Fintel reports that on October 20, 2023, Citigroup maintained coverage of Crown Castle (NYSE:CCI) with a Buy recommendation.
Analyst Price Forecast Suggests 43.13% Upside
As of October 5, 2023, the average one-year price target for Crown Castle is 123.27. The forecasts range from a low of 91.91 to a high of $158.55. The average price target represents an increase of 43.13% from its latest reported closing price of 86.13.
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The projected annual revenue for Crown Castle is 7,280MM, an increase of 2.96%. The projected annual non-GAAP EPS is 3.82.
Crown Castle Declares $1.56 Dividend
On July 21, 2023 the company declared a regular quarterly dividend of $1.56 per share ($6.26 annualized). Shareholders of record as of September 15, 2023 received the payment on September 29, 2023. Previously, the company paid $1.56 per share.
At the current share price of $86.13 / share, the stock's dividend yield is 7.27%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.67%, the lowest has been 2.62%, and the highest has been 6.88%. The standard deviation of yields is 0.92 (n=235).
The current dividend yield is 3.92 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 1.75. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.30%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 2044 funds or institutions reporting positions in Crown Castle. This is a decrease of 119 owner(s) or 5.50% in the last quarter. Average portfolio weight of all funds dedicated to CCI is 0.45%, a decrease of 11.62%. Total shares owned by institutions decreased in the last three months by 0.02% to 453,068K shares. 
The put/call ratio of CCI is 0.50, indicating a bullish outlook.
What are Other Shareholders Doing?
VGSIX - Vanguard Real Estate Index Fund Investor Shares holds 18,274K shares representing 4.21% ownership of the company. In it's prior filing, the firm reported owning 19,031K shares, representing a decrease of 4.15%. The firm decreased its portfolio allocation in CCI by 17.34% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 13,509K shares representing 3.12% ownership of the company. In it's prior filing, the firm reported owning 13,409K shares, representing an increase of 0.74%. The firm decreased its portfolio allocation in CCI by 20.87% over the last quarter.
Capital International Investors holds 12,883K shares representing 2.97% ownership of the company. In it's prior filing, the firm reported owning 17,843K shares, representing a decrease of 38.50%. The firm decreased its portfolio allocation in CCI by 42.33% over the last quarter.
Capital World Investors holds 11,824K shares representing 2.73% ownership of the company. In it's prior filing, the firm reported owning 10,043K shares, representing an increase of 15.06%. The firm decreased its portfolio allocation in CCI by 6.74% over the last quarter.
Cohen & Steers holds 11,076K shares representing 2.55% ownership of the company. In it's prior filing, the firm reported owning 8,677K shares, representing an increase of 21.66%. The firm increased its portfolio allocation in CCI by 5.97% over the last quarter.
Crown Castle Background Information
(This description is provided by the company.)
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 80,000 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.
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This story originally appeared on Fintel.
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