OLD National Bancorp IN Acquires 17,529 Shares of Crown Castle Inc. (NYSE:CCI)

OLD National Bancorp IN raised its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 23.8% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 91,118 shares of the real estate investment trust’s stock after acquiring an additional 17,529 shares during the period. OLD National Bancorp IN’s holdings in Crown Castle were worth $8,902,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Valley National Advisers Inc. grew its holdings in Crown Castle by 51.1% during the fourth quarter. Valley National Advisers Inc. now owns 287 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 97 shares during the period. Pinnacle Bancorp Inc. grew its holdings in shares of Crown Castle by 17.3% in the 4th quarter. Pinnacle Bancorp Inc. now owns 677 shares of the real estate investment trust’s stock valued at $78,000 after buying an additional 100 shares during the period. Waterfront Wealth Inc. increased its position in shares of Crown Castle by 1.9% in the 4th quarter. Waterfront Wealth Inc. now owns 5,515 shares of the real estate investment trust’s stock valued at $635,000 after buying an additional 101 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Crown Castle by 12.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 950 shares of the real estate investment trust’s stock worth $101,000 after buying an additional 108 shares during the period. Finally, Gilbert & Cook Inc. lifted its holdings in Crown Castle by 3.7% during the fourth quarter. Gilbert & Cook Inc. now owns 3,083 shares of the real estate investment trust’s stock worth $355,000 after acquiring an additional 110 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Barclays increased their price target on Crown Castle from $111.00 to $112.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 23rd. Argus downgraded shares of Crown Castle from a “buy” rating to a “hold” rating in a report on Friday, April 19th. Raymond James reiterated an “outperform” rating and issued a $126.00 price target (up previously from $124.00) on shares of Crown Castle in a report on Friday, June 14th. The Goldman Sachs Group initiated coverage on shares of Crown Castle in a report on Monday, July 1st. They set a “neutral” rating and a $104.00 price objective on the stock. Finally, Royal Bank of Canada upped their target price on shares of Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 25th. Twelve analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $113.20.

Insider Activity

In other news, COO Michael Joseph Kavanagh sold 10,883 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $103.72, for a total value of $1,128,784.76. Following the completion of the sale, the chief operating officer now directly owns 75,127 shares of the company’s stock, valued at $7,792,172.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.39% of the stock is owned by insiders.

Crown Castle Stock Down 0.2 %

CCI stock traded down $0.26 during mid-day trading on Friday, reaching $110.64. The company had a trading volume of 2,015,378 shares, compared to its average volume of 2,753,921. The company has a market capitalization of $48.08 billion, a price-to-earnings ratio of 34.58 and a beta of 0.83. Crown Castle Inc. has a 52 week low of $84.72 and a 52 week high of $119.50. The stock has a 50 day simple moving average of $102.27 and a two-hundred day simple moving average of $102.90. The company has a debt-to-equity ratio of 4.04, a current ratio of 0.43 and a quick ratio of 0.43.

Crown Castle (NYSE:CCI) last released its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.04. The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.62 billion. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The firm’s revenue was down 12.9% on a year-over-year basis. During the same period last year, the business earned $2.05 earnings per share. As a group, equities analysts predict that Crown Castle Inc. will post 6.63 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a dividend of $1.565 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $6.26 annualized dividend and a dividend yield of 5.66%. Crown Castle’s dividend payout ratio is presently 195.63%.

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.