Bank of New York Mellon Corp Sells 236,655 Shares of Crown Castle Inc. (NYSE:CCI)

Bank of New York Mellon Corp reduced its stake in Crown Castle Inc. (NYSE:CCI) by 9.0% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 2,392,853 shares of the real estate investment trust’s stock after selling 236,655 shares during the quarter. Bank of New York Mellon Corp’s holdings in Crown Castle were worth $217,175,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in CCI. Catalyst Capital Advisors LLC bought a new position in Crown Castle in the 3rd quarter valued at about $25,000. Rosenberg Matthew Hamilton boosted its position in shares of Crown Castle by 107.9% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 262 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 136 shares in the last quarter. FNY Investment Advisers LLC increased its stake in Crown Castle by 300.0% in the fourth quarter. FNY Investment Advisers LLC now owns 400 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 300 shares during the last quarter. Roxbury Financial LLC acquired a new position in Crown Castle during the fourth quarter valued at approximately $37,000. Finally, Harbor Capital Advisors Inc. bought a new stake in Crown Castle during the third quarter worth $47,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Crown Castle Stock Up 2.1 %

Shares of NYSE CCI opened at $93.58 on Friday. The company’s 50 day moving average price is $89.69 and its 200-day moving average price is $102.55. 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 52-week low of $84.20 and a 52-week high of $120.92. The company has a market capitalization of $40.67 billion, a P/E ratio of 33.18 and a beta of 0.88.

Crown Castle Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $1.565 dividend. The ex-dividend date is Friday, March 14th. This represents a $6.26 annualized dividend and a yield of 6.69%. Crown Castle’s payout ratio is 221.99%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CCI. JMP Securities started coverage on Crown Castle in a research note on Monday, January 27th. They issued an “outperform” rating and a $115.00 price target on the stock. Citizens Jmp upgraded Crown Castle to a “strong-buy” rating in a research report on Monday, January 27th. Wells Fargo & Company dropped their target price on shares of Crown Castle from $100.00 to $85.00 and set an “underweight” rating for the company in a report on Thursday, January 23rd. Barclays raised shares of Crown Castle from an “equal weight” rating to an “overweight” rating and decreased their price target for the company from $117.00 to $104.00 in a report on Monday, January 13th. Finally, Scotiabank lowered their price objective on shares of Crown Castle from $118.00 to $102.00 and set a “sector perform” rating for the company in a research report on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $108.75.

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.