SBA Communications (NASDAQ:SBAC) Trading Down 7.2% – What’s Next?

Shares of SBA Communications Corporation (NASDAQ:SBAC) were down 7.2% during trading on Monday . The stock traded as low as $195.33 and last traded at $190.1030. Approximately 506,918 shares changed hands during trading, a decline of 51% from the average daily volume of 1,039,284 shares. The stock had previously closed at $204.79.

Wall Street Analysts Forecast Growth

Several analysts recently commented on SBAC shares. Scotiabank raised their price target on shares of SBA Communications from $223.00 to $230.00 and gave the stock a “sector perform” rating in a report on Friday, May 1st. Barclays raised their price target on shares of SBA Communications from $244.00 to $245.00 and gave the stock an “overweight” rating in a report on Tuesday, May 5th. Royal Bank Of Canada raised their price target on shares of SBA Communications from $215.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, March 2nd. Weiss Ratings upgraded shares of SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, April 22nd. Finally, Morgan Stanley raised their price target on shares of SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a report on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $237.22.

SBA Communications Stock Performance

The company’s 50 day moving average price is $210.64 and its 200 day moving average price is $196.44. The company has a market cap of $20.86 billion, a price-to-earnings ratio of 20.69, a price-to-earnings-growth ratio of 2.04 and a beta of 0.99.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Friday, May 22nd will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Friday, May 22nd. SBA Communications’s payout ratio is presently 52.63%.

Institutional Trading of SBA Communications

Institutional investors and hedge funds have recently modified their holdings of the company. Elevation Wealth Partners LLC increased its position in SBA Communications by 523.8% during the fourth quarter. Elevation Wealth Partners LLC now owns 131 shares of the technology company’s stock worth $25,000 after acquiring an additional 110 shares during the period. DV Equities LLC bought a new position in SBA Communications during the fourth quarter worth $29,000. Fulcrum Asset Management LLP bought a new position in SBA Communications during the third quarter worth $32,000. Geneos Wealth Management Inc. increased its position in SBA Communications by 105.0% during the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after acquiring an additional 84 shares during the period. Finally, High Point Wealth Management LLC bought a new position in SBA Communications during the fourth quarter worth $39,000. 97.35% of the stock is currently owned by institutional investors and hedge funds.

About SBA Communications

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.