Crown Castle (NYSE:CCI) Releases FY 2024 Earnings Guidance

Crown Castle (NYSE:CCI) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 6.850-6.970 for the period, compared to the consensus estimate of 6.880. The company issued revenue guidance of -. Crown Castle also updated its FY24 guidance to $6.85-$6.97 EPS.

Crown Castle Stock Performance

CCI stock opened at $93.03 on Thursday. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 3.46. The business’s fifty day simple moving average is $105.41 and its two-hundred day simple moving average is $105.15. Crown Castle has a twelve month low of $84.72 and a twelve month high of $134.09. The firm has a market cap of $40.42 billion, a price-to-earnings ratio of 26.89, a PEG ratio of 2.50 and a beta of 0.73.

Crown Castle (NYSE:CCI) last posted its quarterly earnings results on Wednesday, April 17th. The real estate investment trust reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.63 by ($0.92). Crown Castle had a return on equity of 21.95% and a net margin of 21.47%. The firm had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the previous year, the company posted $1.91 EPS. Crown Castle’s quarterly revenue was down 7.4% compared to the same quarter last year. Analysts predict that Crown Castle will post 6.59 earnings per share for the current year.

Crown Castle Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a dividend yield of 6.73%. The ex-dividend date was Thursday, March 14th. Crown Castle’s payout ratio is 180.92%.

Wall Street Analyst Weigh In

CCI has been the topic of a number of recent research reports. BMO Capital Markets dropped their price target on Crown Castle from $110.00 to $105.00 and set a market perform rating on the stock in a research report on Thursday. Royal Bank of Canada increased their price target on Crown Castle from $92.00 to $109.00 and gave the stock a sector perform rating in a research report on Wednesday, February 21st. Nine equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $118.57.

Institutional Investors Weigh In On Crown Castle

A number of institutional investors have recently added to or reduced their stakes in CCI. Norges Bank purchased a new stake in Crown Castle in the fourth quarter valued at about $642,077,000. Moneta Group Investment Advisors LLC raised its stake in Crown Castle by 90,084.4% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,487,430 shares of the real estate investment trust’s stock valued at $473,035,000 after buying an additional 3,483,563 shares during the last quarter. Barclays PLC raised its stake in Crown Castle by 78.7% in the fourth quarter. Barclays PLC now owns 5,463,901 shares of the real estate investment trust’s stock valued at $629,386,000 after buying an additional 2,405,768 shares during the last quarter. Legal & General Group Plc raised its stake in Crown Castle by 7.8% in the fourth quarter. Legal & General Group Plc now owns 6,004,229 shares of the real estate investment trust’s stock valued at $691,627,000 after buying an additional 435,748 shares during the last quarter. Finally, CI Private Wealth LLC purchased a new position in shares of Crown Castle in the fourth quarter worth about $54,987,000. Institutional investors own 90.77% of the company’s stock.

Crown Castle Company Profile

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 90,000 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.