Crown Castle (NYSE:CCI) Updates FY24 Earnings Guidance

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

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CCI shares. Royal Bank of Canada boosted 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. BMO Capital Markets upgraded Crown Castle from an underperform rating to a market perform rating and upped their price objective for the stock from $107.00 to $110.00 in a research 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. Based on data from MarketBeat.com, Crown Castle has an average rating of Hold and an average target price of $118.93.

Crown Castle Stock Performance

NYSE:CCI traded down $0.91 during mid-day trading on Wednesday, hitting $93.05. 3,977,881 shares of the stock were exchanged, compared to its average volume of 2,766,452. The stock has a market capitalization of $40.43 billion, a price-to-earnings ratio of 27.15, a price-to-earnings-growth ratio of 2.54 and a beta of 0.73. The firm’s 50-day simple moving average is $105.69 and its 200 day simple moving average is $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 has a fifty-two week low of $84.72 and a fifty-two week high of $134.09.

Crown Castle Announces Dividend

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

Institutional Trading of Crown Castle

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Almanack Investment Partners LLC. bought a new stake in shares of Crown Castle during the 3rd quarter valued at $28,000. PCA Investment Advisory Services Inc. purchased a new stake in shares of Crown Castle during the 2nd quarter valued at about $29,000. Main Street Group LTD bought a new position in Crown Castle during the 4th quarter valued at about $30,000. ICA Group Wealth Management LLC bought a new position in Crown Castle during the 4th quarter valued at about $37,000. Finally, Stonebridge Capital Advisors LLC grew its stake in 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 worth $42,000 after acquiring an additional 212 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

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.