Crown Castle strengthens balance sheet after $8.4B asset sale, offers 5.6% dividend yield despite cut

Crown Castle completed a major strategic shift by selling its Fiber and Small Cell assets, becoming a pure-play US tower REIT. The company used $8.4 billion from the sale to repay $7 billion in debt and buy back $1 billion in shares, significantly improving its financial health. Although the dividend was cut by 32%, Crown Castle still offers a 5.6% yield. However, the payout ratio remains above management's long-term target, which may limit dividend growth in the near term. Trading near 52-week lows and below analyst targets, the stock presents an attractive buying opportunity.