Crown Castle (NYSE:CCI) Releases Quarterly Earnings Results, Misses Expectations By $0.92 EPS

Crown Castle (NYSE:CCI) announced its quarterly earnings data on Wednesday. The real estate investment trust reported $0.71 earnings per share for the quarter, missing the consensus estimate of $1.63 by ($0.92), Yahoo Finance reports. 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 analyst estimates of $1.63 billion. During the same period in the previous year, the business posted $1.91 EPS. Crown Castle’s revenue for the quarter was down 7.4% compared to the same quarter last year. Crown Castle updated its FY24 guidance to $6.85-$6.97 EPS and its FY 2024 guidance to 6.850-6.970 EPS.

Crown Castle Trading Down 1.0 %

CCI stock opened at $93.03 on Thursday. The company has a market cap of $40.42 billion, a P/E ratio of 26.89, a PEG ratio of 2.50 and a beta of 0.73. Crown Castle has a twelve month low of $84.72 and a twelve month high of $134.09. 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 has a fifty day moving average of $105.41 and a 200-day moving average of $105.15.

Crown Castle Dividend Announcement

The company also recently announced 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. The ex-dividend date was Thursday, March 14th. This represents a $6.26 dividend on an annualized basis and a dividend yield of 6.73%. Crown Castle’s payout ratio is currently 180.92%.

Institutional Investors Weigh In On Crown Castle

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Magnolia Capital Advisors LLC raised its position in shares of Crown Castle by 3.2% during the fourth quarter. Magnolia Capital Advisors LLC now owns 2,375 shares of the real estate investment trust’s stock worth $322,000 after acquiring an additional 73 shares during the last quarter. Summit Financial Group Inc. grew its stake in shares of Crown Castle by 5.5% during the third quarter. Summit Financial Group Inc. now owns 1,638 shares of the real estate investment trust’s stock worth $237,000 after purchasing an additional 85 shares during the period. Orion Portfolio Solutions LLC grew its stake in shares of Crown Castle by 2.4% during the first quarter. Orion Portfolio Solutions LLC now owns 3,678 shares of the real estate investment trust’s stock worth $679,000 after purchasing an additional 86 shares during the period. Townsend & Associates Inc grew its stake in shares of Crown Castle by 5.7% during the fourth quarter. Townsend & Associates Inc now owns 1,682 shares of the real estate investment trust’s stock worth $238,000 after purchasing an additional 90 shares during the period. Finally, Moors & Cabot Inc. grew its stake in shares of Crown Castle by 3.4% during the first quarter. Moors & Cabot Inc. now owns 2,734 shares of the real estate investment trust’s stock worth $505,000 after purchasing an additional 91 shares during the period. Institutional investors own 90.77% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the company. BMO Capital Markets cut their target price on Crown Castle from $110.00 to $105.00 and set a “market perform” rating for the company in a research report on Thursday. Royal Bank of Canada raised their target price 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 analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $118.57.

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.