Crown Castle (NYSE:CCI) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Crown Castle (NYSE:CCI) posted its quarterly earnings data on Wednesday. The real estate investment trust reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.04, Yahoo Finance reports. Crown Castle had a net margin of 17.98% and a return on equity of 18.66%. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.62 billion. During the same quarter last year, the business posted $2.05 earnings per share. The company’s revenue was down 12.9% on a year-over-year basis. Crown Castle updated its FY24 guidance to $6.91-7.02 EPS.

Crown Castle Stock Performance

Shares of CCI stock traded down $0.58 during midday trading on Friday, hitting $104.46. 627,310 shares of the company were exchanged, compared to its average volume of 2,772,512. The firm has a market capitalization of $45.39 billion, a P/E ratio of 32.54, a PEG ratio of 2.80 and a beta of 0.83. The company has a debt-to-equity ratio of 3.73, a quick ratio of 0.42 and a current ratio of 0.42. The firm’s 50 day moving average price is $99.51 and its two-hundred day moving average price is $103.27. Crown Castle has a 52 week low of $84.72 and a 52 week high of $119.50.

Crown Castle Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a dividend yield of 5.99%. The ex-dividend date was Friday, June 14th. Crown Castle’s payout ratio is 195.63%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Argus cut shares of Crown Castle from a “buy” rating to a “hold” rating in a research note on Friday, April 19th. Wells Fargo & Company decreased their price target on shares of Crown Castle from $115.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Friday, April 19th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Crown Castle from $110.00 to $109.00 and set a “hold” rating on the stock in a research note on Monday, April 22nd. Raymond James reaffirmed an “outperform” rating and issued a $126.00 price objective (up from $124.00) on shares of Crown Castle in a research note on Friday, June 14th. Finally, Royal Bank of Canada reduced their price objective on shares of Crown Castle from $109.00 to $100.00 and set a “sector perform” rating on the stock in a research note on Tuesday, May 7th. Twelve research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $114.88.

About Crown Castle

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.