Bank of New York Mellon Corp Has $213 Million Stock Holdings in Crown Castle Inc. $CCI

Bank of New York Mellon Corp lessened its position in Crown Castle Inc. (NYSE:CCI) by 1.2% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,207,506 shares of the real estate investment trust’s stock after selling 26,311 shares during the period. Bank of New York Mellon Corp’s holdings in Crown Castle were worth $213,002,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Empowered Funds LLC grew its position in shares of Crown Castle by 7.5% during the 1st quarter. Empowered Funds LLC now owns 16,444 shares of the real estate investment trust’s stock worth $1,714,000 after buying an additional 1,150 shares during the period. HB Wealth Management LLC raised its holdings in shares of Crown Castle by 11.5% in the 2nd quarter. HB Wealth Management LLC now owns 14,865 shares of the real estate investment trust’s stock worth $1,527,000 after acquiring an additional 1,533 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Crown Castle by 435.3% in the second quarter. Robeco Institutional Asset Management B.V. now owns 394,281 shares of the real estate investment trust’s stock valued at $40,504,000 after purchasing an additional 320,631 shares in the last quarter. ASR Vermogensbeheer N.V. boosted its holdings in Crown Castle by 57.9% during the 2nd quarter. ASR Vermogensbeheer N.V. now owns 11,533 shares of the real estate investment trust’s stock worth $1,185,000 after acquiring an additional 4,230 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Crown Castle by 4.7% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 61,411 shares of the real estate investment trust’s stock worth $6,309,000 after purchasing an additional 2,778 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CCI. JPMorgan Chase & Co. decreased their price target on shares of Crown Castle from $115.00 to $110.00 and set a “neutral” rating for the company in a research note on Monday, January 12th. Raymond James Financial cut their price target on shares of Crown Castle from $120.00 to $106.00 and set a “strong-buy” rating for the company in a report on Friday, January 23rd. Scotiabank cut their price objective on Crown Castle from $114.00 to $96.00 and set a “sector perform” rating for the company in a report on Wednesday, January 14th. Jefferies Financial Group dropped their price target on Crown Castle from $102.00 to $90.00 and set a “hold” rating for the company in a research note on Tuesday, December 16th. Finally, KeyCorp reduced their target price on shares of Crown Castle from $120.00 to $115.00 and set an “overweight” rating on the stock in a report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $106.75.

Crown Castle Price Performance

CCI stock opened at $86.82 on Friday. The stock has a market capitalization of $37.81 billion, a P/E ratio of -8.17, a P/E/G ratio of 0.57 and a beta of 0.96. The business has a fifty day moving average price of $88.19 and a 200-day moving average price of $94.67. Crown Castle Inc. has a 1-year low of $83.21 and a 1-year high of $115.76.

Crown Castle Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were issued a $1.0625 dividend. This represents a $4.25 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend was Monday, December 15th. Crown Castle’s dividend payout ratio (DPR) is currently -39.98%.

Crown Castle 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.