Crown Castle (NYSE:CCI) Issues Earnings Results

Crown Castle (NYSE:CCI) released its earnings results on Wednesday. The real estate investment trust reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $1.63 by ($0.92), Yahoo Finance reports. The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Crown Castle had a net margin of 20.32% and a return on equity of 20.78%. The firm’s revenue was down 7.4% compared to the same quarter last year. During the same quarter in the previous year, the firm 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 Trading Up 0.4 %

Shares of Crown Castle stock traded up $0.40 during trading on Friday, reaching $94.77. The company’s stock had a trading volume of 848,467 shares, compared to its average volume of 2,780,279. Crown Castle has a 52-week low of $84.72 and a 52-week high of $131.43. The company has a market cap of $41.18 billion, a price-to-earnings ratio of 29.49, a PEG ratio of 2.48 and a beta of 0.73. The firm’s 50-day moving average is $105.15 and its two-hundred day moving average is $105.07. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 3.46.

Crown Castle Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $1.565 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $6.26 dividend on an annualized basis and a dividend yield of 6.61%. Crown Castle’s dividend payout ratio (DPR) is 195.63%.

Institutional Investors Weigh In On Crown Castle

A number of institutional investors have recently made changes to their positions in the business. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in Crown Castle by 50.1% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 191,522 shares of the real estate investment trust’s stock valued at $22,061,000 after buying an additional 63,957 shares during the period. SageView Advisory Group LLC boosted its position in Crown Castle by 65.4% during the 4th quarter. SageView Advisory Group LLC now owns 5,665 shares of the real estate investment trust’s stock valued at $612,000 after buying an additional 2,240 shares during the period. Sanibel Captiva Trust Company Inc. purchased a new stake in Crown Castle during the 4th quarter valued at $385,000. Childress Capital Advisors LLC purchased a new stake in Crown Castle during the 4th quarter valued at $276,000. Finally, Public Employees Retirement System of Ohio boosted its position in Crown Castle by 7.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 233,359 shares of the real estate investment trust’s stock valued at $26,881,000 after buying an additional 15,813 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analyst Upgrades and Downgrades

CCI has been the topic of several research reports. Jefferies Financial Group lowered their price target on shares of Crown Castle from $126.00 to $123.00 and set a “buy” rating on the stock in a research report on Thursday. BMO Capital Markets decreased their target price 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. Argus lowered shares of Crown Castle from a “buy” rating to a “hold” rating in a report on Friday. Bank of America decreased their target price on shares of Crown Castle from $120.00 to $105.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Royal Bank of Canada upped their target price on shares of Crown Castle from $92.00 to $109.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 21st. Ten investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Crown Castle has an average rating of “Hold” and an average target price of $118.73.

Crown Castle Company Profile

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.