Crown Castle International Corp. (REIT) (NYSE:CCI) announced a quarterly dividend on Wednesday, February 21st, RTT News reports. Stockholders of record on Friday, March 16th will be given a dividend of 1.05 per share by the real estate investment trust on Friday, March 30th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date of this dividend is Thursday, March 15th.
Crown Castle International has increased its dividend by an average of 27.8% per year over the last three years and has raised its dividend annually for the last 3 consecutive years. Crown Castle International has a dividend payout ratio of 95.0% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect Crown Castle International to earn $5.71 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 73.6%.
Shares of CCI stock opened at $108.87 on Wednesday. The stock has a market cap of $44,023.29, a P/E ratio of 106.74, a PEG ratio of 1.33 and a beta of 0.28. Crown Castle International has a 52 week low of $90.44 and a 52 week high of $114.97. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.30.
In other news, SVP Kenneth Jay Simon sold 693 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $108.79, for a total transaction of $75,391.47. Following the completion of the sale, the senior vice president now owns 14,869 shares in the company, valued at approximately $1,617,598.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jay A. Brown sold 18,000 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $108.43, for a total transaction of $1,951,740.00. Following the sale, the insider now owns 162,526 shares of the company’s stock, valued at approximately $17,622,694.18. The disclosure for this sale can be found here. Insiders own 0.41% of the company’s stock.
A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Crown Castle International from a “sell” rating to a “hold” rating in a research note on Monday, January 29th. KeyCorp lifted their price objective on shares of Crown Castle International from $106.00 to $114.00 in a report on Monday, November 27th. Deutsche Bank restated a “buy” rating and issued a $120.00 price objective on shares of Crown Castle International in a report on Monday, January 22nd. Guggenheim restated a “buy” rating and issued a $115.00 price objective on shares of Crown Castle International in a report on Friday, January 26th. Finally, Goldman Sachs cut shares of Crown Castle International from a “conviction-buy” rating to a “buy” rating in a report on Tuesday, March 13th. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Crown Castle International has a consensus rating of “Buy” and a consensus target price of $113.33.
About Crown Castle International
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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