CROWN CASTLE IN/SH SH (NYSE:CCI) announced a quarterly dividend on Friday, February 22nd, Wall Street Journal reports. Investors of record on Friday, March 15th will be given a dividend of 1.125 per share by the real estate investment trust on Friday, March 29th. This represents a $4.50 annualized dividend and a yield of 3.75%. The ex-dividend date of this dividend is Thursday, March 14th.
CROWN CASTLE IN/SH SH has raised its dividend payment by an average of 8.5% per year over the last three years and has increased its dividend every year for the last 4 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 fall. Equities research analysts expect CROWN CASTLE IN/SH SH to earn $5.96 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 75.5%.
NYSE:CCI opened at $119.87 on Friday. CROWN CASTLE IN/SH SH has a 52-week low of $98.85 and a 52-week high of $120.56. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.87 and a quick ratio of 0.96. The firm has a market cap of $49.52 billion, a P/E ratio of 21.87, a price-to-earnings-growth ratio of 1.38 and a beta of 0.44.
A number of research firms have weighed in on CCI. Macquarie downgraded CROWN CASTLE IN/SH SH from an “outperform” rating to a “neutral” rating in a research report on Tuesday, February 12th. TheStreet upgraded CROWN CASTLE IN/SH SH from a “c+” rating to a “b” rating in a research report on Wednesday, January 23rd. Zacks Investment Research upgraded CROWN CASTLE IN/SH SH from a “sell” rating to a “hold” rating in a research report on Tuesday, January 15th. Goldman Sachs Group downgraded CROWN CASTLE IN/SH SH from a “buy” rating to a “neutral” rating and set a $110.00 price target on the stock. in a research report on Monday, January 14th. Finally, Raymond James upgraded CROWN CASTLE IN/SH SH from a “mkt perform” rating to an “outperform” rating in a research report on Thursday, January 3rd. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $118.20.
In related news, Director Edward C. Hutcheson, Jr. acquired 350 shares of the firm’s stock in a transaction dated Friday, February 8th. The shares were purchased at an average price of $117.95 per share, for a total transaction of $41,282.50. Following the completion of the acquisition, the director now owns 59,187 shares in the company, valued at $6,981,106.65. The purchase was disclosed in a filing with the SEC, which is available at this link. 0.36% of the stock is currently owned by insiders.
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About CROWN CASTLE IN/SH SH
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 65,000 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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