KeyCorp Equities Analysts Increase Earnings Estimates for SBA Communications Co. (NASDAQ:SBAC)

SBA Communications Co. (NASDAQ:SBACGet Rating) – Analysts at KeyCorp raised their Q1 2023 earnings estimates for shares of SBA Communications in a research report issued to clients and investors on Tuesday, August 2nd. KeyCorp analyst B. Nispel now forecasts that the technology company will post earnings of $2.97 per share for the quarter, up from their previous estimate of $2.86. KeyCorp currently has a “Overweight” rating and a $389.00 target price on the stock. The consensus estimate for SBA Communications’ current full-year earnings is $11.08 per share.

Other equities research analysts also recently issued research reports about the stock. Jefferies Financial Group reduced their target price on shares of SBA Communications from $383.00 to $347.00 and set a “hold” rating on the stock in a research note on Thursday, June 30th. The Goldman Sachs Group cut their price target on SBA Communications from $424.00 to $381.00 and set a “buy” rating for the company in a report on Tuesday, July 12th. Cowen lifted their price target on SBA Communications from $373.00 to $382.00 in a report on Tuesday, April 26th. StockNews.com cut SBA Communications from a “buy” rating to a “hold” rating in a report on Friday, June 10th. Finally, Credit Suisse Group lifted their price target on SBA Communications from $405.00 to $408.00 and gave the company an “outperform” rating in a report on Tuesday. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $385.88.

SBA Communications Stock Performance

Shares of NASDAQ:SBAC opened at $346.28 on Thursday. SBA Communications has a 52 week low of $286.41 and a 52 week high of $391.15. The company’s fifty day moving average is $323.56 and its 200-day moving average is $328.45. The company has a market capitalization of $37.34 billion, a PE ratio of 107.21 and a beta of 0.43.

SBA Communications (NASDAQ:SBACGet Rating) last issued its earnings results on Monday, August 1st. The technology company reported $0.64 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.26). SBA Communications had a net margin of 14.45% and a negative return on equity of 6.73%. The firm had revenue of $652.01 million during the quarter, compared to analyst estimates of $626.30 million. During the same quarter in the prior year, the firm posted $2.64 EPS. The firm’s revenue for the quarter was up 13.3% on a year-over-year basis.

Hedge Funds Weigh In On SBA Communications

Institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC acquired a new position in shares of SBA Communications in the 4th quarter valued at approximately $51,000. Janney Montgomery Scott LLC grew its position in shares of SBA Communications by 19.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 4,821 shares of the technology company’s stock valued at $1,876,000 after purchasing an additional 792 shares during the period. Bailey Value Limited Partnership acquired a new position in shares of SBA Communications in the 4th quarter valued at approximately $1,945,000. Commonwealth Equity Services LLC grew its position in shares of SBA Communications by 72.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 10,286 shares of the technology company’s stock valued at $4,001,000 after purchasing an additional 4,315 shares during the period. Finally, Illinois Municipal Retirement Fund grew its position in shares of SBA Communications by 45.7% in the 4th quarter. Illinois Municipal Retirement Fund now owns 2,383 shares of the technology company’s stock valued at $927,000 after purchasing an additional 747 shares during the period. 95.41% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other SBA Communications news, EVP Mark R. Ciarfella sold 1,000 shares of the business’s stock in a transaction dated Tuesday, June 7th. The stock was sold at an average price of $338.05, for a total transaction of $338,050.00. Following the completion of the sale, the executive vice president now directly owns 23,884 shares of the company’s stock, valued at approximately $8,073,986.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Jeffrey Stoops sold 30,000 shares of the business’s stock in a transaction dated Tuesday, May 24th. The stock was sold at an average price of $344.07, for a total transaction of $10,322,100.00. Following the completion of the transaction, the chief executive officer now directly owns 83,668 shares in the company, valued at approximately $28,787,648.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Mark R. Ciarfella sold 1,000 shares of the business’s stock in a transaction dated Tuesday, June 7th. The stock was sold at an average price of $338.05, for a total value of $338,050.00. Following the transaction, the executive vice president now owns 23,884 shares of the company’s stock, valued at $8,073,986.20. The disclosure for this sale can be found here. Company insiders own 1.80% of the company’s stock.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 20th. Shareholders of record on Thursday, August 25th will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Wednesday, August 24th. This represents a $2.84 annualized dividend and a yield of 0.82%. SBA Communications’s dividend payout ratio is currently 87.93%.

SBA Communications Company Profile

(Get Rating)

SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa. By Building Better Wireless, SBA generates revenue from two primary businesses – site leasing and site development services.

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Earnings History and Estimates for SBA Communications (NASDAQ:SBAC)

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