Crown Castle Inc. (NYSE:CCI) Plans Quarterly Dividend of $1.06

Crown Castle Inc. (NYSE:CCI) declared a quarterly dividend on Wednesday, August 5th. Shareholders of record on Tuesday, September 15th will be given a dividend of 1.0625 per share by the real estate investment trust on Wednesday, September 30th. This represents a c) annualized dividend and a yield of 5.7%. The ex-dividend date is Tuesday, September 15th.

Crown Castle has decreased its dividend by an average of 0.0%annually over the last three years. Crown Castle has a dividend payout ratio of 151.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Crown Castle to earn $4.77 per share next year, which means the company should continue to be able to cover its $4.25 annual dividend with an expected future payout ratio of 89.1%.

Crown Castle Stock Performance

NYSE:CCI opened at $74.29 on Thursday. Crown Castle has a 52 week low of $69.72 and a 52 week high of $106.68. The firm’s fifty day moving average is $81.97 and its 200-day moving average is $85.15. The firm has a market cap of $32.43 billion, a P/E ratio of 37.71, a P/E/G ratio of 0.41 and a beta of 0.95.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CCI shares. Jefferies Financial Group decreased their price target on Crown Castle from $88.00 to $82.00 and set a “hold” rating for the company in a report on Wednesday, July 15th. KeyCorp boosted their price objective on Crown Castle from $98.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, April 23rd. The Goldman Sachs Group assumed coverage on Crown Castle in a research report on Friday, June 26th. They set a “neutral” rating and a $95.00 target price on the stock. Truist Financial decreased their target price on Crown Castle from $95.00 to $87.00 and set a “hold” rating for the company in a research note on Tuesday, July 28th. Finally, Royal Bank Of Canada dropped their price target on Crown Castle from $92.00 to $90.00 and set an “outperform” rating on the stock in a research note on Thursday, July 23rd. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $95.13.

About Crown Castle

Crown Castle is a U.S.-focused communications infrastructure company organized as a real estate investment trust (REIT) that owns, operates and leases shared wireless infrastructure. Its primary business consists of providing tower-based site leases, small cell networks and fiber solutions that support mobile voice and data transmission for wireless carriers, cable companies and other enterprise customers. The company’s assets are positioned to enable network coverage and capacity, including the densification projects associated with 4G LTE and 5G deployments.

Its product and service offerings include ground-based tower sites that host multiple wireless operators, distributed small cell nodes and associated fiber backhaul used to connect sites into carrier networks, and site development and maintenance services.