CCI - High-Yield Dividend Stock Crown Castle Deserved to Be Treated Like Royalty on Thursday
2024-01-25 17:58:15 ET
Highly specialized real estate investment trust (REIT) Crown Castle (NYSE: CCI) was a highly sought-after stock Thursday. It closed 5% higher on the day thanks to a very solid set of quarterly earnings figures.
As we all know, investors sometimes overreact to company news that is either sharply negative or highly positive. The post-earnings pop in this case, however, was an entirely appropriate reward.
After market hours Wednesday, Crown Castle called in with its fourth-quarter numbers. Although its total revenue declined by 5% year over year, the cellphone tower landlord still edged past the average analyst estimate. Similarly the company's adjusted funds from operations (AFFO) -- considered the most important profitability line item for REITs -- also saw a slight drop, yet still managed to beat the consensus projection.
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High-Yield Dividend Stock Crown Castle Deserved to Be Treated Like Royalty on Thursday