SBA Communications (NASDAQ:SBAC) PT Raised to $252.00 at Morgan Stanley

SBA Communications (NASDAQ:SBAC) had its target price increased by Morgan Stanley from $232.00 to $252.00 in a report published on Wednesday morning, Benzinga reports. Morgan Stanley currently has an overweight rating on the technology company’s stock.

Several other brokerages have also recently issued reports on SBAC. TD Cowen dropped their target price on SBA Communications from $253.00 to $251.00 and set a buy rating on the stock in a research report on Tuesday, July 30th. Wells Fargo & Company downgraded SBA Communications from an overweight rating to an equal weight rating and dropped their price objective for the company from $230.00 to $220.00 in a research report on Monday, July 15th. Barclays reduced their target price on shares of SBA Communications from $240.00 to $236.00 and set an overweight rating for the company in a report on Tuesday, July 30th. BMO Capital Markets lowered their price target on shares of SBA Communications from $250.00 to $245.00 and set an outperform rating on the stock in a report on Tuesday, July 30th. Finally, StockNews.com downgraded shares of SBA Communications from a buy rating to a hold rating in a research report on Thursday, September 12th. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, SBA Communications has an average rating of Moderate Buy and a consensus target price of $240.00.

SBA Communications Price Performance

NASDAQ:SBAC opened at $239.47 on Wednesday. SBA Communications has a 1-year low of $183.64 and a 1-year high of $258.76. The company has a 50-day moving average of $224.12 and a 200 day moving average of $209.24. The firm has a market cap of $25.73 billion, a PE ratio of 46.95, a price-to-earnings-growth ratio of 0.75 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, July 29th. The technology company reported $1.51 earnings per share for the quarter, missing the consensus estimate of $2.07 by ($0.56). The business had revenue of $660.50 million during the quarter, compared to analysts’ expectations of $665.21 million. SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. SBA Communications’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same period in the previous year, the company posted $3.24 EPS. Sell-side analysts anticipate that SBA Communications will post 12.53 EPS for the current fiscal year.

SBA Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Thursday, August 22nd were paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date of this dividend was Thursday, August 22nd. SBA Communications’s dividend payout ratio (DPR) is presently 76.86%.

Insiders Place Their Bets

In other SBA Communications news, EVP Donald Day sold 1,500 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were 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 owns 4,998 shares of the company’s stock, valued at $1,213,814.28. The transaction was disclosed in a filing with the SEC, which is available at this link. In other SBA Communications news, EVP Donald Day sold 1,500 shares of the business’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 in the company, valued at approximately $1,213,814.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Jeffrey Stoops sold 49,765 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $222.01, for a total value of $11,048,327.65. Following the completion of the transaction, the chairman now directly owns 109,583 shares in the company, valued at $24,328,521.83. The disclosure for this sale can be found here. In the last quarter, insiders have sold 51,590 shares of company stock valued at $11,483,981. Insiders own 1.30% of the company’s stock.

Institutional Trading of SBA Communications

Several institutional investors and hedge funds have recently bought and sold shares of the business. Sanctuary Advisors LLC purchased a new position in shares of SBA Communications during the second quarter worth $932,000. Clear Rock Advisors LLC lifted its holdings in shares of SBA Communications by 13.8% in the 2nd quarter. Clear Rock Advisors LLC now owns 9,043 shares of the technology company’s stock valued at $1,775,000 after buying an additional 1,099 shares during the period. Long Pond Capital LP purchased a new stake in shares of SBA Communications in the second quarter worth about $83,687,000. The Manufacturers Life Insurance Company grew its holdings in SBA Communications by 3.6% during the second quarter. The Manufacturers Life Insurance Company now owns 85,515 shares of the technology company’s stock worth $16,787,000 after acquiring an additional 2,999 shares during the period. Finally, MBB Public Markets I LLC purchased a new position in SBA Communications during the second quarter valued at approximately $1,702,000. 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.