CROWN CASTLE IN/SH SH (NYSE:CCI) declared a quarterly dividend on Thursday, August 8th, Zacks reports. Investors of record on Friday, September 13th will be paid a dividend of 1.125 per share by the real estate investment trust on Monday, September 30th. This represents a $4.50 annualized dividend and a yield of 3.22%. The ex-dividend date is Thursday, September 12th.
CROWN CASTLE IN/SH SH has raised its dividend by an average of 8.5% per year over the last three years and has raised its dividend annually for the last 4 consecutive years. CROWN CASTLE IN/SH SH has a dividend 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 decline. Equities analysts expect CROWN CASTLE IN/SH SH to earn $6.07 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 74.1%.
Shares of NYSE:CCI traded up $0.24 during trading on Wednesday, hitting $139.56. 8,832 shares of the company were exchanged, compared to its average volume of 1,344,700. The stock has a market cap of $57.92 billion, a price-to-earnings ratio of 25.45, a P/E/G ratio of 1.64 and a beta of 0.27. CROWN CASTLE IN/SH SH has a fifty-two week low of $103.21 and a fifty-two week high of $149.47. The firm has a fifty day moving average price of $140.59 and a two-hundred day moving average price of $130.90. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 1.99.
CCI has been the topic of several analyst reports. Morgan Stanley upped their price target on shares of CROWN CASTLE IN/SH SH from $129.00 to $138.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. Bank of America reissued a “buy” rating and issued a $151.00 price objective (up previously from $133.00) on shares of CROWN CASTLE IN/SH SH in a research report on Wednesday, August 14th. JPMorgan Chase & Co. upgraded shares of CROWN CASTLE IN/SH SH from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $125.00 to $150.00 in a research note on Thursday, August 1st. Citigroup lowered their price objective on shares of CROWN CASTLE IN/SH SH from $144.00 to $138.00 and set a “neutral” rating on the stock in a research note on Monday. Finally, New Street Research cut shares of CROWN CASTLE IN/SH SH from a “neutral” rating to a “sell” rating and set a $113.00 target price on the stock. in a report on Thursday, June 13th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $129.36.
In other news, VP Robert Sean Collins sold 1,000 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $143.34, for a total transaction of $143,340.00. Following the transaction, the vice president now owns 616 shares in the company, valued at $88,297.44. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director J Landis Martin purchased 16,300 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were purchased at an average cost of $127.33 per share, with a total value of $2,075,479.00. Following the completion of the acquisition, the director now owns 130,617 shares in the company, valued at approximately $16,631,462.61. The disclosure for this purchase can be found here. Company insiders own 0.41% of the company’s stock.
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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