Crown Castle (NYSE:CCI) Issues Quarterly Earnings Results

Crown Castle (NYSE:CCI) posted its quarterly earnings results on Wednesday. The real estate investment trust reported $0.71 EPS for the quarter, missing the consensus estimate of $1.63 by ($0.92), Yahoo Finance reports. Crown Castle had a net margin of 21.47% and a return on equity of 21.95%. The business had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the previous year, the company posted $1.91 earnings per share. Crown Castle’s revenue for the quarter was down 7.4% compared to the same quarter last year. Crown Castle updated its FY24 guidance to $6.85-$6.97 EPS and its FY 2024 guidance to 6.850-6.970 EPS.

Crown Castle Stock Down 1.0 %

CCI opened at $93.03 on Thursday. Crown Castle has a twelve month low of $84.72 and a twelve month high of $134.09. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 3.46. The company has a 50-day moving average price of $105.41 and a 200 day moving average price of $105.15. The company has a market cap of $40.42 billion, a PE ratio of 26.89, a price-to-earnings-growth ratio of 2.50 and a beta of 0.73.

Crown Castle Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a dividend of $1.565 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $6.26 annualized dividend and a dividend yield of 6.73%. Crown Castle’s dividend payout ratio (DPR) is presently 180.92%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Certified Advisory Corp acquired a new stake in Crown Castle in the 1st quarter valued at about $150,000. Mango Five Family Inc. acquired a new stake in Crown Castle in the 4th quarter valued at about $138,000. Nelson Van Denburg & Campbell Wealth Management Group LLC raised its holdings in Crown Castle by 648.2% in the 4th quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 636 shares of the real estate investment trust’s stock valued at $86,000 after acquiring an additional 551 shares during the last quarter. Carolinas Wealth Consulting LLC raised its holdings in Crown Castle by 65.6% in the 1st quarter. Carolinas Wealth Consulting LLC now owns 525 shares of the real estate investment trust’s stock valued at $70,000 after acquiring an additional 208 shares during the last quarter. Finally, Castleview Partners LLC raised its holdings in Crown Castle by 27.3% in the 2nd quarter. Castleview Partners LLC now owns 573 shares of the real estate investment trust’s stock valued at $65,000 after acquiring an additional 123 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CCI shares. BMO Capital Markets lowered their price target on shares of Crown Castle from $110.00 to $105.00 and set a “market perform” rating on the stock in a report on Thursday. Royal Bank of Canada increased their target price on shares of Crown Castle from $92.00 to $109.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 21st. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $118.57.

About Crown Castle

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.