SBA Communications (NASDAQ:SBAC) Cut to Hold at StockNews.com

StockNews.com cut shares of SBA Communications (NASDAQ:SBAC) from a buy rating to a hold rating in a research report released on Wednesday morning.

A number of other analysts also recently issued reports on the stock. Morgan Stanley increased their price target on shares of SBA Communications from $232.00 to $252.00 and gave the stock an “overweight” rating in a report on Wednesday, September 18th. Wells Fargo & Company increased their price target on shares of SBA Communications from $220.00 to $240.00 and gave the stock an “equal weight” rating in a report on Thursday, October 10th. JPMorgan Chase & Co. increased their price objective on shares of SBA Communications from $228.00 to $250.00 and gave the company a “neutral” rating in a report on Monday, September 23rd. Royal Bank of Canada increased their price objective on shares of SBA Communications from $235.00 to $245.00 and gave the company an “outperform” rating in a report on Monday, August 5th. Finally, Barclays increased their price objective on shares of SBA Communications from $236.00 to $256.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $257.23.

SBA Communications Price Performance

NASDAQ:SBAC opened at $225.59 on Wednesday. The company’s fifty day moving average price is $237.96 and its 200-day moving average price is $214.45. SBA Communications has a 1-year low of $183.64 and a 1-year high of $258.76. The firm has a market capitalization of $24.24 billion, a P/E ratio of 35.58, a PEG ratio of 0.70 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.77). SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. The firm had revenue of $667.60 million for the quarter, compared to analysts’ expectations of $669.29 million. During the same period last year, the company posted $3.34 earnings per share. The business’s quarterly revenue was down 2.2% on a year-over-year basis. Equities analysts anticipate that SBA Communications will post 12.52 EPS for the current fiscal year.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 14th will be paid a $0.98 dividend. This represents a $3.92 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend is Thursday, November 14th. SBA Communications’s dividend payout ratio is currently 61.83%.

Insider Transactions at SBA Communications

In other 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 value of $364,290.00. Following the transaction, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, Director George R. Krouse, Jr. sold 325 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total transaction of $71,363.50. Following the completion of the sale, the director now directly owns 8,084 shares in the company, valued at approximately $1,775,084.72. 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 accessible through this link. Also, EVP Donald Day sold 1,500 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $242.86, for a total transaction of $364,290.00. Following the sale, the executive vice president now 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On SBA Communications

Several hedge funds and other institutional investors have recently bought and sold shares of SBAC. Wealth Enhancement Advisory Services LLC increased its position in shares of SBA Communications by 6.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 3,722 shares of the technology company’s stock valued at $807,000 after acquiring an additional 237 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of SBA Communications by 1.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 229,677 shares of the technology company’s stock valued at $49,771,000 after acquiring an additional 3,758 shares during the last quarter. First Trust Direct Indexing L.P. increased its position in shares of SBA Communications by 5.1% during the first quarter. First Trust Direct Indexing L.P. now owns 1,913 shares of the technology company’s stock valued at $415,000 after acquiring an additional 93 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of SBA Communications by 5.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 27,603 shares of the technology company’s stock valued at $5,982,000 after acquiring an additional 1,309 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its position in shares of SBA Communications by 144.7% during the first quarter. BNP Paribas Financial Markets now owns 359,736 shares of the technology company’s stock valued at $77,955,000 after acquiring an additional 212,739 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors and hedge funds.

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.