B. Riley Wealth Advisors Inc. Has $2.63 Million Stock Holdings in Crown Castle Inc. (NYSE:CCI)

B. Riley Wealth Advisors Inc. decreased its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 30.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,924 shares of the real estate investment trust’s stock after selling 12,041 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Crown Castle were worth $2,630,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Invst LLC lifted its holdings in Crown Castle by 9.4% during the 2nd quarter. Invst LLC now owns 7,517 shares of the real estate investment trust’s stock valued at $722,000 after purchasing an additional 644 shares during the last quarter. Sunbelt Securities Inc. lifted its holdings in Crown Castle by 47.7% during the 2nd quarter. Sunbelt Securities Inc. now owns 3,368 shares of the real estate investment trust’s stock valued at $329,000 after purchasing an additional 1,087 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in Crown Castle by 2.1% during the 2nd quarter. NewEdge Advisors LLC now owns 17,879 shares of the real estate investment trust’s stock valued at $1,747,000 after purchasing an additional 372 shares during the last quarter. Magnolia Capital Advisors LLC acquired a new stake in Crown Castle during the 2nd quarter valued at $377,000. Finally, Legal & General Group Plc lifted its holdings in Crown Castle by 1.1% during the 2nd quarter. Legal & General Group Plc now owns 6,177,250 shares of the real estate investment trust’s stock valued at $603,518,000 after purchasing an additional 67,072 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CCI. Deutsche Bank Aktiengesellschaft raised their price target on Crown Castle from $103.00 to $105.00 and gave the company a “hold” rating in a report on Tuesday, July 23rd. Bank of America lifted their target price on Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. The Goldman Sachs Group lifted their target price on Crown Castle from $105.00 to $120.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. Royal Bank of Canada lifted their target price on Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a report on Thursday, July 25th. Finally, TD Cowen lifted their target price on Crown Castle from $124.00 to $127.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Twelve research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $115.40.

Crown Castle Stock Performance

Crown Castle stock opened at $119.13 on Wednesday. Crown Castle Inc. has a 12-month low of $84.72 and a 12-month high of $120.92. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 4.04. The business’s 50-day moving average price is $113.37 and its two-hundred day moving average price is $104.35. The stock has a market cap of $51.77 billion, a PE ratio of 37.23 and a beta of 0.85.

Crown Castle (NYSE:CCI) last released its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.04. Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter in the previous year, the business posted $2.05 earnings per share. The business’s revenue for the quarter was down 12.9% on a year-over-year basis. As a group, analysts expect that Crown Castle Inc. will post 6.64 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a dividend yield of 5.25%. The ex-dividend date was Friday, September 13th. Crown Castle’s dividend payout ratio (DPR) is currently 195.63%.

Insider Transactions at Crown Castle

In other news, COO Michael Joseph Kavanagh sold 10,883 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $103.72, for a total transaction of $1,128,784.76. Following the sale, the chief operating officer now directly owns 75,127 shares in the company, valued at $7,792,172.44. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.39% of the company’s stock.

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.