BidaskClub upgraded shares of SBA Communications (NASDAQ:SBAC) from a sell rating to a hold rating in a research note issued to investors on Saturday, BidAskClub reports.
Other equities analysts have also issued research reports about the company. SunTrust Banks increased their target price on SBA Communications to $255.00 and gave the stock a buy rating in a research note on Tuesday, July 30th. KeyCorp increased their target price on SBA Communications from $259.00 to $292.00 and gave the stock an overweight rating in a research note on Monday, August 19th. Cowen increased their target price on SBA Communications from $203.00 to $250.00 and gave the stock an outperform rating in a research note on Tuesday, July 30th. TheStreet lowered SBA Communications from a b- rating to a c rating in a research note on Monday, October 28th. Finally, Bank of America reaffirmed a neutral rating and issued a $260.00 price target (up previously from $245.00) on shares of SBA Communications in a research report on Wednesday, August 14th. Ten research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $248.73.
SBAC traded up $3.83 during mid-day trading on Friday, hitting $239.99. 486,851 shares of the stock were exchanged, compared to its average volume of 646,820. The firm’s fifty day moving average is $237.79 and its two-hundred day moving average is $235.56. SBA Communications has a 1-year low of $155.19 and a 1-year high of $270.42. The company has a market cap of $26.72 billion, a PE ratio of 31.58, a PEG ratio of 3.04 and a beta of 0.65.
SBA Communications (NASDAQ:SBAC) last posted its earnings results on Monday, October 28th. The technology company reported $0.19 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.97 by ($1.78). SBA Communications had a negative return on equity of 4.16% and a net margin of 6.89%. The firm had revenue of $486.60 million for the quarter, compared to analyst estimates of $497.48 million. During the same period in the previous year, the company posted $1.92 EPS. SBA Communications’s revenue was up 11.8% on a year-over-year basis. Sell-side analysts anticipate that SBA Communications will post 7.81 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, November 21st will be given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date is Wednesday, November 20th. SBA Communications’s dividend payout ratio is currently 19.47%.
In other SBA Communications news, CFO Brendan Thomas Cavanagh sold 54,411 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $268.07, for a total value of $14,585,956.77. Following the sale, the chief financial officer now owns 98,751 shares of the company’s stock, valued at approximately $26,472,180.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.50% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of SBAC. BlackRock Inc. raised its position in shares of SBA Communications by 5.0% during the 2nd quarter. BlackRock Inc. now owns 10,196,949 shares of the technology company’s stock worth $2,292,683,000 after acquiring an additional 486,674 shares in the last quarter. Cohen & Steers Inc. raised its position in shares of SBA Communications by 28.0% during the 2nd quarter. Cohen & Steers Inc. now owns 4,522,092 shares of the technology company’s stock worth $1,016,747,000 after acquiring an additional 990,368 shares in the last quarter. Canada Pension Plan Investment Board raised its position in shares of SBA Communications by 6.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 2,164,605 shares of the technology company’s stock worth $486,690,000 after acquiring an additional 132,509 shares in the last quarter. Northern Trust Corp raised its position in shares of SBA Communications by 2.9% during the 2nd quarter. Northern Trust Corp now owns 1,274,909 shares of the technology company’s stock worth $286,650,000 after acquiring an additional 35,929 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of SBA Communications by 9.1% during the 2nd quarter. Bank of America Corp DE now owns 1,176,644 shares of the technology company’s stock worth $264,557,000 after acquiring an additional 97,807 shares in the last quarter. 92.52% of the stock is currently owned by institutional investors.
SBA Communications Company Profile
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By Building Better Wireless, SBA generates revenue from two primary businesses – site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.
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