Crown Castle (NYSE:CCI) Price Target Lowered to $102.00 at Scotiabank

Crown Castle (NYSE:CCI) had its target price trimmed by Scotiabank from $118.00 to $102.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has a sector perform rating on the real estate investment trust’s stock.

CCI has been the subject of a number of other research reports. Jefferies Financial Group downgraded Crown Castle from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $127.00 to $84.00 in a research report on Thursday, January 2nd. The Goldman Sachs Group increased their price objective on shares of Crown Castle from $105.00 to $120.00 and gave the company a “neutral” rating in a research note on Thursday, September 26th. Barclays raised shares of Crown Castle from an “equal weight” rating to an “overweight” rating and lowered their target price for the company from $117.00 to $104.00 in a research note on Monday, January 13th. Wells Fargo & Company cut their price target on shares of Crown Castle from $100.00 to $85.00 and set an “underweight” rating for the company in a research note on Thursday. Finally, Citigroup set a $128.00 price objective on Crown Castle in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Crown Castle has an average rating of “Hold” and a consensus price target of $109.80.

Crown Castle Stock Performance

NYSE:CCI opened at $88.62 on Thursday. The company has a debt-to-equity ratio of 4.43, a quick ratio of 0.54 and a current ratio of 0.54. The firm’s 50-day moving average is $95.88 and its 200-day moving average is $105.47. Crown Castle has a 52-week low of $84.20 and a 52-week high of $120.92. The company has a market cap of $38.51 billion, a price-to-earnings ratio of 31.43 and a beta of 0.87.

Crown Castle Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were given a $1.565 dividend. This represents a $6.26 annualized dividend and a dividend yield of 7.06%. The ex-dividend date of this dividend was Friday, December 13th. Crown Castle’s payout ratio is presently 221.99%.

Hedge Funds Weigh In On Crown Castle

A number of hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP lifted its holdings in shares of Crown Castle by 23.8% in the third quarter. Wellington Management Group LLP now owns 17,528,597 shares of the real estate investment trust’s stock worth $2,079,417,000 after acquiring an additional 3,371,186 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Crown Castle by 433.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,968,959 shares of the real estate investment trust’s stock valued at $470,838,000 after purchasing an additional 3,225,460 shares during the period. International Assets Investment Management LLC raised its stake in Crown Castle by 13,271.6% during the third quarter. International Assets Investment Management LLC now owns 973,185 shares of the real estate investment trust’s stock worth $115,449,000 after buying an additional 965,907 shares during the last quarter. State Street Corp lifted its stake in shares of Crown Castle by 3.7% in the 3rd quarter. State Street Corp now owns 20,875,581 shares of the real estate investment trust’s stock valued at $2,476,470,000 after purchasing an additional 747,390 shares during the period. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of Crown Castle by 25.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 3,166,236 shares of the real estate investment trust’s stock worth $375,610,000 after buying an additional 642,010 shares in the last quarter. 90.77% of the stock is owned by institutional investors.

Crown Castle Company Profile

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.