Scotiabank Forecasts Strong Price Appreciation for Crown Castle (NYSE:CCI) Stock

Crown Castle (NYSE:CCI) had its target price raised by Scotiabank from $99.00 to $109.00 in a research report released on Tuesday morning,Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

Other analysts have also recently issued research reports about the stock. Moffett Nathanson dropped their target price on shares of Crown Castle from $127.00 to $105.00 in a research report on Thursday, January 23rd. Barclays increased their target price on Crown Castle from $104.00 to $113.00 and gave the company an “overweight” rating in a research note on Monday, March 17th. BMO Capital Markets restated a “market perform” rating on shares of Crown Castle in a research report on Tuesday, March 25th. Wolfe Research upgraded shares of Crown Castle from an “underperform” rating to a “peer perform” rating in a research report on Monday, March 17th. Finally, Bank of America initiated coverage on shares of Crown Castle in a report on Thursday, March 20th. They set a “neutral” rating and a $110.00 price objective for the company. Twelve equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $110.47.

Crown Castle Stock Down 1.4 %

Shares of NYSE CCI opened at $100.87 on Tuesday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 4.43. The firm has a market capitalization of $43.92 billion, a PE ratio of 35.77 and a beta of 0.93. The firm’s 50-day moving average is $98.80 and its 200-day moving average is $98.50. Crown Castle has a 1 year low of $84.20 and a 1 year high of $120.92.

Crown Castle Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a $1.565 dividend. This represents a $6.26 dividend on an annualized basis and a yield of 6.21%. The ex-dividend date of this dividend was Friday, March 14th. Crown Castle’s dividend payout ratio (DPR) is currently -69.71%.

Hedge Funds Weigh In On Crown Castle

A number of large investors have recently modified their holdings of CCI. Allspring Global Investments Holdings LLC raised its holdings in Crown Castle by 13.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 35,031 shares of the real estate investment trust’s stock worth $3,665,000 after acquiring an additional 4,276 shares in the last quarter. 3Chopt Investment Partners LLC bought a new stake in shares of Crown Castle during the 1st quarter worth approximately $281,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Crown Castle by 12.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 58,633 shares of the real estate investment trust’s stock valued at $6,074,000 after buying an additional 6,428 shares during the last quarter. PDS Planning Inc grew its stake in shares of Crown Castle by 35.2% in the first quarter. PDS Planning Inc now owns 3,073 shares of the real estate investment trust’s stock valued at $320,000 after buying an additional 800 shares in the last quarter. Finally, MFG Wealth Management Inc. bought a new position in shares of Crown Castle in the first quarter valued at $1,780,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.