Sei Investments Expands Stake in Crown Castle by 5.7%

Sei Investments Co. has increased its holdings in Crown Castle Inc. (NYSE: CCI) by 5.7% during the third quarter of 2023, according to its latest Form 13F filing with the U.S. Securities and Exchange Commission (SEC). The institutional investor now owns 1,756,088 shares of the real estate investment trust (REIT) after acquiring an additional 95,453 shares during this period. As of the most recent filing, Sei Investments holds approximately 0.40% of Crown Castle, valued at around $169.4 million.

Several other institutional investors have also adjusted their positions in Crown Castle. Empowered Funds LLC increased its stake by 7.5% in the first quarter, now owning 16,444 shares valued at $1.7 million. Similarly, Savant Capital LLC grew its holdings by 14.2% during the second quarter, bringing its total to 5,429 shares worth $558,000. AE Wealth Management LLC expanded its position by 6.0%, now holding 7,193 shares valued at $739,000, while Los Angeles Capital Management LLC increased its stake by 6.8% with ownership of 2,283 shares worth approximately $235,000. Additionally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in the company valued at about $641,000.

A significant portion of Crown Castle’s stock is held by institutional investors and hedge funds, which collectively own 90.77% of the company.

Insider Trading Activity

In related developments, Crown Castle’s executive vice president, Edward B. Adams, Jr., sold 4,650 shares of the company on February 25, 2024, at an average price of $86.34, resulting in a total transaction value of $401,481. Following this sale, Adams holds 25,183 shares, valued at approximately $2.17 million, reflecting a 15.59% reduction in his ownership.

Furthermore, vice president Robert Sean Collins sold 3,000 shares on February 27, 2024, for a total of $262,470, reducing his stake by 34.09%. These transactions were disclosed in legal filings available on the SEC website, which provide insights into insider trading patterns within the company.

Crown Castle’s Financial Performance and Dividend Announcement

Shares of Crown Castle opened at $86.07 on the trading day following these announcements. The company has seen a 1-year low of $77.01 and a high of $115.76, with a market capitalization of $37.53 billion. The stock’s price-to-earnings ratio stands at 85.22, with a price-to-earnings-growth ratio of 0.44 and a beta of 0.96.

In a recent move, Crown Castle declared a quarterly dividend of $1.0625 per share, set to be paid on March 31, 2024. Shareholders of record by March 13, 2024, will receive this dividend, which equates to an annualized amount of $4.25 and a yield of 4.9%. Notably, the company’s dividend payout ratio (DPR) is currently at 420.79%, indicating a significant commitment to returning value to shareholders.

Crown Castle is a U.S.-focused communications infrastructure company organized as a REIT. It specializes in owning, operating, and leasing shared wireless infrastructure, primarily through tower-based site leases, small cell networks, and fiber solutions. This infrastructure supports mobile voice and data transmission for wireless carriers, cable companies, and other enterprise customers, positioning the company strategically to meet growing demands for network coverage and capacity, particularly with the rollout of 4G LTE and 5G technologies.