Peapack Gladstone Financial Corp Lowers Holdings in Crown Castle Inc. (NYSE:CCI)

Peapack Gladstone Financial Corp reduced its stake in shares of Crown Castle Inc. (NYSE:CCI) by 1.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 67,743 shares of the real estate investment trust’s stock after selling 1,111 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Crown Castle were worth $6,148,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of CCI. Vanguard Group Inc. increased its holdings in shares of Crown Castle by 10.5% during the 4th quarter. Vanguard Group Inc. now owns 62,499,455 shares of the real estate investment trust’s stock valued at $5,672,451,000 after purchasing an additional 5,934,615 shares in the last quarter. Wellington Management Group LLP grew its position in Crown Castle by 18.9% during the fourth quarter. Wellington Management Group LLP now owns 20,849,846 shares of the real estate investment trust’s stock valued at $1,892,332,000 after buying an additional 3,321,249 shares during the period. Geode Capital Management LLC increased its holdings in Crown Castle by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 12,333,158 shares of the real estate investment trust’s stock valued at $1,119,225,000 after buying an additional 228,007 shares in the last quarter. Norges Bank purchased a new position in Crown Castle in the fourth quarter valued at $561,714,000. Finally, National Bank of Canada FI raised its position in shares of Crown Castle by 37.3% in the fourth quarter. National Bank of Canada FI now owns 5,793,842 shares of the real estate investment trust’s stock worth $525,849,000 after acquiring an additional 1,573,043 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CCI shares. Citizens Jmp upgraded Crown Castle to a “strong-buy” rating in a research note on Monday, January 27th. Argus upgraded Crown Castle to a “hold” rating in a research report on Friday, March 21st. JMP Securities initiated coverage on Crown Castle in a research report on Monday, January 27th. They set an “outperform” rating and a $115.00 target price on the stock. Jefferies Financial Group cut shares of Crown Castle from a “buy” rating to a “hold” rating and dropped their price target for the company from $127.00 to $84.00 in a research note on Thursday, January 2nd. Finally, Scotiabank reduced their price objective on shares of Crown Castle from $102.00 to $99.00 and set a “sector perform” rating for the company in a research report on Friday, March 14th. Eleven research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $110.00.

Crown Castle Stock Performance

Shares of Crown Castle stock opened at $100.89 on Monday. The business’s 50 day moving average price is $95.67 and its 200 day moving average price is $99.98. The company has a market cap of $43.93 billion, a price-to-earnings ratio of 35.78 and a beta of 0.93. The company has a debt-to-equity ratio of 4.43, a quick ratio of 0.54 and a current ratio of 0.54. Crown Castle Inc. has a one year low of $84.20 and a one year high of $120.92.

Crown Castle Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a dividend of $1.565 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $6.26 annualized dividend and a dividend yield of 6.20%. Crown Castle’s payout ratio is -69.71%.

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.