Crown Castle (CCI) has cut its quarterly dividend payment by 32% as the real estate investment trust moves to sell its fiber business.
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Going forward, Texas-based Crown Castle will pay a quarterly dividend to stockholders of $1.0625 per share, a 32% decrease from the previous dividend of $1.565. The stock of Crown Castle previously had a hefty dividend yield of 6.17%.
Crown Castle specializes in providing wireless internet infrastructure and communications. The company owns and manages more than 40,000 cell phone towers and 90,000 miles of cable that supports fiber optics across the U.S.
Financial Difficulties
The dividend cut comes as Crown Castle moves to sell its fiber business, a decision that is likely to reduce the company’s revenue and lead to a smaller business footprint. In recent quarters, Crown Castle’s financials have been impacted by elevated interest rates and some tenant-related issues.
The last time the company raised its dividend was in 2022. During the first quarter of this year, Crown Castle’s operating cash flow declined to $270 million amid ongoing financial strains and the decision to offload its fiber business. CCI stock will trade ex-dividend on June 13.
The company’s share price has declined 36% over the last five years.
Is CCI Stock a Buy?
The stock of Crown Castle has a consensus Moderate Buy rating among 17 Wall Street analysts. That rating is based on nine Buy and eight Hold recommendations issued in the last three months. The average CCI price target of $113.69 implies 13.67% upside from current levels.

Read more analyst ratings on CCI stock
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