SBA Communications (NASDAQ:SBAC) Releases FY24 Earnings Guidance

SBA Communications (NASDAQ:SBAC) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $13.20-$13.45 for the period, compared to the consensus earnings per share estimate of $13.23. The company issued revenue guidance of $2.66-$2.68 billion, compared to the consensus revenue estimate of $2.66 billion. SBA Communications also updated its FY 2024 guidance to EPS.

Wall Street Analysts Forecast Growth

SBAC has been the subject of several recent analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of SBA Communications from $228.00 to $250.00 and gave the stock a “neutral” rating in a research report on Monday, September 23rd. The Goldman Sachs Group boosted their price objective on SBA Communications from $212.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, September 26th. KeyCorp boosted their price target on shares of SBA Communications from $230.00 to $280.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. Morgan Stanley lifted their price target on SBA Communications from $232.00 to $252.00 and gave the company an “overweight” rating in a research report on Wednesday, September 18th. Finally, Royal Bank of Canada increased their price target on shares of SBA Communications from $235.00 to $245.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $257.23.

SBA Communications Price Performance

NASDAQ SBAC traded up $2.28 during trading hours on Wednesday, hitting $234.03. The company’s stock had a trading volume of 192,044 shares, compared to its average volume of 914,974. The company’s 50 day simple moving average is $237.52 and its two-hundred day simple moving average is $214.04. The company has a market cap of $25.15 billion, a P/E ratio of 48.89, a price-to-earnings-growth ratio of 0.73 and a beta of 0.67. SBA Communications has a 12 month low of $183.64 and a 12 month high of $258.76.

SBA Communications (NASDAQ:SBAC) last released its earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.77). The firm had revenue of $667.60 million for the quarter, compared to analysts’ expectations of $669.29 million. SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The firm’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $3.34 EPS. As a group, research analysts predict that SBA Communications will post 12.52 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 14th will be given a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date of this dividend is Thursday, November 14th. SBA Communications’s dividend payout ratio (DPR) is currently 82.70%.

Insider Activity at SBA Communications

In related news, Director George R. Krouse, Jr. sold 325 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total value of $71,363.50. Following the transaction, the director now owns 8,084 shares of the company’s stock, valued at $1,775,084.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Donald Day sold 1,500 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $242.86, for a total value of $364,290.00. Following the completion of the transaction, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director George R. Krouse, Jr. sold 325 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total transaction of $71,363.50. Following the completion of the transaction, the director now owns 8,084 shares of the company’s stock, valued at $1,775,084.72. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 51,590 shares of company stock worth $11,483,981 in the last 90 days. 1.30% of the stock is owned by corporate insiders.

About SBA Communications

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.