Crown Castle (NYSE:CCI) Announces Earnings Results

Crown Castle (NYSE:CCI) issued its earnings results on Wednesday. The real estate investment trust reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the prior year, the business earned $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 Price Performance

NYSE CCI opened at $94.37 on Friday. Crown Castle has a 12 month low of $84.72 and a 12 month high of $134.09. The company has a debt-to-equity ratio of 3.46, a current ratio of 0.40 and a quick ratio of 0.40. The firm has a market capitalization of $41.01 billion, a PE ratio of 29.49, a P/E/G ratio of 2.48 and a beta of 0.73. The company’s 50 day simple moving average is $105.15 and its 200 day simple moving average is $105.07.

Crown Castle Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a dividend of $1.565 per share. 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 6.63%. Crown Castle’s dividend payout ratio is presently 195.63%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CCI. Almanack Investment Partners LLC. acquired a new position in shares of Crown Castle during the third quarter valued at approximately $28,000. PCA Investment Advisory Services Inc. acquired a new position in Crown Castle in the second quarter worth approximately $29,000. Main Street Group LTD acquired a new position in Crown Castle in the fourth quarter worth approximately $30,000. ICA Group Wealth Management LLC acquired a new position in Crown Castle in the fourth quarter worth approximately $37,000. Finally, Stonebridge Capital Advisors LLC grew its position in Crown Castle by 214.1% in the fourth quarter. Stonebridge Capital Advisors LLC now owns 311 shares of the real estate investment trust’s stock worth $42,000 after buying an additional 212 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on CCI. Argus cut shares of Crown Castle from a “buy” rating to a “hold” rating in a report on Friday. BMO Capital Markets cut 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. Jefferies Financial Group cut their target price on shares of Crown Castle from $126.00 to $123.00 and set a “buy” rating on the stock in a report on Thursday. Royal Bank of Canada raised 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. Finally, Bank of America cut their price target on Crown Castle from $120.00 to $105.00 and set a “neutral” rating on the stock in a report on Friday. Ten research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $118.73.

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.