CROWN CASTLE IN/SH SH (CCI) Declares $1.13 Quarterly Dividend

CROWN CASTLE IN/SH SH (NYSE:CCI) announced a quarterly dividend on Friday, May 17th, Wall Street Journal reports. Shareholders of record on Friday, June 14th will be paid a dividend of 1.125 per share by the real estate investment trust on Friday, June 28th. This represents a $4.50 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date is Thursday, June 13th.

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 annually for the last 4 consecutive years. CROWN CASTLE IN/SH SH has a payout ratio of 85.9% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities analysts expect CROWN CASTLE IN/SH SH to earn $5.97 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 75.4%.

CROWN CASTLE IN/SH SH stock traded down $0.28 during trading hours on Friday, reaching $127.25. The stock had a trading volume of 1,723,559 shares, compared to its average volume of 1,853,029. The firm has a market cap of $52.88 billion, a PE ratio of 23.22, a price-to-earnings-growth ratio of 1.47 and a beta of 0.40. CROWN CASTLE IN/SH SH has a 52 week low of $99.99 and a 52 week high of $130.60. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 1.91.

CROWN CASTLE IN/SH SH (NYSE:CCI) last announced its earnings results on Wednesday, April 17th. The real estate investment trust reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.93). The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.39 billion. CROWN CASTLE IN/SH SH had a net margin of 13.82% and a return on equity of 6.31%. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.21 EPS. As a group, sell-side analysts expect that CROWN CASTLE IN/SH SH will post 5.59 earnings per share for the current fiscal year.

In other news, Director J Landis Martin bought 18,350 shares of the firm’s stock in a transaction on Wednesday, April 24th. The stock was acquired at an average cost of $123.13 per share, with a total value of $2,259,435.50. Following the completion of the acquisition, the director now owns 120,717 shares of the company’s stock, valued at $14,863,884.21. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Michael Joseph Kavanagh sold 2,500 shares of CROWN CASTLE IN/SH SH stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $120.06, for a total transaction of $300,150.00. Following the completion of the transaction, the senior vice president now directly owns 38,471 shares of the company’s stock, valued at $4,618,828.26. The disclosure for this sale can be found here. Insiders own 0.41% of the company’s stock.

A number of equities research analysts have recently weighed in on CCI shares. Guggenheim lowered shares of CROWN CASTLE IN/SH SH from a “buy” rating to a “neutral” rating in a research note on Friday, April 12th. They noted that the move was a valuation call. Deutsche Bank lowered shares of CROWN CASTLE IN/SH SH from a “buy” rating to a “hold” rating and set a $121.00 target price on the stock. in a research note on Monday, March 18th. They noted that the move was a valuation call. Macquarie lowered shares of CROWN CASTLE IN/SH SH from an “outperform” rating to a “neutral” rating in a research note on Tuesday, February 12th. Morgan Stanley boosted their price objective on shares of CROWN CASTLE IN/SH SH from $120.00 to $129.00 and gave the stock an “overweight” rating in a research note on Monday, March 11th. Finally, Bank of America boosted their price objective on shares of CROWN CASTLE IN/SH SH from $119.00 to $133.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $122.50.

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CROWN CASTLE IN/SH SH Company Profile

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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Dividend History for CROWN CASTLE IN/SH SH (NYSE:CCI)

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