CROWN CASTLE IN/SH SH (NYSE:CCI) announced a quarterly dividend on Thursday, August 8th, Zacks reports. Investors of record on Friday, September 13th will be paid a dividend of 1.125 per share by the real estate investment trust on Monday, September 30th. This represents a $4.50 annualized dividend and a dividend yield of 3.23%. The ex-dividend date is Thursday, September 12th.
CROWN CASTLE IN/SH SH has raised its dividend payment by an average of 8.5% annually over the last three years and has increased its dividend every year for the last 4 years. CROWN CASTLE IN/SH SH has a dividend payout ratio of 85.9% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities research analysts expect CROWN CASTLE IN/SH SH to earn $6.07 per share next year, which means the company should continue to be able to cover its $4.50 annual dividend with an expected future payout ratio of 74.1%.
NYSE CCI traded down $3.97 on Tuesday, hitting $139.51. 57,332 shares of the stock were exchanged, compared to its average volume of 1,308,189. The company’s 50-day moving average price is $140.32 and its two-hundred day moving average price is $130.80. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.76 and a quick ratio of 0.76. CROWN CASTLE IN/SH SH has a 52-week low of $103.21 and a 52-week high of $149.47. The company has a market capitalization of $60.88 billion, a price-to-earnings ratio of 25.36, a P/E/G ratio of 1.68 and a beta of 0.27.
CROWN CASTLE IN/SH SH (NYSE:CCI) last released its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.37 by ($0.85). The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.42 billion. CROWN CASTLE IN/SH SH had a net margin of 14.62% and a return on equity of 7.00%. CROWN CASTLE IN/SH SH’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.36 EPS. Equities analysts predict that CROWN CASTLE IN/SH SH will post 5.64 EPS for the current fiscal year.
Several research firms have weighed in on CCI. New Street Research cut CROWN CASTLE IN/SH SH from a “neutral” rating to a “sell” rating and set a $113.00 target price on the stock. in a research note on Thursday, June 13th. JPMorgan Chase & Co. raised CROWN CASTLE IN/SH SH from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $125.00 to $150.00 in a research report on Thursday, August 1st. Bank of America reaffirmed a “buy” rating and issued a $151.00 target price (up from $133.00) on shares of CROWN CASTLE IN/SH SH in a research report on Wednesday, August 14th. Citigroup cut their price target on CROWN CASTLE IN/SH SH from $144.00 to $138.00 and set a “neutral” rating for the company in a research note on Monday. Finally, Morgan Stanley lifted their price target on CROWN CASTLE IN/SH SH from $129.00 to $138.00 and gave the company an “overweight” rating in a report on Monday, May 20th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the company. CROWN CASTLE IN/SH SH presently has an average rating of “Hold” and a consensus price target of $129.36.
In related news, Director J Landis Martin bought 16,300 shares of CROWN CASTLE IN/SH SH stock in a transaction that occurred on Tuesday, July 23rd. The stock was purchased at an average cost of $127.33 per share, for a total transaction of $2,075,479.00. Following the acquisition, the director now owns 130,617 shares in the company, valued at $16,631,462.61. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Robert Sean Collins sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $143.34, for a total value of $143,340.00. Following the completion of the sale, the vice president now owns 616 shares of the company’s stock, valued at $88,297.44. The disclosure for this sale can be found here. Corporate insiders own 0.41% of the company’s stock.
About CROWN CASTLE IN/SH SH
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 70,000 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.
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