Daiwa Securities Group Inc. Acquires 320,027 Shares of Crown Castle Inc. $CCI

by · The Cerbat Gem

Daiwa Securities Group Inc. boosted its holdings in shares of Crown Castle Inc. (NYSE:CCI – Free Report) by 7.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,705,219 shares of the real estate investment trust’s stock after purchasing an additional 320,027 shares during the period. Crown Castle accounts for approximately 0.7% of Daiwa Securities Group Inc.’s holdings, making the stock its 16th largest holding. Daiwa Securities Group Inc. owned approximately 1.08% of Crown Castle worth $356,326,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Retirement Planning Co of New England Inc. increased its stake in shares of Crown Castle by 6.3% in the second quarter. Retirement Planning Co of New England Inc. now owns 10,626 shares of the real estate investment trust’s stock valued at $805,000 after buying an additional 629 shares in the last quarter. Rogco LP grew its holdings in Crown Castle by 19.9% during the 2nd quarter. Rogco LP now owns 3,942 shares of the real estate investment trust’s stock worth $299,000 after acquiring an additional 654 shares during the last quarter. Waterloo Capital L.P. increased its position in Crown Castle by 35.0% in the 2nd quarter. Waterloo Capital L.P. now owns 28,530 shares of the real estate investment trust’s stock valued at $2,161,000 after acquiring an additional 7,390 shares in the last quarter. Gilliland Jeter Wealth Management LLC increased its position in Crown Castle by 3.9% in the 2nd quarter. Gilliland Jeter Wealth Management LLC now owns 7,090 shares of the real estate investment trust’s stock valued at $537,000 after acquiring an additional 267 shares in the last quarter. Finally, iA Global Asset Management Inc. bought a new position in shares of Crown Castle in the second quarter worth about $1,462,000. Institutional investors own 90.77% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on CCI. Jefferies Financial Group decreased their price target on shares of Crown Castle from $88.00 to $82.00 and set a “hold” rating on the stock in a research note on Wednesday, July 15th. Wall Street Zen upgraded shares of Crown Castle from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Citigroup reaffirmed a “market outperform” rating on shares of Crown Castle in a report on Friday, July 24th. Truist Financial decreased their price objective on Crown Castle from $95.00 to $87.00 and set a “hold” rating on the stock in a research report on Tuesday, July 28th. Finally, Citizens Jmp lowered their target price on Crown Castle from $125.00 to $120.00 and set a “market outperform” rating for the company in a research note on Friday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat.com, Crown Castle has an average rating of “Moderate Buy” and an average price target of $95.13.

View Our Latest Stock Report on CCI

Crown Castle Price Performance

Shares of NYSE:CCI opened at $75.91 on Friday. Crown Castle Inc. has a one year low of $69.72 and a one year high of $104.61. The company has a 50 day moving average of $79.61 and a 200-day moving average of $84.52. The stock has a market cap of $32.30 billion, a price-to-earnings ratio of 38.53, a P/E/G ratio of 0.40 and a beta of 0.95.

Crown Castle Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $1.0625 per share. This represents a $4.25 dividend on an annualized basis and a yield of 5.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Crown Castle’s payout ratio is currently 215.74%.

Insider Buying and Selling

In other Crown Castle news, VP Robert Sean Collins sold 1,500 shares of the company’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $75.89, for a total transaction of $113,835.00. Following the completion of the sale, the vice president owned 5,113 shares in the company, valued at approximately $388,025.57. The trade was a 22.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.09% of the company’s stock.

Crown Castle Profile

(Free Report)

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.

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