Dividend Coverage: This Communication Services REIT has a Dividend Yield of 3.72%; Trades Ex-Dividend on June 14, 2017

LONDON, UK / ACCESSWIRE / June 13, 2017 / Pro-Trader Daily takes a closer look at Crown Castle International Corp. (NYSE: CCI) as the Company’s stock will begin trading ex-dividend on June 14, 2017. In order to capture the dividend payout, investors must purchase the stock one day prior to the ex-dividend date that is by latest June 13, 2017. This would make the individual a shareholder on the Company’s record, thereby entitling the investor to be paid a dividend on the payable date. Are you looking for research on dividend stocks, if so register with us now for your free membership at:

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Dividend Declared

On May 18, 2017, Crown Castle International announced that its Board of Directors has declared a quarterly cash dividend of $0.95 per common share. The quarterly dividend will be payable on June 30, 2017, to common stockholders of record at the close of business on June 16, 2017.

Crown Castle’s indicated dividend represents a yield of 3.72%, higher compared to the average dividend yield for the Technology sector of 1.35%. The Company has paid the dividend for three consecutive quarters and it last increased its dividend in October 2016, where Crown Castle’s Board of Directors has declared a quarterly cash dividend of $0.95 per common share, representing an increase of approximately 7% over the previous quarterly dividend of $0.885 per share. Since its conversion into a REIT, which are structured to distribute 90% of their earnings to shareholders through dividends Crown Castle has increased its quarterly per-share payouts from $0.35 to $0.95.

Dividend Insights

Crown Castle has a dividend payout ratio of 79.8% meaning that it distributes around $0.80 for every $1.00 earned, and this also suggests that the Company’s dividend is sufficiently covered by earnings currently. REITs generally have very high yields and payout ratios since they are required to pay such a large percentage of their profits in the form of dividends.

According to analysts’ estimates, Crown Castle is forecasted to report earnings of $1.49 per share in the coming year, which indicates the Company may not be able to cover its annualized dividend of $3.80, with the future payout ratio expected to be at 257% based on current estimates. However, at the end of Q1 2017, Crown Castle had cash and cash equivalents of approximately $205.19 million and current assets worth $916.45 million on its balance sheet, which should be sufficient to cover the dividend payout in the short- to mid-term.

About the Company

Crown Castle provides wireless carriers with the infrastructure they need to keep people connected and businesses running. With approximately 40,000 towers and 17,000 miles of fiber supporting small cells, Crown Castle is the United States’ largest provider of shared wireless infrastructure with a significant presence in the top 100 US markets.

Recent Development for Crown Castle

On April, 26, 2017, Crown Castle announced that it has priced its previously announced public offering of 4.750% Senior Notes due 2047 in an aggregate principal amount of $350 million. The notes will have an interest rate of 4.750% per annum and will be issued at a price equal to 99.207% of their face value to yield 4.800%.

The net proceeds from the offering are expected to be approximately $341 million. The Company intends to utilize the net proceeds from this offering for general corporate purposes.

Stock Performance

At the closing bell, on Monday, June 12, 2017, Crown Castle’s stock marginally climbed 0.15%, ending the trading session at $102.21. A total volume of 3.02 million shares have exchanged hands, which was higher than the 3-month average volume of 2.20 million shares. The Company’s stock price surged 12.81% in the last three months, 20.25% in the past six months, and 8.58% in the previous twelve months. Moreover, the stock rallied 17.79% since the start of the year. The stock is trading at a PE ratio of 87.88 and has a dividend yield of 3.72%. The stock currently has a market cap of $38.17 billion.

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