Crown Castle (NYSE:CCI – Get Free Report) released its earnings results 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. Crown Castle had a return on equity of 20.78% and a net margin of 20.32%. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the company posted $1.91 EPS. The business’s revenue was down 7.4% on a year-over-year basis. 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 Up 1.4 %
Shares of CCI opened at $94.37 on Friday. The company has a market capitalization of $41.01 billion, a PE ratio of 29.49, a PEG ratio of 2.48 and a beta of 0.73. Crown Castle has a 12 month low of $84.72 and a 12 month high of $134.09. The stock’s 50-day moving average price is $105.15 and its two-hundred day moving average price is $105.07. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 3.46.
Crown Castle Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a yield of 6.63%. The ex-dividend date of this dividend was Thursday, March 14th. Crown Castle’s payout ratio is presently 195.63%.
Institutional Inflows and Outflows
Analyst Upgrades and Downgrades
A number of research firms have weighed in on CCI. Royal Bank of Canada raised their price target on Crown Castle from $92.00 to $109.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 21st. Argus downgraded Crown Castle from a “buy” rating to a “hold” rating in a research note on Friday. Bank of America decreased their price target on Crown Castle from $120.00 to $105.00 and set a “neutral” rating for the company in a research note on Friday. Scotiabank decreased their price target on Crown Castle from $133.00 to $118.00 and set a “sector perform” rating for the company in a research note on Thursday. Finally, Jefferies Financial Group cut their price objective on Crown Castle from $126.00 to $123.00 and set a “buy” rating for the company in a research report on Thursday. Ten research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $118.73.
Get Our Latest Research Report on Crown Castle
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.
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