Crown Castle International Corp. (REIT) (NYSE:CCI) announced a quarterly dividend on Friday, May 21st, Zacks reports. Investors of record on Monday, June 14th will be given a dividend of 1.33 per share by the real estate investment trust on Wednesday, June 30th. This represents a $5.32 annualized dividend and a yield of 2.69%. The ex-dividend date is Friday, June 11th.
Crown Castle International has raised its dividend by 26.4% over the last three years and has raised its dividend annually for the last 7 consecutive years. Crown Castle International has a dividend payout ratio of 215.4% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Crown Castle International to earn $7.02 per share next year, which means the company should continue to be able to cover its $5.32 annual dividend with an expected future payout ratio of 75.8%.
CCI traded up $1.39 on Wednesday, reaching $197.67. The stock had a trading volume of 4,146 shares, compared to its average volume of 1,454,767. Crown Castle International has a fifty-two week low of $146.15 and a fifty-two week high of $199.00. The firm’s 50-day moving average price is $183.77. The company has a debt-to-equity ratio of 2.21, a current ratio of 0.61 and a quick ratio of 0.61. The stock has a market cap of $85.43 billion, a P/E ratio of 87.63, a price-to-earnings-growth ratio of 1.45 and a beta of 0.35.
In related news, VP Robert Sean Collins sold 700 shares of the business’s stock in a transaction dated Thursday, May 27th. The shares were sold at an average price of $188.67, for a total transaction of $132,069.00. Following the transaction, the vice president now directly owns 6,299 shares in the company, valued at $1,188,432.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kevin A. Stephens purchased 310 shares of the stock in a transaction that occurred on Friday, May 14th. The shares were acquired at an average price of $181.53 per share, for a total transaction of $56,274.30. Following the completion of the transaction, the director now directly owns 5,487 shares of the company’s stock, valued at approximately $996,055.11. The disclosure for this purchase can be found here. 0.45% of the stock is owned by insiders.
CCI has been the subject of a number of research analyst reports. Raymond James reaffirmed a “market perform” rating on shares of Crown Castle International in a research report on Monday, May 10th. Deutsche Bank Aktiengesellschaft raised their price target on Crown Castle International from $180.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, April 23rd. JPMorgan Chase & Co. lifted their price objective on Crown Castle International from $189.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, April 29th. Wolfe Research assumed coverage on Crown Castle International in a report on Wednesday, March 24th. They issued a “peer perform” rating and a $165.00 price objective on the stock. Finally, Jefferies Financial Group initiated coverage on Crown Castle International in a report on Monday, April 12th. They set a “buy” rating and a $205.00 price target on the stock. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $187.86.
Crown Castle International Company Profile
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 80,000 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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