Allianz SE Increases Stock Position in Crown Castle Inc. $CCI

Allianz SE increased its holdings in Crown Castle Inc. (NYSE:CCI) by 471.9% during the third quarter, HoldingsChannel.com reports. The fund owned 27,106 shares of the real estate investment trust’s stock after buying an additional 22,366 shares during the period. Allianz SE’s holdings in Crown Castle were worth $2,615,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Winnow Wealth LLC acquired a new position in Crown Castle in the second quarter valued at $26,000. Twin Peaks Wealth Advisors LLC purchased a new position in shares of Crown Castle during the second quarter worth about $27,000. NewSquare Capital LLC grew its holdings in shares of Crown Castle by 74.5% during the second quarter. NewSquare Capital LLC now owns 281 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 120 shares during the last quarter. Creative Financial Designs Inc. ADV increased its position in Crown Castle by 47.8% in the 2nd quarter. Creative Financial Designs Inc. ADV now owns 303 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 98 shares during the period. Finally, LRI Investments LLC purchased a new stake in Crown Castle during the 3rd quarter valued at approximately $29,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Insider Activity

In other news, VP Robert Sean Collins sold 3,000 shares of Crown Castle stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $87.49, for a total transaction of $262,470.00. Following the completion of the sale, the vice president directly owned 5,800 shares in the company, valued at $507,442. The trade was a 34.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Edward B. Adams, Jr. sold 4,650 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $86.34, for a total transaction of $401,481.00. Following the completion of the transaction, the executive vice president directly owned 25,183 shares of the company’s stock, valued at approximately $2,174,300.22. This represents a 15.59% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.10% of the stock is owned by company insiders.

Crown Castle Price Performance

Shares of Crown Castle stock opened at $89.54 on Friday. Crown Castle Inc. has a 1 year low of $77.01 and a 1 year high of $115.76. The business has a 50 day moving average price of $87.05 and a 200 day moving average price of $91.85. The company has a market capitalization of $39.05 billion, a P/E ratio of 88.66, a P/E/G ratio of 0.44 and a beta of 0.96.

Crown Castle Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a $1.0625 dividend. This represents a $4.25 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date is Friday, March 13th. Crown Castle’s dividend payout ratio is 420.79%.

Analyst Ratings Changes

Several brokerages have weighed in on CCI. BMO Capital Markets lowered their target price on Crown Castle from $97.00 to $91.00 and set an “outperform” rating on the stock in a research note on Thursday, February 5th. Wolfe Research downgraded Crown Castle from a “strong-buy” rating to a “hold” rating in a report on Friday, February 6th. Scotiabank lowered their price objective on shares of Crown Castle from $96.00 to $94.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 5th. Wells Fargo & Company cut their price objective on shares of Crown Castle from $105.00 to $90.00 and set an “overweight” rating for the company in a research report on Thursday, February 5th. Finally, KeyCorp reduced their target price on shares of Crown Castle from $115.00 to $98.00 and set an “overweight” rating for the company in a research note on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Crown Castle has a consensus rating of “Moderate Buy” and a consensus price target of $100.02.

Crown Castle Company Profile

Crown Castle is a U.S.-focused communications infrastructure company organized as a real estate investment trust (REIT) that owns, operates and leases shared wireless infrastructure. Its primary business consists of providing tower-based site leases, small cell networks and fiber solutions that support mobile voice and data transmission for wireless carriers, cable companies and other enterprise customers. The company’s assets are positioned to enable network coverage and capacity, including the densification projects associated with 4G LTE and 5G deployments.

Its product and service offerings include ground-based tower sites that host multiple wireless operators, distributed small cell nodes and associated fiber backhaul used to connect sites into carrier networks, and site development and maintenance services.