Eastern Bank Lowers Holdings in Crown Castle Inc. $CCI

Eastern Bank decreased its stake in shares of Crown Castle Inc. (NYSE:CCI) by 57.4% in the second quarter, Holdings Channel reports. The institutional investor owned 486 shares of the real estate investment trust’s stock after selling 656 shares during the quarter. Eastern Bank’s holdings in Crown Castle were worth $50,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Opal Wealth Advisors LLC purchased a new position in shares of Crown Castle in the first quarter worth $26,000. Iron Horse Wealth Management LLC purchased a new position in shares of Crown Castle in the first quarter worth $26,000. Centerpoint Advisors LLC purchased a new position in shares of Crown Castle in the first quarter worth $26,000. Stone House Investment Management LLC purchased a new position in shares of Crown Castle in the first quarter worth $27,000. Finally, Rise Advisors LLC purchased a new position in shares of Crown Castle in the first quarter worth $28,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Crown Castle Stock Up 1.2%

Shares of CCI opened at $97.74 on Monday. The business has a 50-day simple moving average of $98.22 and a two-hundred day simple moving average of $100.85. The stock has a market cap of $42.56 billion, a price-to-earnings ratio of -9.16, a PEG ratio of 0.74 and a beta of 0.95. Crown Castle Inc. has a 52 week low of $84.20 and a 52 week high of $115.89.

Crown Castle (NYSE:CCI) last issued its quarterly earnings results on Wednesday, July 23rd. The real estate investment trust reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.02. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Crown Castle had a negative return on equity of 619.62% and a negative net margin of 85.54%.The business’s quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.62 earnings per share. Crown Castle has set its FY 2025 guidance at 4.140-4.250 EPS. On average, equities analysts anticipate that Crown Castle Inc. will post 6.67 earnings per share for the current fiscal year.

Crown Castle Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were given a $1.0625 dividend. The ex-dividend date was Monday, September 15th. This represents a $4.25 dividend on an annualized basis and a yield of 4.3%. Crown Castle’s dividend payout ratio is presently -39.83%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CCI shares. Barclays boosted their price target on Crown Castle from $119.00 to $120.00 and gave the stock an “overweight” rating in a research note on Monday, September 15th. BMO Capital Markets upgraded Crown Castle from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $115.00 to $120.00 in a research note on Tuesday, August 19th. Wall Street Zen upgraded Crown Castle from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Wells Fargo & Company upgraded Crown Castle from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $105.00 to $125.00 in a research note on Thursday, July 24th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Crown Castle in a report on Wednesday, October 8th. Three analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Crown Castle currently has an average rating of “Moderate Buy” and an average price target of $115.76.

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.