5 Best REIT Stocks to Buy Right Now

4. Crown Castle Inc. (NYSE:CCI)

Dividend Yield as of October 24: 5.07%

Crown Castle Inc. (NYSE:CCI) is a telecommunications-centric real estate investment trust company. The company reported that it has been fulfilling its dividend growth rate target for the past two years. On October 20, it announced a 7% hike in its quarterly dividend to $1.565 per share. This was the company’s eighth consecutive year of dividend growth, coming through as one of the best dividend stocks. As of October 24, the stock has a dividend yield of 5.07%.

In the second quarter of 2022, Crown Castle Inc. (NYSE:CCI) remained committed to shareholder returns. The company paid $637 million in dividends to shareholders, which showed an 11% growth from the same period last year. The company’s operating cash flow for the quarter came in at $780 million, compared with $622 million in the prior-year period.

In October, KeyBanc highlighted strong leasing trends in the US, which would be beneficial for the REITs. Given this, the firm maintained an Overweight rating on the stock with a $177 price target.

At the end of the June quarter, 48 hedge funds tracked by Insider Monkey owned stakes in Crown Castle Inc. (NYSE:CCI), compared with 50 in the previous quarter. These stakes have a combined value of over $1.42 billion.

ClearBridge Investment mentioned Crown Castle Inc. (NYSE:CCI) in its Q1 2022 investor letter. Here is what the firm has to say:

“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.”