DAVENPORT & Co LLC Has $1.13 Million Position in Crown Castle Inc. $CCI

DAVENPORT & Co LLC lessened its stake in shares of Crown Castle Inc. (NYSE:CCI) by 7.2% during the second quarter, Holdings Channel reports. The fund owned 10,993 shares of the real estate investment trust’s stock after selling 848 shares during the quarter. DAVENPORT & Co LLC’s holdings in Crown Castle were worth $1,129,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. CWA Asset Management Group LLC increased its stake in Crown Castle by 9.0% during the 1st quarter. CWA Asset Management Group LLC now owns 2,663 shares of the real estate investment trust’s stock valued at $278,000 after purchasing an additional 219 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Crown Castle by 10.2% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 55,552 shares of the real estate investment trust’s stock valued at $5,707,000 after purchasing an additional 5,144 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Crown Castle by 13.9% during the 1st 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 purchasing an additional 4,276 shares in the last quarter. Legacy Advisors LLC bought a new stake in Crown Castle during the 1st quarter valued at $262,000. Finally, Everhart Financial Group Inc. bought a new stake in Crown Castle during the 1st quarter valued at $307,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analyst Upgrades and Downgrades

CCI has been the subject of several recent analyst reports. Raymond James Financial reiterated a “strong-buy” rating and issued a $124.00 target price (up previously from $122.00) on shares of Crown Castle in a research note on Thursday, July 24th. Wells Fargo & Company upgraded shares of Crown Castle from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $105.00 to $125.00 in a research note on Thursday, July 24th. Wolfe Research upgraded shares of Crown Castle from a “peer perform” rating to an “outperform” rating and set a $114.00 target price for the company in a research note on Monday, September 22nd. Royal Bank Of Canada set a $112.00 target price on shares of Crown Castle and gave the stock an “outperform” rating in a research note on Wednesday, October 1st. Finally, Scotiabank upped their target price on shares of Crown Castle from $109.00 to $114.00 and gave the stock a “sector perform” rating in a research note on Friday, July 25th. Three analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $115.76.

Crown Castle Stock Performance

Shares of NYSE:CCI opened at $97.74 on Friday. The company’s 50-day moving average is $98.22 and its 200 day moving average is $100.86. The company has a market capitalization of $42.56 billion, a P/E ratio of -9.16, a price-to-earnings-growth ratio of 0.73 and a beta of 0.95. Crown Castle Inc. has a fifty-two week low of $84.20 and a fifty-two week high of $115.89.

Crown Castle (NYSE:CCI) last issued its quarterly earnings results on Wednesday, July 23rd. The real estate investment trust reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.02. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. Crown Castle had a negative net margin of 85.54% and a negative return on equity of 619.62%. The firm’s quarterly revenue was down 4.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.62 EPS. Crown Castle has set its FY 2025 guidance at 4.140-4.250 EPS. As a group, research analysts predict that Crown Castle Inc. will post 6.67 earnings per share for the current year.

Crown Castle Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were issued a dividend of $1.0625 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $4.25 annualized dividend and a yield of 4.3%. Crown Castle’s dividend payout ratio is -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.