Crown Castle (NYSE:CCI) Posts Quarterly Earnings Results, Misses Estimates By $0.92 EPS

Crown Castle (NYSE:CCI) posted its quarterly earnings data on Wednesday. The real estate investment trust reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.63 by ($0.92), Yahoo Finance reports. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.63 billion. Crown Castle had a net margin of 21.47% and a return on equity of 21.95%. The company’s revenue was down 7.4% on a year-over-year basis. During the same quarter last year, the business earned $1.91 earnings per share. 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 %

Shares of NYSE:CCI opened at $93.03 on Thursday. The company has a debt-to-equity ratio of 3.46, a quick ratio of 0.40 and a current ratio of 0.40. 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 has a 52 week low of $84.72 and a 52 week high of $134.09. The firm has a 50 day simple moving average of $105.41 and a 200 day simple moving average of $105.15.

Crown Castle Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a $1.565 dividend. 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 large investors have recently added to or reduced their stakes in CCI. Almanack Investment Partners LLC. acquired a new position in Crown Castle in the 3rd quarter valued at approximately $28,000. PCA Investment Advisory Services Inc. acquired a new position in Crown Castle in the 2nd quarter valued at approximately $29,000. Main Street Group LTD acquired a new position in Crown Castle in the 4th quarter valued at approximately $30,000. ICA Group Wealth Management LLC acquired a new position in Crown Castle in the 4th quarter valued at approximately $37,000. Finally, Stonebridge Capital Advisors LLC increased its stake in Crown Castle by 214.1% in the 4th quarter. Stonebridge Capital Advisors LLC now owns 311 shares of the real estate investment trust’s stock valued at $42,000 after buying an additional 212 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CCI shares. BMO Capital Markets decreased their price objective on shares of Crown Castle from $110.00 to $105.00 and set a “market perform” rating for the company 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 company a “sector perform” rating in a research note on Wednesday, February 21st. Nine equities 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, Crown Castle currently has a consensus rating of “Hold” and an average price target 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.