SBA Communications (NASDAQ:SBAC) Price Target Raised to $239.00

SBA Communications (NASDAQ:SBAC) had its target price hoisted by TD Cowen from $229.00 to $239.00 in a research report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the technology company’s stock.

Other equities research analysts have also recently issued reports about the company. Jefferies Financial Group raised SBA Communications to a “hold” rating in a research note on Thursday, October 15th. Royal Bank Of Canada decreased their target price on shares of SBA Communications from $245.00 to $210.00 and set an “outperform” rating for the company in a research note on Friday, July 10th. UBS Group lowered shares of SBA Communications from a “market perform” rating to a “hold” rating in a report on Monday, August 24th. Weiss Ratings raised SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, October 15th. Finally, Citigroup reissued a “market outperform” rating on shares of SBA Communications in a research report on Tuesday. Nine investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $224.64.

SBA Communications Stock Down 1.2%

Shares of SBA Communications stock opened at $193.08 on Tuesday. The company has a market cap of $20.48 billion, a PE ratio of 15.74, a P/E/G ratio of 1.96 and a beta of 0.97. The business has a 50 day moving average of $179.75 and a 200 day moving average of $189.98. SBA Communications has a 52 week low of $156.60 and a 52 week high of $224.46.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, November 2nd. The technology company reported $2.19 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.10. SBA Communications had a net margin of 34.54% and a negative return on equity of 20.67%. The business had revenue of $713.92 million for the quarter, compared to analysts’ expectations of $724.07 million. During the same quarter in the previous year, the business posted $3.30 earnings per share. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year. On average, research analysts anticipate that SBA Communications will post 11.40 earnings per share for the current year.

SBA Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Thursday, November 12th will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Thursday, November 12th. SBA Communications’s dividend payout ratio (DPR) is 53.88%.

Insider Activity at SBA Communications

In related news, Director George R. Krouse, Jr. sold 300 shares of SBA Communications stock in a transaction on Monday, August 17th. The stock was sold at an average price of $182.67, for a total value of $54,801.00. Following the completion of the sale, the director owned 8,512 shares of the company’s stock, valued at $1,554,887.04. The trade was a 3.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 9.50% of the stock is owned by insiders.

Institutional Investors Weigh In On SBA Communications

Several hedge funds and other institutional investors have recently modified their holdings of SBAC. Raiffeisen Bank International AG increased its position in SBA Communications by 184.8% in the second quarter. Raiffeisen Bank International AG now owns 188 shares of the technology company’s stock worth $34,000 after purchasing an additional 122 shares during the last quarter. CX Institutional increased its holdings in shares of SBA Communications by 44.2% in the 2nd quarter. CX Institutional now owns 212 shares of the technology company’s stock worth $37,000 after buying an additional 65 shares during the last quarter. Provenance Wealth Advisors LLC bought a new stake in shares of SBA Communications in the 3rd quarter worth about $36,000. Eastern Bank purchased a new position in SBA Communications in the second quarter worth about $44,000. Finally, Root Financial Partners LLC purchased a new position in SBA Communications in the third quarter worth about $48,000. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

About SBA Communications

SBA Communications Corporation is a real estate investment trust that owns and operates wireless communications infrastructure. The company’s portfolio primarily consists of wireless communications towers and related sites that support cellular, wireless broadband, and other communications equipment.

SBA Communications leases antenna space on its towers to wireless service providers, government agencies, and other communications companies. It also provides site development services, including zoning, permitting, construction, and project management, as well as tower construction and acquisition services in selected markets.

Founded in 1989 and headquartered in Boca Raton, Florida, SBA Communications serves customers across the United States and in parts of Central and South America.