Crown Castle (NYSE:CCI) Issues FY24 Earnings Guidance

Crown Castle (NYSE:CCI) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $6.85-$6.97 for the period, compared to the consensus earnings per share estimate of $6.91.

Crown Castle Price Performance

Shares of NYSE:CCI traded down $0.91 on Wednesday, reaching $93.05. The company’s stock had a trading volume of 3,979,321 shares, compared to its average volume of 2,780,042. Crown Castle has a 52-week low of $84.72 and a 52-week high of $134.09. The company has a market cap of $40.43 billion, a P/E ratio of 27.15, a PEG ratio of 2.54 and a beta of 0.73. The company has a 50-day simple moving average of $105.69 and a 200 day simple moving average of $105.23. The company has a debt-to-equity ratio of 3.46, a quick ratio of 0.40 and a current ratio of 0.40.

Crown Castle Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a $1.565 dividend. The ex-dividend date was Thursday, March 14th. This represents a $6.26 dividend on an annualized basis and a dividend yield of 6.73%. Crown Castle’s payout ratio is currently 180.92%.

Analysts Set New Price Targets

A number of equities analysts have commented on CCI shares. Royal Bank of Canada lifted their price objective 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. BMO Capital Markets upgraded shares of Crown Castle from an underperform rating to a market perform rating and raised their target price for the stock from $107.00 to $110.00 in a report on Friday, January 19th. Nine analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Crown Castle currently has a consensus rating of Hold and an average price target of $118.93.

Institutional Investors Weigh In On Crown Castle

Large investors have recently modified their holdings of the business. Almanack Investment Partners LLC. bought a new stake in shares of Crown Castle in the 3rd quarter valued at about $28,000. PCA Investment Advisory Services Inc. bought a new stake in shares of Crown Castle in the 2nd quarter valued at about $29,000. Main Street Group LTD bought a new stake in shares of Crown Castle in the 4th quarter valued at about $30,000. ICA Group Wealth Management LLC bought a new stake in shares of Crown Castle in the 4th quarter valued at about $37,000. Finally, Stonebridge Capital Advisors LLC raised its holdings in shares of 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 purchasing an additional 212 shares in the last quarter. Institutional investors own 90.77% of the company’s stock.

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.