Independence Bank of Kentucky Sells 182 Shares of Crown Castle Inc. (NYSE:CCI)

Independence Bank of Kentucky lessened its holdings in Crown Castle Inc. (NYSE:CCI) by 21.3% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 673 shares of the real estate investment trust’s stock after selling 182 shares during the period. Independence Bank of Kentucky’s holdings in Crown Castle were worth $71,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Ables Iannone Moore & Associates Inc. bought a new position in shares of Crown Castle in the 4th quarter worth approximately $25,000. Richardson Financial Services Inc. bought a new position in shares of Crown Castle in the 4th quarter worth approximately $30,000. Gables Capital Management Inc. raised its stake in Crown Castle by 164.0% during the 4th quarter. Gables Capital Management Inc. now owns 264 shares of the real estate investment trust’s stock worth $30,000 after acquiring an additional 164 shares during the period. Valley National Advisers Inc. raised its stake in Crown Castle by 51.1% during the 4th quarter. Valley National Advisers Inc. now owns 287 shares of the real estate investment trust’s stock worth $33,000 after acquiring an additional 97 shares during the period. Finally, SRS Capital Advisors Inc. raised its stake in Crown Castle by 126.1% during the 4th quarter. SRS Capital Advisors Inc. now owns 312 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 174 shares during the period. Institutional investors own 90.77% of the company’s stock.

Crown Castle Price Performance

CCI traded up $0.31 during trading hours on Friday, hitting $97.70. The company’s stock had a trading volume of 9,395,095 shares, compared to its average volume of 2,492,467. The business’s 50-day moving average price is $98.42 and its 200-day moving average price is $104.74. Crown Castle Inc. has a 12 month low of $84.72 and a 12 month high of $119.50. The stock has a market cap of $42.45 billion, a price-to-earnings ratio of 30.53, a P/E/G ratio of 2.58 and a beta of 0.82. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 3.73.

Crown Castle (NYSE:CCI) last announced its quarterly earnings results on Wednesday, April 17th. The real estate investment trust reported $0.71 earnings per share for the quarter, missing the consensus estimate of $1.63 by ($0.92). Crown Castle had a return on equity of 21.30% and a net margin of 20.32%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the prior year, the firm posted $1.91 EPS. The company’s revenue for the quarter was down 7.4% on a year-over-year basis. Sell-side analysts expect that Crown Castle Inc. will post 6.62 earnings per share for the current fiscal year.

Crown Castle Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a yield of 6.41%. The ex-dividend date of this dividend was Friday, June 14th. Crown Castle’s dividend payout ratio (DPR) is 195.63%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CCI. Bank of America decreased their target price on shares of Crown Castle from $120.00 to $105.00 and set a “neutral” rating on the stock in a research note on Friday, April 19th. BMO Capital Markets decreased their target price on shares of Crown Castle from $110.00 to $105.00 and set a “market perform” rating on the stock in a research note on Thursday, April 18th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Crown Castle from $110.00 to $109.00 and set a “hold” rating on the stock in a research note on Monday, April 22nd. Jefferies Financial Group decreased their target price on shares of Crown Castle from $126.00 to $123.00 and set a “buy” rating on the stock in a research note on Thursday, April 18th. Finally, Royal Bank of Canada decreased their target price on shares of Crown Castle from $109.00 to $100.00 and set a “sector perform” rating on the stock in a research note on Tuesday, May 7th. Eleven research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Crown Castle currently has an average rating of “Hold” and a consensus price target of $114.21.

About Crown Castle

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.