5 Best Real Estate Stocks to Buy Now

3. Crown Castle Inc. (NYSE:CCI)

Number of Hedge Fund Holders: 48

Crown Castle Inc. (NYSE:CCI) is a Houston, Texas-based REIT that provides shared communications infrastructure. The company has over 40,000 cell phone towers and offers 85,000 miles of fiber optics services.

Crown Castle Inc. (NYSE:CCI) stock offers an attractive forward dividend yield of over 5% as of October 28. In a research note issued on October 21, Gregory Williams at Cowen gave Crown Castle Inc. (NYSE:CCI) stock an Outperform rating along with a target price of $149. The analyst noted that the company reported strong Q3 2022 results. Crown Castle Inc. (NYSE:CCI) generated revenue and adjusted FFO per share of $1.75 billion and $1.85, respectively, which outperformed consensus forecasts of $1.74 billion and $1.83.

Furthermore, Crown Castle Inc. (NYSE:CCI) observed its top line rise by 8% YoY, while tower leasing rose by 6% YoY. The company expects to achieve the target of 4% organic revenue growth during the next year, making it one of the best real estate stocks to invest in right now.

Here’s what ClearBridge Investment said about Crown Castle Inc. (NYSE:CCI) in its Q1 2022 investor letter:

“U.S. communications company Crown Castle International (NYSE:CCI) was the largest detractor from quarterly performance. Crown Castle is the leading independent owner and operator of wireless communications infrastructure in the U.S. with a portfolio of approximately 40,000 towers. The stock underperformed as, driven by rising interest rates, investors rotated away from defensive into more value-oriented sectors. Communications infrastructure remains attractive, however, as companies continue to deploy greater capital spend to support the strong tailwinds from 5G.”