quities researchers at Zacks Research dropped their Q2 2023 earnings per share (EPS) estimates for shares of Crown Castle in a research report issued to clients and investors on Tuesday, May 23rd. Zacks Research analyst N. Dass now expects that the real estate investment trust will earn $1.90 per share for the quarter, down from their prior forecast of $1.91. The consensus estimate for Crown Castle’s current full-year earnings is $7.25 per share. Zacks Research also issued estimates for Crown Castle’s Q3 2023 earnings at $1.73 EPS, Q4 2023 earnings at $1.76 EPS, Q2 2024 earnings at $1.78 EPS, Q3 2024 earnings at $1.73 EPS, Q4 2024 earnings at $1.77 EPS, FY2024 earnings at $6.99 EPS and Q1 2025 earnings at $1.67 EPS.
Crown Castle (NYSE:CCI – Get Rating) last announced its earnings results on Wednesday, April 19th. The real estate investment trust reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $1.85 by ($0.88). The business had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.76 billion. Crown Castle had a net margin of 23.81% and a return on equity of 22.12%. Crown Castle’s revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.87 EPS.
A number of other research firms also recently issued reports on CCI. Moffett Nathanson raised shares of Crown Castle from a “market perform” rating to an “outperform” rating and decreased their price target for the stock from $161.00 to $155.00 in a research note on Thursday, March 30th. Cowen upped their price target on Crown Castle from $149.00 to $152.00 and gave the stock an “outperform” rating in a research note on Friday, January 27th. TD Cowen lowered their price objective on Crown Castle from $152.00 to $149.00 and set an “outperform” rating for the company in a research report on Friday, April 21st. Barclays reduced their target price on shares of Crown Castle from $153.00 to $145.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 20th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of Crown Castle from $143.00 to $136.00 in a research report on Thursday, April 27th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $155.56.
Crown Castle Stock Up 1.2 %
Shares of NYSE CCI opened at $112.26 on Friday. The firm has a fifty day simple moving average of $124.38 and a two-hundred day simple moving average of $133.91. The firm has a market capitalization of $48.68 billion, a PE ratio of 29.08 and a beta of 0.65. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 2.98. Crown Castle has a 12 month low of $110.22 and a 12 month high of $193.95.
Crown Castle Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be issued a $1.565 dividend. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.58%. The ex-dividend date is Wednesday, June 14th. Crown Castle’s payout ratio is 162.18%.
In related news, COO Christopher Levendos sold 14,472 shares of Crown Castle stock in a transaction dated Tuesday, April 25th. The stock was sold at an average price of $124.04, for a total value of $1,795,106.88. Following the completion of the sale, the chief operating officer now directly owns 4,759 shares in the company, valued at approximately $590,306.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Crown Castle news, EVP Laura B. Nichol sold 5,000 shares of the stock in a transaction dated Thursday, April 27th. The stock was sold at an average price of $120.97, for a total value of $604,850.00. Following the transaction, the executive vice president now owns 16,782 shares of the company’s stock, valued at $2,030,118.54. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Christopher Levendos sold 14,472 shares of the business’s stock in a transaction dated Tuesday, April 25th. The shares were sold at an average price of $124.04, for a total value of $1,795,106.88. Following the sale, the chief operating officer now owns 4,759 shares of the company’s stock, valued at $590,306.36. The disclosure for this sale can be found here. Insiders have sold a total of 24,472 shares of company stock valued at $3,012,757 over the last ninety days. 0.39% of the stock is currently owned by corporate insiders.
Institutional Trading of Crown Castle
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank bought a new position in Crown Castle in the 4th quarter worth $642,077,000. Moneta Group Investment Advisors LLC lifted its position in shares of Crown Castle by 90,084.4% during the 4th 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 in the last quarter. Cohen & Steers Inc. grew its stake in shares of Crown Castle by 64.2% during the 3rd quarter. Cohen & Steers Inc. now owns 8,335,213 shares of the real estate investment trust’s stock valued at $1,204,827,000 after acquiring an additional 3,258,264 shares during the period. Providence Capital Advisors LLC grew its stake in shares of Crown Castle by 13,535.7% during the 1st quarter. Providence Capital Advisors LLC now owns 2,810,309 shares of the real estate investment trust’s stock valued at $20,997,000 after acquiring an additional 2,789,699 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp increased its holdings in Crown Castle by 645.2% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,188,540 shares of the real estate investment trust’s stock worth $296,854,000 after acquiring an additional 1,894,859 shares in the last quarter. 90.27% of the stock is owned by hedge funds and other institutional investors.
Crown Castle Company Profile
Crown Castle, Inc is a real estate investment trust company, which engages in the provision of access to wireless infrastructure via long-term contacts. It operates through the Towers and Fiber segments. The Towers segment offers access, including space or capacity towers dispersed throughout the United States.