CROWN CASTLE In/SH SH (NYSE:CCI) announced a quarterly dividend on Wednesday, October 17th, RTT News reports. Shareholders of record on Friday, December 14th will be paid a dividend of 1.125 per share by the real estate investment trust on Monday, December 31st. This represents a $4.50 dividend on an annualized basis and a yield of 4.21%. This is a positive change from CROWN CASTLE In/SH SH’s previous quarterly dividend of $1.05.
CROWN CASTLE In/SH SH has increased its dividend by an average of 27.8% per year over the last three years and has increased its dividend every year for the last 3 years. CROWN CASTLE In/SH SH has a payout ratio of 80.2% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities analysts expect CROWN CASTLE In/SH SH to earn $5.75 per share next year, which means the company should continue to be able to cover its $4.20 annual dividend with an expected future payout ratio of 73.0%.
CCI traded down $0.13 on Wednesday, reaching $106.77. 157,570 shares of the stock were exchanged, compared to its average volume of 2,484,519. CROWN CASTLE In/SH SH has a fifty-two week low of $98.85 and a fifty-two week high of $114.97. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market cap of $46.18 billion, a P/E ratio of 22.05, a P/E/G ratio of 1.69 and a beta of 0.35.
In related news, Director J Landis Martin acquired 6,100 shares of CROWN CASTLE In/SH SH stock in a transaction on Tuesday, August 7th. The stock was acquired at an average price of $110.14 per share, for a total transaction of $671,854.00. Following the purchase, the director now owns 107,822 shares of the company’s stock, valued at approximately $11,875,515.08. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert E. Garrison II sold 2,451 shares of CROWN CASTLE In/SH SH stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $113.96, for a total value of $279,315.96. Following the transaction, the director now owns 23,100 shares of the company’s stock, valued at approximately $2,632,476. The disclosure for this sale can be found here. Company insiders own 0.36% of the company’s stock.
A number of analysts have commented on the company. Zacks Investment Research cut CROWN CASTLE In/SH SH from a “hold” rating to a “sell” rating in a research report on Wednesday, June 20th. Guggenheim reiterated a “buy” rating and set a $120.00 price objective on shares of CROWN CASTLE In/SH SH in a research note on Friday, July 20th. Citigroup lifted their price objective on CROWN CASTLE In/SH SH from $109.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, July 24th. UBS Group set a $120.00 price objective on CROWN CASTLE In/SH SH and gave the company a “buy” rating in a research note on Friday, September 28th. Finally, Morgan Stanley lifted their price objective on CROWN CASTLE In/SH SH from $116.00 to $118.00 and gave the company an “overweight” rating in a research note on Thursday, August 16th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $117.45.
About CROWN CASTLE In/SH SH
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 60,000 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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