Park Avenue Securities LLC Buys Shares of 2,857 Crown Castle International Corporation (CCI)

Park Avenue Securities LLC bought a new position in Crown Castle International Corporation (NYSE:CCI) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm bought 2,857 shares of the real estate investment trust’s stock, valued at approximately $280,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BB&T Corp raised its position in Crown Castle International Corporation by 188.2% in the first quarter. BB&T Corp now owns 89,579 shares of the real estate investment trust’s stock worth $8,462,000 after buying an additional 58,501 shares during the last quarter. Congress Asset Management Co. MA raised its position in Crown Castle International Corporation by 10.9% in the first quarter. Congress Asset Management Co. MA now owns 451,884 shares of the real estate investment trust’s stock worth $42,680,000 after buying an additional 44,430 shares during the period. Prudential Financial Inc. raised its position in Crown Castle International Corporation by 2.2% in the first quarter. Prudential Financial Inc. now owns 911,885 shares of the real estate investment trust’s stock worth $86,128,000 after buying an additional 19,673 shares during the period. Norinchukin Bank The raised its position in Crown Castle International Corporation by 7.1% in the first quarter. Norinchukin Bank The now owns 23,429 shares of the real estate investment trust’s stock worth $2,213,000 after buying an additional 1,553 shares during the period. Finally, Wetherby Asset Management Inc. raised its position in Crown Castle International Corporation by 3.3% in the first quarter. Wetherby Asset Management Inc. now owns 3,942 shares of the real estate investment trust’s stock worth $373,000 after buying an additional 127 shares during the period. 84.16% of the stock is currently owned by hedge funds and other institutional investors.

Crown Castle International Corporation (NYSE CCI) opened at 104.12 on Friday. The company has a 50 day moving average price of $100.29 and a 200-day moving average price of $96.45. The company has a market capitalization of $42.30 billion, a P/E ratio of 83.10 and a beta of 0.20. Crown Castle International Corporation has a 52 week low of $79.38 and a 52 week high of $105.05.

Crown Castle International Corporation (NYSE:CCI) last posted its earnings results on Wednesday, July 19th. The real estate investment trust reported $0.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.03. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. Crown Castle International Corporation had a net margin of 11.14% and a return on equity of 6.21%. Crown Castle International Corporation’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.05 earnings per share. On average, equities analysts anticipate that Crown Castle International Corporation will post $1.17 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a dividend of $0.95 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 3.65%. Crown Castle International Corporation’s dividend payout ratio is currently 304.00%.

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CCI has been the subject of a number of recent analyst reports. Deutsche Bank AG reiterated a “buy” rating and issued a $108.00 price target (up previously from $106.00) on shares of Crown Castle International Corporation in a research report on Saturday, April 22nd. Citigroup Inc. decreased their price objective on Crown Castle International Corporation from $100.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, July 21st. BidaskClub lowered Crown Castle International Corporation from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 10th. Zacks Investment Research upgraded Crown Castle International Corporation from a “hold” rating to a “strong-buy” rating and set a $114.00 price objective for the company in a research report on Tuesday, July 11th. Finally, Jefferies Group LLC restated a “buy” rating and set a $110.00 price objective on shares of Crown Castle International Corporation in a research report on Monday, July 10th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Crown Castle International Corporation presently has an average rating of “Buy” and an average target price of $104.95.

In other news, Director J Landis Martin bought 30,000 shares of the company’s stock in a transaction dated Friday, July 28th. The stock was bought at an average cost of $100.64 per share, for a total transaction of $3,019,200.00. Following the completion of the acquisition, the director now owns 99,335 shares in the company, valued at approximately $9,997,074.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.41% of the company’s stock.

About Crown Castle International Corporation

Castle International Corp. (CCIC) is a real estate investment trust (REIT) company. The Company owns, operates and leases shared wireless infrastructure, including towers and other structures, such as rooftops (towers), and to a lesser extent, distributed antenna systems (DAS), a type of small cell network (small cells), and interests in land under third party towers in various forms (third party land interests).

Institutional Ownership by Quarter for Crown Castle International Corporation (NYSE:CCI)

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