Crown Castle International Corporation (CCI) Raises Dividend to $1.05 Per Share
Crown Castle International Corporation (NYSE:CCI) announced a quarterly dividend on Wednesday, October 18th, RTT News reports. Shareholders of record on Friday, December 15th will be paid a dividend of 1.05 per share by the real estate investment trust on Friday, December 29th. This represents a $4.20 annualized dividend and a yield of 4.16%. This is a positive change from Crown Castle International Corporation’s previous quarterly dividend of $0.95.
Crown Castle International Corporation has a payout ratio of 83.2% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Research analysts expect Crown Castle International Corporation to earn $1.30 per share next year, which means the company may not be able to cover its $3.80 annual dividend with an expected future payout ratio of 292.3%.
Shares of Crown Castle International Corporation (CCI) traded down 0.41% during mid-day trading on Wednesday, reaching $100.96. The company’s stock had a trading volume of 2,989,455 shares. The firm has a market cap of $41.02 billion, a PE ratio of 80.57 and a beta of 0.16. Crown Castle International Corporation has a one year low of $79.38 and a one year high of $108.88. The firm’s 50 day moving average is $103.48 and its 200 day moving average is $100.27.
Crown Castle International Corporation (NYSE:CCI) last issued its quarterly earnings results on Wednesday, October 18th. The real estate investment trust reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.73. The business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.07 billion. Crown Castle International Corporation had a return on equity of 6.21% and a net margin of 11.14%. The business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.09 earnings per share. On average, equities analysts anticipate that Crown Castle International Corporation will post $1.11 earnings per share for the current fiscal year.
A number of equities analysts have recently issued reports on CCI shares. Bank of America Corporation upped their price target on Crown Castle International Corporation from $107.00 to $114.00 and gave the stock a “buy” rating in a research report on Friday, September 8th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $107.00 price target on shares of Crown Castle International Corporation in a research report on Tuesday, August 29th. Macquarie reaffirmed a “buy” rating and set a $107.00 price target on shares of Crown Castle International Corporation in a research report on Wednesday, July 19th. Jefferies Group LLC reaffirmed a “buy” rating and set a $110.00 price target on shares of Crown Castle International Corporation in a research report on Monday, July 10th. Finally, BidaskClub raised Crown Castle International Corporation from a “hold” rating to a “buy” rating in a research report on Monday, August 14th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $107.50.
In other news, Director J Landis Martin bought 30,000 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The shares were purchased at an average cost of $100.64 per share, with a total value of $3,019,200.00. Following the transaction, the director now directly owns 99,335 shares in the company, valued at $9,997,074.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.41% of the stock is owned by corporate insiders.
About Crown Castle International Corporation
Castle International Corp. (CCIC) is a real estate investment trust (REIT) company. The Company owns, operates and leases shared wireless infrastructure, including towers and other structures, such as rooftops (towers), and to a lesser extent, distributed antenna systems (DAS), a type of small cell network (small cells), and interests in land under third party towers in various forms (third party land interests).
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