Townsquare Capital LLC Sells 407 Shares of Crown Castle Inc. (NYSE:CCI)

Townsquare Capital LLC trimmed its position in shares of Crown Castle Inc. (NYSE:CCI) by 7.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,988 shares of the real estate investment trust’s stock after selling 407 shares during the quarter. Townsquare Capital LLC’s holdings in Crown Castle were worth $520,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. CWA Asset Management Group LLC raised its position in Crown Castle by 9.0% in the 1st quarter. CWA Asset Management Group LLC now owns 2,663 shares of the real estate investment trust’s stock worth $278,000 after purchasing an additional 219 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of Crown Castle by 13.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 35,031 shares of the real estate investment trust’s stock valued at $3,665,000 after buying an additional 4,276 shares during the last quarter. Legacy Advisors LLC bought a new position in shares of Crown Castle during the first quarter valued at approximately $262,000. Everhart Financial Group Inc. purchased a new stake in shares of Crown Castle in the first quarter worth approximately $307,000. Finally, QRG Capital Management Inc. lifted its stake in shares of Crown Castle by 7.2% during the 1st quarter. QRG Capital Management Inc. now owns 43,780 shares of the real estate investment trust’s stock worth $4,563,000 after acquiring an additional 2,943 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Wall Street Analyst Weigh In

CCI has been the topic of several research analyst reports. Bank of America initiated coverage on Crown Castle in a research report on Monday, May 19th. They issued a “buy” rating and a $115.00 price objective on the stock. BMO Capital Markets boosted their target price on shares of Crown Castle from $108.00 to $115.00 and gave the company a “market perform” rating in a research note on Thursday, July 24th. Raymond James Financial restated a “strong-buy” rating and issued a $124.00 price target (up from $122.00) on shares of Crown Castle in a report on Thursday, July 24th. Royal Bank Of Canada lifted their price objective on shares of Crown Castle from $112.00 to $113.00 and gave the company a “sector perform” rating in a report on Thursday, August 7th. Finally, Barclays boosted their price objective on shares of Crown Castle from $117.00 to $121.00 and gave the company an “overweight” rating in a research report on Tuesday, July 29th. Ten equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $116.24.

Crown Castle Trading Up 0.6%

CCI opened at $101.61 on Friday. The firm has a market cap of $44.25 billion, a price-to-earnings ratio of -9.52, a PEG ratio of 0.77 and a beta of 0.89. Crown Castle Inc. has a 12 month low of $84.20 and a 12 month high of $120.92. The stock has a fifty day moving average price of $103.56 and a 200-day moving average price of $100.27.

Crown Castle (NYSE:CCI) last posted its earnings results on Wednesday, July 23rd. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.02. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. Crown Castle had a negative return on equity of 619.62% and a negative net margin of 85.54%. The firm’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.62 earnings per share. On average, equities research analysts forecast that Crown Castle Inc. will post 6.67 EPS for the current year.

Crown Castle Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a $1.0625 dividend. This represents a $4.25 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Monday, September 15th. Crown Castle’s payout ratio is currently -39.83%.

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.