12 Best REIT Dividend Stocks To Buy for 2024

5. Crown Castle Inc. (NYSE:CCI)

Number of Hedge Fund Holders: 34

Crown Castle Inc. (NYSE:CCI) is a real estate investment trust company that focuses on providing infrastructure for wireless communication. The company owns, operates, and leases a vast network of cell towers, small cell networks, and fiber-optic cables across the US. It has refocused its efforts on higher-return capital projects, leading it to reduce its growth spending plans. The company has also initiated a strategic review of its fiber business. These changes are expected to enhance its cash flow and returns, improving its ability to self-finance organic growth opportunities.

Crown Castle Inc. (NYSE:CCI) reported revenue of $1.65 billion in the third quarter of 2024, which fell slightly by 0.9% from the same period last year. However, the revenue beat analysts’ estimates by $17 million. Net income for the quarter was $303 million, up from $265 million in the same period of 2023. This included $48 million in charges related to the restructuring plan announced in June 2024. The company’s performance was also highlighted by Columbia Threadneedle Investments in its Q3 2024 investor letter. Here is what the firm has to say:

“The fund held two out-of-benchmark positions in Real Estate Investment Trust (REIT) companies American Tower Corporation and Crown Castle Inc. (NYSE:CCI). REITs have historically performed well during periods of declining interest rates due to lower borrowing costs. The two companies performed very well during the third quarter after the Federal Reserve cut interest rates 50 basis points in September, with the expectation for additional cuts soon.”

On November 6, Crown Castle Inc. (NYSE:CCI) declared a quarterly dividend of $1.565 per share, which was in line with its previous dividend. The company remained committed to its shareholder obligation, returning $681 million to investors through dividends in the most recent quarter. The stock has a dividend yield of 6.34%, as recorded on December 12.

As of the end of Q3 2024, 34 hedge funds tracked by Insider Monkey held stakes in Crown Castle Inc. (NYSE:CCI), compared with 38 in the previous quarter. The overall value of these stakes is more than $1.24 billion. Ken Fisher’s Fisher Asset Management was the company’s leading stakeholder in Q3.