SBA Communications (NASDAQ:SBAC) PT Raised to $240.00

SBA Communications (NASDAQ:SBAC) had its target price hoisted by Wells Fargo & Company from $220.00 to $240.00 in a research report sent to investors on Thursday morning, Benzinga reports. The brokerage currently has an equal weight rating on the technology company’s stock.

Other research analysts also recently issued reports about the company. Deutsche Bank Aktiengesellschaft lifted their target price on SBA Communications from $230.00 to $240.00 and gave the stock a buy rating in a report on Wednesday, August 14th. StockNews.com upgraded shares of SBA Communications from a hold rating to a buy rating in a research report on Friday, September 20th. The Goldman Sachs Group boosted their target price on shares of SBA Communications from $212.00 to $240.00 and gave the company a neutral rating in a report on Thursday, September 26th. KeyCorp increased their price target on SBA Communications from $227.00 to $230.00 and gave the stock an overweight rating in a report on Tuesday, July 30th. Finally, Morgan Stanley boosted their price objective on SBA Communications from $232.00 to $252.00 and gave the company an overweight rating in a research note on Wednesday, September 18th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, SBA Communications currently has an average rating of Moderate Buy and an average target price of $247.42.

SBA Communications Price Performance

SBAC stock opened at $233.51 on Thursday. The stock has a market cap of $25.10 billion, a price-to-earnings ratio of 49.26, a P/E/G ratio of 0.70 and a beta of 0.67. The company has a 50 day simple moving average of $231.29 and a 200 day simple moving average of $211.39. SBA Communications has a 1 year low of $183.64 and a 1 year high of $258.76.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, July 29th. The technology company reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.07 by ($0.56). The company had revenue of $660.50 million for the quarter, compared to analyst estimates of $665.21 million. SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. The firm’s quarterly revenue was down 2.7% on a year-over-year basis. During the same quarter last year, the company posted $3.24 earnings per share. On average, equities research analysts anticipate that SBA Communications will post 12.52 EPS for the current fiscal year.

SBA Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Thursday, August 22nd were issued a dividend of $0.98 per share. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $3.92 annualized dividend and a yield of 1.68%. SBA Communications’s dividend payout ratio (DPR) is currently 82.70%.

Insiders Place Their Bets

In related news, EVP Donald Day sold 1,500 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $242.86, for a total transaction of $364,290.00. Following the transaction, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at $1,213,814.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, EVP Donald Day sold 1,500 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $242.86, for a total transaction of $364,290.00. Following the completion of the sale, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at $1,213,814.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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 directly owns 8,084 shares in the company, valued at $1,775,084.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 51,590 shares of company stock valued at $11,483,981 in the last three months. 1.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SBA Communications

Several institutional investors and hedge funds have recently bought and sold shares of SBAC. Principal Financial Group Inc. grew its stake in shares of SBA Communications by 54.9% during the 1st quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock worth $931,844,000 after acquiring an additional 1,524,302 shares during the period. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of SBA Communications during the 2nd quarter valued at approximately $134,738,000. Long Pond Capital LP bought a new position in SBA Communications in the 2nd quarter worth approximately $83,687,000. AQR Capital Management LLC raised its holdings in SBA Communications by 500.0% during the 2nd quarter. AQR Capital Management LLC now owns 369,037 shares of the technology company’s stock valued at $72,375,000 after acquiring an additional 307,530 shares during the period. Finally, Diamond Hill Capital Management Inc. lifted its position in shares of SBA Communications by 13.4% during the second quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company’s stock worth $387,470,000 after acquiring an additional 233,179 shares in the last quarter. 97.35% of the stock is owned by institutional investors.

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.