Cowen and Company began coverage on shares of Communications Sales & Leasing Inc. (NASDAQ:CSAL) in a research note issued to investors on Thursday. The firm issued an outperform rating and a $34.00 price target on the stock.
CSAL has been the topic of a number of other reports. Zacks Investment Research downgraded Communications Sales & Leasing from a buy rating to a hold rating in a research note on Monday, August 15th. Citigroup Inc. restated a buy rating and issued a $32.00 price target on shares of Communications Sales & Leasing in a research note on Tuesday, July 5th. Morgan Stanley restated an overweight rating on shares of Communications Sales & Leasing in a research note on Sunday, July 24th. Finally, JPMorgan Chase & Co. initiated coverage on Communications Sales & Leasing in a research report on Monday, September 26th. They set an overweight rating on the stock. Eight analysts have rated the stock with a buy rating, The stock has a consensus rating of Buy and a consensus target price of $30.10.
Shares of Communications Sales & Leasing (NASDAQ:CSAL) opened at 30.04 on Thursday. The stock has a market capitalization of $4.62 billion, a PE ratio of 154.05 and a beta of 1.27. The firm has a 50-day moving average price of $30.89 and a 200 day moving average price of $27.91. Communications Sales & Leasing has a one year low of $15.13 and a one year high of $32.73.
Communications Sales & Leasing (NASDAQ:CSAL) last posted its quarterly earnings results on Thursday, August 11th. The company reported $0.56 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.65 by $0.09. Communications Sales & Leasing had a net margin of 3.25% and a negative return on equity of 1.89%. The business earned $188.60 million during the quarter, compared to analysts’ expectations of $189.04 million. The business’s revenue was up 46.5% compared to the same quarter last year. On average, equities analysts expect that Communications Sales & Leasing will post $2.43 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Friday, September 30th were issued a $0.60 dividend. The ex-dividend date was Wednesday, September 28th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 7.99%. Communications Sales & Leasing’s dividend payout ratio (DPR) is 1,714.29%.
Several institutional investors have recently added to or reduced their stakes in CSAL. Waddell & Reed Financial Inc. bought a new position in Communications Sales & Leasing during the second quarter worth $75,300,000. Vanguard Group Inc. boosted its position in Communications Sales & Leasing by 16.8% in the second quarter. Vanguard Group Inc. now owns 12,336,458 shares of the company’s stock worth $356,523,000 after buying an additional 1,774,169 shares during the period. Renaissance Technologies LLC boosted its position in Communications Sales & Leasing by 148.3% in the first quarter. Renaissance Technologies LLC now owns 1,537,686 shares of the company’s stock worth $34,214,000 after buying an additional 918,500 shares during the period. Ameriprise Financial Inc. boosted its position in Communications Sales & Leasing by 264.3% in the second quarter. Ameriprise Financial Inc. now owns 1,168,463 shares of the company’s stock worth $33,770,000 after buying an additional 847,764 shares during the period. Finally, BlackRock Fund Advisors boosted its position in Communications Sales & Leasing by 13.5% in the second quarter. BlackRock Fund Advisors now owns 5,424,600 shares of the company’s stock worth $156,771,000 after buying an additional 644,291 shares during the period. 57.77% of the stock is owned by institutional investors.
About Communications Sales & Leasing
Communications Sales & Leasing, Inc (CS&L) is an internally managed real estate investment trust (REIT) engaged in the acquisition and construction of a range of infrastructure in the communications industry. The Company is focused on acquiring and constructing fiber optic broadband networks, wireless communications towers, copper and coaxial broadband networks and data centers.
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