CCI has been the subject of several recent research reports. The Goldman Sachs Group upped their price objective on Crown Castle from $105.00 to $120.00 and gave the company a “neutral” rating in a research note on Thursday, September 26th. Royal Bank of Canada upped their target price on Crown Castle from $100.00 to $104.00 and gave the company a “sector perform” rating in a report on Thursday, July 25th. Raymond James reiterated an “outperform” rating and issued a $126.00 target price (up from $124.00) on shares of Crown Castle in a report on Friday, June 14th. TD Cowen upped 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. Finally, JPMorgan Chase & Co. upped their target price on Crown Castle from $115.00 to $124.00 and gave the company a “neutral” rating in a report on Monday, September 23rd. Eleven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $115.40.

Insider Activity

In other news, COO Michael Joseph Kavanagh sold 10,883 shares of the firm’s 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 directly owns 75,127 shares of the company’s stock, valued at $7,792,172.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.39% of the company’s stock.

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.